Oddo BHF - Grupo Catalana Occidente S.A. (GCO) Grupo Catalana Occidente S.A. : T1 2024 globalement solide valorisation toujours attractive

Report

Oddo BHF

Benoit Valleaux ...

Steven Gould

Grupo Catalana Occidente S.A. : T1 2024 globalement solide & valorisation toujours attractive

>Opinion Surperformance réitérée – OC porté à 47.0 € (vs 46.0 €) - Notre call positif sur GCO est conforté après des chiffres T1 2024 globalement solides, et par une valorisation attractive (malgré le net rerating observé YTD +16%, i.e. +5 pt vs indice sectoriel SIXE) au regard des fondamentaux solides et du profil de niche du groupe. Nous rehaussons légèrement nos estimations de RN sur 2024-26e (+2% en moyenne) avec un biais globalement confiant sur le momentum des 2...

29/04/2024 1 FR

Underlying

Grupo Catalana Occidente S.A.

Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.

See profile

ES0116920333 Madrid Stock Exchange Spain

Provider

Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

See profile

Analysts

Benoit Valleaux

Steven Gould

Other Reports on these Companies

Oddo BHF

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2024

Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...

November 6, 2024 November 6, 2024 1 FR

Oddo BHF

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

November 6, 2024 November 6, 2024 1 EN

Oddo BHF

Grupo Catalana Occidente S.A. : Q3/9M 2024 figures broadly reassuring

>Outperform rating maintained – target price raised to € 50 (vs € 48) - We remain positive on GCO following its broadly solid Q3/9M 2024 figures and given a still attractive valuation (despite marked re-rating YTD +23%, i.e. +3pp vs SIXE sector index) in view of the group’s solid fundamentals and niche profile. We have raised our net income estimates for 2024-26e (+7% on average) thanks to still robust momentum for both traditional insurance and credit insurance, but ...

November 6, 2024 November 6, 2024 1 EN

Will Scott Bessent’s arrows hit their targets?

Scott Bessent, the future Treasury Secretary nominated this week by Donald Trump, sums up his roadmap in three points (the equivalent of late Japanese prime minister Shinzo Abe’s three arrows). First, to reduce the federal budget deficit to 3% of GDP by 2028. Second, to raise potential growth to 3% through deregulation. Third: increase oil production (or equivalent) by 3 Mb/d. Energy independence, supply conditions and public finances are interconnected. The world trade situation is not neutral either. The success of this 3-arrow strategy depends on whether Trump's tariff war leads to an escal...

3h / 21m 3h / 21m 1 EN

Bruno Cavalier

Bruno Cavalier

Les flèches de Scott Bessent toucheront-elles leurs cibles ?

Scott Bessent, le futur Secrétaire au Trésor choisi cette semaine par Donald Trump, résume sa feuille de route en trois points (l’équivalent des trois flèches du PM japonais Abe). Un, ramener le déficit du budget fédéral à 3% du PIB en 2028. Deux, relever le potentiel de croissance à 3% grâce à la déréglementation. Trois, augmenter la production de pétrole (ou équivalent) de 3 Mb/j. Indépendance énergétique, conditions de production, finances publiques ont des influences croisées. La situation du commerce mondial n’est pas neutre non plus. La réussite de cette stratégie en dépend, selon que la...

4h / 27m 4h / 27m 1 FR

Martin Marandon-Carlhian ... (+2)

Martin Marandon-Carlhian
Stephane Houri

BE Semiconductor Industries : The next enabler of Moore’s Law, as were ASML/ASMi

In our view, BESI will be the equipment manufacturer showing the strongest growth in Europe (EPS multiplied by 4x in 4 years). With ~90% market share in hybrid bonding, it is ideally positioned on what is perhaps the most promising technology in the sector since ASML introduced EUV. The buy-side consensus now seems (too) cautious to us on the pace of the adoption of hybrid bonding, leaving room for positive surprises. Moreover, the cyclical upturn is approaching on the back-end (Q2/Q3 2025 in our view) and its extent is historically underestimated. Our 2025-2026 estimates are 15% above the con...

5h / 27m 5h / 27m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Grupo Catalana Occidente S.A. : T1 2024 globalement solide & valorisation toujours attractive

ODDO BHF Small & MIDCAP MORNING NEWS - 06/11/2024

ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2024

Grupo Catalana Occidente S.A. : Q3/9M 2024 figures broadly reassuring

Will Scott Bessent’s arrows hit their targets?

Les flèches de Scott Bessent toucheront-elles leurs cibles ?

BE Semiconductor Industries : The next enabler of Moore’s Law, as were ASML/ASMi

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe