Research - AlphaValue Independent Equity Research

551 European Large Caps

39 Senior Analysts

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ANALYST REPORTS
STRATEGY REVIEWS

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26/07/24

Umicore

Umicore has written down 50% of its Battery Materials assets and non-current inventories due to delayed consumer production ramp-ups. Current ...

26/07/24

GTT

Over H1 24, GTT saw revenue, EBITDA, EBIT, and net income increase by 66%, 70%, 73%, and 103%, respectively, with consensus beats of 5% and 6% at the ...

26/07/24

Enel

No surprises from Enel in this second quarter, as it reported results in line with consensus expectations, with an ordinary EBITDA of €11,681m. Enel ...

26/07/24

Euronext NV

Euronext posted a good Q2, delivering a beat on the back of strong growth in trading thanks to increased volatility and volumes. Similar trends ...

26/07/24

Dassault Systèmes

The final Q2 24 figures were in-line with the preliminary figures which were revised downwards two weeks ago. The updated guidance on 9 July 24 was ...

26/07/24

Mapfre

Mapfre released a strong set of 1H results, characterized by continued premium growth, a significant turnaround in the North American business, and ...

26/07/24

EssilorLuxottica

No major surprises in H1 FY24 – sales and adjusted EBIT were in-line with consensus, but net income was ~2% lower. At CER, Q2 revenue grew 5.2%yoy, ...

26/07/24

AstraZeneca

The Q2 results came in ahead of expectations, driven by a strong showing across most target areas. As we had indicated the possibility earlier, the ...

26/07/24

Neoen

Results without much challenge for Neoen, which is under a buyout offer from Brookfield for the 53% majority shareholder block before proceeding with ...

26/07/24

Bureau Veritas

Catapulted by DD Q2 organic revenue growth, Bureau Veritas delivered an LSD beat on H1 revenues and adjusted operating profits. The group’s ...

26/07/24

SCA

Q2 results were strong, although there was a marginal miss vs. street’s profit expectations. Forest division continued to be the biggest ...

26/07/24

IMI

IMI’s H1 results met expectations with revenues and adjusted operating profits in line with the Bloomberg consensus. Revenues were buoyed by a solid ...

26/07/24

Amundi

Amundi delivered good results in Q2, thanks notably to management fees, which benefited from the rising market environment and continued strength in ...

26/07/24

NatWest

The second quarter results were largely above expectations, driven by interest and non-interest income, benign cost of risk, and post-model ...

26/07/24

Drägerwerk AG & Co KGaA

Dräger reported Q2 24 figures bang in line with its preliminary figures. Revenue was up 2%, as the strength in safety was accompanied by some ...

26/07/24

Proximus

Proximus released very solid Q2 numbers. However Proximus has reached an agreement with EQT Infrastructure on the acquisition of its majority stake ...

26/07/24

Capgemini

The decrease in organic revenue in Q2 24 (-2.3%) slowed vs Q1 24 (-3.6%) thanks essentially to an improvement in North America. Cautiousness among ...

26/07/24

Hermes International

Hermes reported stellar top-line growth with a 13% increase in total sales, driven by an 18% surge in the leather goods division, fuelled by the ...

26/07/24

Segro

The construction of new sqm slowed at Segro in H1 24. This was more than offset by the increase in rents during re-lettings. See our recent ...

26/07/24

Renault

Renault delivered solid H1 results, with flat sales weighed down by lower volumes, partially offset by a positive price mix. Profitability exceeded ...

26/07/24

YARA’S GREEN(ING) FERTILISERS (BUY, 33% UPSIDE)

Recent years have been volatile for fertiliser producers. Yara’s (Buy, Norway) profitability peaked at levels not seen for a decade, driven by high ...

26/07/24

Vivendi

Vivendi released mixed H1 numbers with solid revenues (+5.8% yoy and lfl) but EBITA of the controlled businesses excluding Lagardère down by 3.5% yoy ...

26/07/24

Bouygues

No surprise in Q2: revenues were up by only 1% yoy (vs +3% in Q1) due to the expected sharper decline of Bouygues Immobilier. EBIT was, however, ...

26/07/24

Air France-KLM

Air France-KLM reported a consensus-missing Q2. Note the Olympics’ negatives impacted Air France and fading cargo positives weighed on the revenue ...

26/07/24

STMicroelectronics

The company is struggling massively in the weak underlying end markets in Automotive as well as Industrial, which is only partially offset by the ...

26/07/24

Centrica

Centrica reported good earnings in its downstream segments, with a £0.5bn adjusted operating profit from Retail and Optimisation, which is nearly two ...

26/07/24

SSAB

The Q2 24 results aligned with market expectations. The US pricing environment continues to pressure the group, while activity levels in Europe ...

26/07/24

Sanofi

The Q2 results beat the market’s expectations, driven by the robust momentum for Dupixent, the healthy trajectory for new launches, and strong growth ...

26/07/24

TF1

TF1 has just released mixed Q2 results but confirmed its objectives and announced the acquisition of a 63% stake in a US production group. This ...

26/07/24

Anglo American

Anglo’s H1 results came in ahead of expectations. While the results were soft, there was healthy support from Copper and Iron Ore. Also, in other ...

26/07/24

Barry Callebaut

Still low visibility, we would also wait as cons. looks a tad high

26/07/24

Forbo

Consensus miss – No light at the end of the tunnel in the short run

26/07/24

BASF SE

Beat in Chemicals clearly overshadowed by miss in Ag Chemicals

26/07/24

Lonza Group

The outlook has improved, though challenges remain. The company initially lost credibility after announcing a weak 2024 outlook back in the autumn of ...

26/07/24

Rentokil Initial

Rentokil’s H1FY24 results showed a mixed performance with a slight revenue miss but adjusted profit exceeded estimates. Organic revenue increased by ...

26/07/24

Alten

Alten reported its H1 turnover yesterday evening. The key takeaway was the downward revision of guidance for 2024. In our recently published Q2 ...

26/07/24

Nexity

The recurring operating loss is significant in H1 24. Nexity maintains that current EBIT will break even in 2024. However, both the latter and the ...

26/07/24

Wacker Chemie

Rather muted news on the PV PS contracts. Upside for FY25E still achievable

26/07/24

Sulzer

Order intake remains strong, profitability lagging a touch

26/07/24

Koenig & Bauer

Higher than expected operating loss of EUR 23-24mn in 2Q24 – Strong order intake – FY24E: Adj. EBIT at the low end of the range of EUR 15-30mn

25/07/24

Hammerson

Following the sale of Value Retail announced on 22 July, H1 24 presents some interesting pro forma elements. Management is very confident about the ...

25/07/24

Carrefour

Carrefour’s H1 FY24 performance was a mixed bag – the group’s lfl performance outperformed, EBIT was in line, but lfl sales in Europe was a ...

25/07/24

Moncler

Moncler showed resilient H1 24 results, with a 3% yoy top-line increase in Q2, achieving 11% growth for the first half. Both Moncler and Stone ...

25/07/24

Aalberts

Aalberts reported weak results, primarily due to low volumes in the building segment. This trend is expected to continue into the second half of the ...

25/07/24

Centrica

We have updated our figures on the basis of the H1 24 published accounts, and have revised upwards our figures for the upstream segment for 2024, ...

25/07/24

TotalEnergies

TotalEnergies’ advantageous low-cost liquid-heavy upstream portfolio against high Brent oil prices led to a 4% beat on the upstream level. Yet, a ...

25/07/24

Sodexo

Sodexo has announced the sale of Sofinsod, whose sole asset is a 19.6% stake in Bellon SA, to Bellon SA, the holding company of the Bellon family and ...

25/07/24

Valiant

The higher interest rate boost seems to be over. Downgrade to Reduce on (again) lower estimates

25/07/24

Itv

ITV delivered mixed H1 results with a top-line decline and a strong rise in profitability, thanks to the Euros notably and a cost-cutting programme. ...

25/07/24

Roche Holding

The Q2 results came in ahead of expectations, with healthy growth witnessed across the targeted areas. Consequently, the management revised its ...

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