PUIG BRANDS: FY2024 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'24 vs. 4Q'23 Results Sales: € 1.362 Bn (+14.3% vs. +14.3% BS(e) and +14.3% consensus); FY2024 vs. FY2023 Results Sales: € 4.79 Bn (+11.3% vs. +11.3% BS(e) and +11.3% consensus); EBITDA: € 969.0 M (+12.3% vs. +11.2% BS(e) and +10.7% consensus); Net Profit: € 531.0 M (+14.2% vs. -2.2% BS(e) and +4.3% consensus);

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2025

Altice International : Evolution of coverage

As part of the rotation of our coverage, we are terminating the coverage with recommendation of the following issuers: Altice France, Altice International, MasOrange and SoftBank Group. The previous credit opinions and market recommendations are listed in the table below. We will continue to follow the newsflow of these issuers in the Credit Morning. We plan to initiate the coverage of new issuers soon.

Altice International : Evolution de la couverture

Dans le cadre de la rotation du suivi de nos valeurs, nous arrêtons la couverture avec recommandation des émetteurs suivants : Altice France, Altice International, MasOrange et SoftBank Group. Les précédents avis crédit et recommandations de marché sont listés dans le tableau ci-dessous. Nous continuerons de suivre le newsflow de ces émetteurs dans le Morning crédit. Nous comptons prochainement initier la couverture de nouveaux émetteurs.

SMCP : Good 2024 results in line, excellent FCF generation