Richemont : Fairly reassuring full-year results, jewellery in great sh...

>Jewellery Maisons at +3% in Q4 and FY margins in line with expectations, make a pretty favourable impression (no unpleasant surprises) - The group reported full-year sales of € 20.616bn (vs our forecast of € 20.564bn) with EBIT of € 4.794bn, or a margin of 23.3% after 25.2% in the previous year (we forecast € 4.776bn or a margin of 23.2%) and our forecasts were close to the consensus. Sales showed growth of 2% on cc in Q4 (we were at +0%) with Jewellery Maisons at +...

Zurich Insurance : Key Q1 2024 sales figures point to volume growth an...

>P/C insurance with strong growth in commercial and retail business - Zurich reported strong growth in commercial and retail business for Q1 2024. Insurance revenue increased 8% in commercial and 10% in retail. On a l-f-l basis P/C revenues increased by 12% y-o-y. In commercial, rates increased on average by 5% with the key driver being North America with 8% rate increases, including commercial auto where rates were up by 14%. In retail, rates were up by 5%, including...

ODDO : Monday review – luxury sector

>Facts, outlook and perception - Facts: we now have a complete picture of Q1 top line trends. The perfect symmetry in trends, between the two heavyweights dominating soft luxury on the one hand (LVMH Fashion & Leather) and hard luxury on the other (Richemont Jewellery Maisons), was once again confirmed with Jewellery Maisons growing as anticipated +3% y-o-y at cc close to the +2% growth reported for F&L. The symmetry goes a long way: growth versus 2019 ended up at 113...

Baytex Energy Corp: 1 director

A director at Baytex Energy Corp bought 15,400 shares at 3.468USD and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...

Kuwait Projects Company (Holding) K.S.C.P: 1 director

A director at Kuwait Projects Company (Holding) K.S.C.P sold 1,000,000 shares at 0.126KWD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors ove...

TerraVest Industries Inc: 1 director

A director at TerraVest Industries Inc sold 10,000 shares at 77.042CAD and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...

Commerzbank : Reassuring start to the year

>Outperform rating maintained - Target price raised to € 17.7 (vs € 15.8) - The Q1 2024 release confirms the broadly favourable trends for Commerzbank both in operations (on an underlying basis, i.e. excluding the litigation in Poland) and for the balance sheet, and all told makes the prospect of a significant improvement in shareholder returns in the short and medium term look more credible. We reiterate our Outperform rating and raise our target price to € 17.7 (vs ...

EME Macro/Strategy: macro all-in-one (13-19 May)

Last week's macro news flow in our region was driven by Georgia: despite the widespread protests, parliament passed the contentious "foreign agent" law, followed by the presidential veto over the weekend, which is likely to be overruled by Georgian Dream, the ruling party. Romania's GDP growth presented mixed signals, with a modest uptick in the adjusted annual growth, but a slowdown in unadjusted terms, suggesting cautious optimism for future rate cuts by the NBR. Poland's economic growth decel...

Munich Re : Q1 2024 results point to improving technical profitability

>Q1 24 net profit beat driven by technical profits, investment income and FX - We have reviewed our estimates following Munich Re’s Q1 24 results release which came in markedly ahead of expectations. Group net profit came to €2,140m ahead of the € 1,476m consensus and our € 1,590m estimate. The beat was driven by better-than-expected technical profitability in P/C and L/H reinsurance, higher-than-expected investment income and a positive FX result. ERGO’s net profit c...

Millennium BCP : Solid Q1 2024 numbers support further significant re-...

>Outperform rating maintained – target price raised to € 0.47 (vs € 0.43) - BCP’s Q1 2024 results lend weight to our positive call on the bank, which is based on a significant recovery in its underlying operating momentum and profitability in the short to medium term, coupled with sizeable solvency strengthening (and the related prospect of a solid improvement in shareholder returns). Despite the upturn in the re-rating since April (+28% YTD, +2 pp vs the sector) and ...

Moody's Ratings: No adverse rating impact on HBS Trust 2008-1R followi...

Moody's Ratings (Moody's) announced today that the addition of AUD212.9 million of mortgage loans into HBS Trust 2008-1R on 20 May 2024 (the Substitution) would not, in and of itself and as of this point in time, result in a reduction, placement on review for possible downgrade or withdrawal of Mood...

Commerzbank : Début d’année rassurant

>Opinion Surperformance maintenue – OC porté à 17.7 € (vs 15.8 €) - La publication du T1 2024 confirme l’évolution plutôt favorable pour Commerzbank à la fois sur l’opérationnel (underlying i.e. hors litiges en Pologne) et bilanciel et vient in fine renforcer la crédibilité des perspectives d’amélioration significative du retour à l’actionnaire à CMT. Nous réitérons notre opinion Surperformance tout en portant notre OC à 17.7 € (vs 15.8 €) après un ajustement à la hau...

KBC : Q1 results marginally better, NII guidance for FY24 upped

>Conclusion: Q1 results marginally better, NII guidance for FY24 upped - The 1Q24 bank results were in line with our expectations, and non-life insurance results were better than expected. KBC kept its 2024 and 2026 targets unchanged, except for the NII where they increase the FY24 target to the up end of the range as a result of the higher interest rate curve and not having the earlier expected adverse MRR ECB effect. As expected KBC did not change its 15% CET capita...

AUTO1 : Target price raised to € 5.00 on increased assumptions

>Q1 beat driven by better-than-expected profitability in the merchant segment - AUTO1 delivered Q1 results that beat consensus expectations, driven by higher-than-expected profitability in the merchant segment. AUTO1 managed to deliver merchant gross profit of € 129.1m, a +20.7% y-o-y increase and +14.2% above consensus estimates of € 113.0m. The increase in merchant gross profit was driven by an average gross profit per unit (GPU) of € 881, which was +12.2% above our...

Sustainability Weekly 6 – 17 May 2024

Last week, ESMA published the final report setting out guidelines for fund naming using ESG or sustainability terms. The G7 has pledged to phase out unabated coal-fired power generation.  Renewable energies generated 30% of the world's electricity in 2023, according to Ember. Banks have invested $ 705bn in fossil fuel projects, according to the Banking on Climate Chaos report. In the social sphere, some European banks (UBS, BNP Paribas, Sabadell) have announced plans to cut staff...

Steel prices continuing down so far in Q2

Vivo Energy Limited: Update to credit analysis following downgrade to ...

Our credit view of this issuer reflects its high leverage.

Alpine Select AG: 1 director

A director at Alpine Select AG bought 2,500 shares at 7.788CHF and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...