reports
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : A gradual weaning
‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In ...
FP TOTAL SE
EQNR EQUINOR ASA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
GALP GALP ENERGIA SGPS SA CLASS B
FORTUM FORTUM OYJ
EOAN E.ON SE
ENI ENI S.P.A.
ELE ENDESA S.A.
ORSTED ORSTED
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
IBE IBERDROLA SA
BP. BP P.L.C.
SHEL SHELL PLC
UN0 UNIPER SE
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : Un sevrage dans la douceur
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffre...
FP TOTAL SE
EQNR EQUINOR ASA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
GALP GALP ENERGIA SGPS SA CLASS B
FORTUM FORTUM OYJ
EOAN E.ON SE
ENI ENI S.P.A.
ELE ENDESA S.A.
ORSTED ORSTED
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
IBE IBERDROLA SA
BP. BP P.L.C.
SHEL SHELL PLC
UN0 UNIPER SE
- Research Department
INFORME DIARIO 17 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: COLONIAL, IBERDROLA. EUROPA: AIRBUS, UNICREDIT. El BCE se muestra más cauto y el Ibex bate un nuevo máximo del año Las bolsas europeas cerraron a la baja acompañadas de comentarios más cautos desde el BCE. En el STOXX 600 los mayores avances fueron en Retail y Hogar mientras que Tecnología y Autos terminaron con las mayores correcciones. Por el lado macro, en la Eurozona los costes laborales y los salarios del 2T’24 se moderaron hasta el 4,7% y 4,5%...
- Research Department
IBERIAN DAILY 17 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: COLONIAL, IBERDROLA. The ECB is more cautious European stock markets ended with corrections, with more cautious comments from the ECB. Thus, in the STOXX 600 Retail and Household led gains, whereas Technology and Autos posted the biggest drops. On the macro side, in the euro zone, the 2Q’24 labour costs and wages moderated to 4.7% and 4.5%, respectively (from 5.0% and 5.2% previously). From the ECB, the chief economist P. Lane was in favour of gradually easing the monetary restric...
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : IEA report: a surplus in 2025 that is acting as a drag on price...
>Growth in demand slowing due to China - The IEA has just published its monthly report in which it has revised further down its demand growth estimates by 70kb/d to +900 kb/d for 2024 and by 30 kb/d to +950 kb/d for 2025. This level compares with +1.2 Mb/d pre-Covid and a record of +2.1 Mb/d in 2023, an exceptional year marked by a catch-up effect. This decline is mainly due to the slowdown in China, which contributes to the tune of ~60% to growth in global demand....
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Rapport AIE : un surplus en 2025 qui pèse sur les cours. Scénar...
>La croissance de la demande ralentit à cause de la Chine - L’AIE vient de publier son rapport mensuel et révise une nouvelle fois en baisse ses estimations de croissance de la demande de 70 kb/j à +900 kb/j pour 2024 et de 30 kb/j à +950 kb/j pour 2025. Ce niveau se compare à +1.2 Mb/j avant le COVID et un record de +2.1 Mb/j en 2023, une année exceptionnelle marquée par un effet rattrapage. Cette baisse s’explique pour l’essentiel par le ralentissement en Chine, ...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Oil impacted by bearish sentiment – scenario slightly revised d...
>Oil prices impacted by bearish sentiment on oversupply - Brent prices fell yesterday by almost 5% to $ 73/b amid bearish sentiment. This is mainly due to news that i/ OPEC+ could start a planned gradual easing of the cut in October by 180 kb/d per month, ii/ weak economic data from China, the largest crude importer and iii/ news that Libya may soon resume production after a shutdown of 0.7 Mb/d out of its 1.2 Mb/d production.The market is expected to swing to...
- Ahmed Ben Salem
- Ahmed Ben Salem
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Oil impacted by bearish sentiment – scenario slightly revised d...
>Oil prices impacted by bearish sentiment on oversupply - Brent prices fell yesterday by almost 5% to $ 73/b amid bearish sentiment. This is mainly due to news that i/ OPEC+ could start a planned gradual easing of the cut in October by 180 kb/d per month, ii/ weak economic data from China, the largest crude importer and iii/ news that Libya may soon resume production after a shutdown of 0.7 Mb/d out of its 1.2 Mb/d production.The market is expected to swing to...
- Research Department
IBERIAN DAILY 29 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: INDRA, REPSOL. All eyes on Nvidia’s results that were not convincing in the end Europe ended with slight gains, which led the Ibex to consolidate June’s highs of 11,300 points after climbing 12 of the last 15 sessions. In the STOXX 600, Chemicals and Insurance led gains, whereas Basic Resources posted the biggest drops. On the macro side, in the euro zone, July’s M3 expanded less than expected. Car registrations grew 0.2% YoY vs. 4.3% previously. In the US, R. Bostic from the Fed ...
- Research Department
INFORME DIARIO 29 AGOSTO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: INDRA, REPSOL. EUROPA: PERNOD RICARD. Mercados pendientes de unos resultados de Nvidia que no convencen Europa cerró la jornada con ligeros avances que llevaron al Ibex a consolidar los 11.300, máximos de junio y con subidas en 12 de las últimas 15 sesiones. En el STOXX 600 los mejores sectores fueron Químicas y Seguros mientras que R. Básicos sufrió las mayores correcciones. Por el lado macro, en la Eurozona la M3 de julio se expandió menos de lo e...
- Research Department
IBERIAN DAILY 15 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKINTER, COLONIAL. US inflation allows Fed to begin to gradually lower rates European stock markets reeled in their gains towards the end of the session, despite that fact that US inflation data for July paved the way for the Fed to begin to lower rates in September, although there is no hurry. However, the US technology sector was affected by the rumours that the Dept. of Justice would be considering the possibility of separating Alphabet’s (Google) businesses for antitrust rea...
- Research Department
INFORME DIARIO 15 AGOSTO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, INMOBILIARIA COLONIAL. EUROPA: PROSUS La inflación americana de julio permite a la Fed empezar a bajar tipos gradualmente Las bolsas europeas moderaron tímidamente las ganancias hacia el cierre de la sesión a pesar de que la inflación de EE.UU. de julio dejó el camino libre a la Fed para empezar a bajar tipos en septiembre, aunque sin prisas. No obstante, pesaba sobre el sector tecnológico americano los rumores de que el Departamento de J...
- Ignacio Romero
COLONIAL: 1H'24 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'24 vs. 2Q'23 Results Rental Revenues: € 95.0 M (+3.3% vs. -4.1% BS(e)); EBITDA: € 81.0 M (-0.5% vs. -1.1% BS(e)); Recurring EPS: € 0.08 (+1.4%); 1H'24 vs. 1H'23 Results Rental Revenues: € 192.0 M (+4.7% vs. +1.2% BS(e)); EBITDA: € 153.0 M (+0.4% vs. -0.1% BS(e)); Recurring EPS: € 0.16 (+5.6% vs. -0.7% BS(e));
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