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 ...

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

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...

Doha Bank: 1 director

A director at Doha Bank bought 200,000 shares at 0.000QAR and the significance rating of the trade was 57/100. 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 clearly sho...

Qatar National Bank: 1 director

A director at Qatar National Bank bought 5,750 shares at 0.000QAR 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...

Engie : Le T1 permet d’anticiper une bonne année 2024

>Une publication supérieure aux attentes sur des divisions volatiles - Engie a publié vendredi des résultats T1 supérieurs aux attentes. L'EBITDA s'élève à 5,4 Md€, (-0,7% en organique) au-dessus de nos attentes de 5,1 Md€. L'EBIT est en baisse organique de 1,6% à 4 166 M€ contre 3 835 M€ attendus. Par division, le segment des énergies renouvelables est ressorti à 712 M€ (+4,3% en org vs ODDO BHF à 800 M€), grâce à de bonnes conditions hydroélectriques en France et ...

Millennium BCP : La copie solide au T1 2024 valide le potentiel de rer...

>Opinion Surperformance maintenue – OC porté à 0.47 € (vs 0.43 €) - Les résultats T1 2024 confortent notre call positif sur BCP, axé pour rappel sur le redressement significatif de l’opérationnel underlying et de la rentabilité à CMT couplé au renforcement notable de la solvabilité (et in fine la perspective associée d’amélioration notable du retour à l’actionnaire). En dépit de la reprise notable du processus de rerating du titre depuis avril (+28% YTD, +2 pp vs sect...

SCOR : Bonne dynamique en dommages, mais détérioration de la mortalité...

>RN au T1 inférieur au consensus et légèrement supérieur à notre prévision - Scor a publié son RN du T1 2024 vendredi dernier. Les revenus d’assurance ont atteint 4 113 M€ (+2.0% vs consensus) bénéficiant d’une forte croissance en réassurance vie (+6.6% en publié), alors que la croissance en dommages (+2.6% en publié) a été moindre que prévu. Le résultat de service d’assurance a été nettement inférieur aux attentes en dommages et en réassurance vie à 253 M€ (-47%) vs ...

Sustainability Weekly 6 – 17 Mai 2024

La semaine passée, l'ESMA a publié le rapport final contenant les lignes directrices sur les noms des fonds utilisant des termes liés à l'ESG ou au développement durable. Le G7 s'est engagé à abandonner progressivement la production d'électricité à partir du charbon. Les énergies renouvelables ont produit 30% de l'électricité mondiale en 2023, selon un rapport d'Ember. Les banques ont investi 705 Md$ dans des projets liés aux combustibles fossiles, selon le rapport Banking on Cli...

Richemont : Des résultats annuels plutôt rassurants, la joaillerie tie...

>Maisons Joaillères à +3% au T4 et les marges FY en ligne avec les attentes font plutôt bonne impression (aucune mauvaise surprise) - Le groupe publie un CA annuel à 20616 M€ (notre prévision ressortait à 20564 M€) avec un EBIT à 4794 M€ soit une marge de 23.3% après 25.2% sur l’exercice précédent (nous attendions 4776 M€ soit une marge à 23.2%) et nos prévisions étaient proches du consensus. L’activité ressort en croissance de 2% à tcc au T4 (nous avions +0%) avec Ma...

United Development Co: 1 director

A director at United Development Co bought 1,994,571 shares at 0.000QAR and the significance rating of the trade was 100/100. 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 ye...

Weekly Real Estate Matrix

Performance and valuation data for Nordic real estate stocks as of 17 May 2024.