reports
- Ignacio Romero
LOGISTA: 1H’24 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'24 vs. 2Q'23 Results Economic Sales: € 441.0 M (+1.2% vs. +1.7% BS(e)); Adjusted EBIT: € 104.0 M (+4.9% vs. +1.1% BS(e)); Net Profit: € 87.0 M (+32.2% vs. +24.1% BS(e)); 1H'24 vs. 1H'23 Results Economic Sales: € 867.0 M (+4.0% vs. +4.3% BS(e)); Adjusted EBIT: € 193.0 M (+5.4% vs. +3.3% BS(e)); Net Profit: € 160.0 M (+27.2% vs. +22.9% BS(e));
- Ignacio Romero
LOGISTA: RDOS. 1S’24 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'24 vs 2T'23: Ventas económicas: 441 M euros (+1,2% vs +1,7% BS(e)); EBIT ajustado: 104 M euros (+4,9% vs +1,1% BS(e)); BDI: 87 M euros (+32,2% vs +24,1% BS(e)). Rdos. 1S'24 vs 1S'23: Ventas económicas: 867 M euros (+4,0% vs +4,3% BS(e)); EBIT ajustado: 193 M euros (+5,4% vs +3,3% BS(e)); BDI: 160 M euros (+27,2% vs +22,9% BS(e)).
- Konrad Zomer
- Thomas Zlowodzki
LHA DEUTSCHE LUFTHANSA AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
RAA RATIONAL AG
AENA AENA SME SA
CABK CAIXABANK SA
WLN WORLDLINE SA
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
NOVO B NOVO NORDISK A/S
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024
We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...
LHA DEUTSCHE LUFTHANSA AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
RAA RATIONAL AG
AENA AENA SME SA
CABK CAIXABANK SA
WLN WORLDLINE SA
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
NOVO B NOVO NORDISK A/S
- Luis de Toledo Heras
Redeia : Well aligned to meet annual targets, regulatory newsflow expe...
>Results in line with estimates, adequate progress towards FY guidance - Results in line with our estimates marked by the loss of pre-1998 regulated assets (end of the useful remunerative life of the pre-98 assets with a FY impact estimated at € 260m in 2024) as widely anticipated. Domestic electricity infrastructure accounted for 76% of total revenues and 70% of total EBITDA recording a decline of 16% and 22% compared to last year levels in each category, fully expla...
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Luis de Toledo Heras
Redeia : Regulatory impact kicking in
>Regulatory impact drives results decline - Redeia will release Q1 2024 results on 30 April. Results are marked by the loss of pre-1998 regulated assets (estimated annual impact of € 260m in 2024: € 307m remuneration impact, partially offset by € 47m revenues from the start of extension of useful life of those assets) as widely anticipated by the company and consensus estimates. As a result, domestic electricity infrastructure is expected to reduce its contribution to...
- Research Department
IBERIAN DAILY 26 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, OHLA, REPSOL, TELEFÓNICA. The Ibex near 11,000 points European stock markets continued to gain ground in an increasing session with low trading volume. In the STOXX 600, Energy and Travel&Leisure led gains, whereas Media and Household saw the biggest drops. On the macro side, in Spain, the production price index slowed down to -8.2% vs. -3.9% prev. From the ECB, F. Panetta (Bank of Italy’s governor) admitted that the moderation of inflation brings closer the beginning o...
- Research Department
INFORME DIARIO 26 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, OHLA, REPSOL, TELEFÓNICA. El Ibex testea los 11.000 puntos Las bolsas de Europa continuaron ganando altura en una jornada de menos a más y con bajo nivel de negociación. En el STOXX 600 lideraron las subidas Energía y Viajes&Ocio mientras que Media y Hogar fueron los peores con caídas cercanas al medio punto. Por el lado macro, en España el índice de precios de producción se contrajo hasta el -8,2% vs -3,9% ant. Desde el BCE, F. Panetta...
- Baptiste Salaville
- Jerôme Bodin
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 18/03/2024
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
COV COVIVIO SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
DEC JCDECAUX SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WBD WEBUILD S.P.A.
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MDM MAISONS DU MONDE SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Jerôme Bodin
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 03/18/2024 Date Performance sin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
COV COVIVIO SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
DEC JCDECAUX SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WBD WEBUILD S.P.A.
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MDM MAISONS DU MONDE SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Bruno Cavalier
- Gerardo Ibanez
- Steven Boumans
BMW BAYERISCHE MOTOREN WERKE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
01913 PRADA S.P.A.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HLAG HAPAG-LLOYD AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Manuel Martin
- CEFA
- CREA
- Steven Boumans
ODDO : Shifting sands at La Croisette: A recap from MIPIM 2024
>The direct investment market is still muted today, but we think real estate markets could reignite after seeing the first interest rate cuts - We visited the annual real estate conference MIPIM in Cannes last week. Although the weather was great, the mood in the investment market was still a bit muted. The changes in the real estate market leaves many investor uncertain today. It is still too early to see transactions to go up materially and pricing recovery in the ...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/03/2024
L’année 2024 sera marquée par l’élection présidentielle américaine et l’annonce des rabais pour les 10 médicaments dont les prix sont dorénavant négociés directement par Medicare dans le cadre de l’IRA. Nous tablons sur une croissance des BPA 24e de 8% et relevons nos OC de 1% en moyenne. Nous privilégions GSK (Surperformance) qui allie valorisation attractive, croissance et newsflow. Nous maintenons notre recommandation Surperformance sur Sanofi qui devrait bénéficier d’un catalyseur...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Baptiste Salaville
- Florent Laroche-Joubert
- Jean-Baptiste Rouphael
- Stefano Toffano
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/13/2024
2024 is set to be marked by the US presidential election and the announcement of rebates for the 10 drugs for which prices are now negotiated directly through Medicare under the IRA. We forecast EPS 24e growth of 8% and lift our target prices by 1% on average. We prefer GSK (Outperform) which combines an attractive valuation, growth and clinical newsflow. We maintain our Outperform rating on Sanofi which should benefit from a transformative clinical catalyst in H1. We lower our rating...
RNO RENAULT SA
ADS ADIDAS AG
ROG ROCHE HOLDING LTD
NOVN NOVARTIS AG
EOAN E.ON SE
G ASSICURAZIONI GENERALI S.P.A.
ZAL ZALANDO SE
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
SAN SANOFI
SOLB SOLVAY SA
ASM ASM INTERNATIONAL N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
AZN ASTRAZENECA PLC
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
NOVO B NOVO NORDISK A/S
- Luis de Toledo Heras
Redeia : Remaining cautious on the 2024 regulatory impact
>Fine-tuning estimates following the 2024 guidance release - We are updating our estimates on Redeia following the annual accounts publication and the release of the 2024 guidance consisting of EBITDA above € 1.3bn and net profit of around € 500m. These references are 9% and 12% below our previous estimates respectively, which considered an EBITDA margin of 72% at the domestic electricity infrastructure business for 2024 and 71% in 2025, and we are now lowering this ...
- Research Department
INFORME DIARIO 12 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, OHLA, TELEFONICA. EUROPA: BAYER, SIEMENS. El Ibex salva la jornada A la espera del dato de inflación de hoy en EE.UU., que pueda dar pistas sobre el comienzo de las bajadas de tipos por parte de la Fed, la jornada fue de recogidas de beneficios para la mayoría de índices europeos, a excepción del Ibex (ha subido en 6 de las últimas 7 sesiones). Así, en el STOXX 600, la mayoría de los sectores cerraron con caídas, lideradas por Tecnología y ...
- Research Department
IBERIAN DAILY 12 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, OHLA, TELEFÓNICA. IBEX saves the day Awaiting today’s US inflation data, which could give clues on the start of rate cuts by the Fed, the session was one of profit taking for most European indices except the IBEX (rising six of the last seven sessions). In the STOXX 600, most sectors ended in the red, led by Technology and Media, with Real Estate and Food posting the biggest gains. On the macro side, the Eurogroup meeting decided a slightly tightening monetary policy for ...
- Luis Arredondo
OHLA: FY2023 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Sales: € 875.0 M (-4.5% vs. -7.1% BS(e)); EBITDA: € 41.9 M (-4.3% vs. -14.4% BS(e)); EBIT: € 54.9 M (+422.9% vs. +114.3% BS(e)); Net Profit: € -8.7 M (€ -8.0 M in FY2022 vs. € 5.2 M BS(e)); FY2023 vs. FY2022 Results Sales: € 3.131 Bn (-3.9% vs. -4.7% BS(e)); EBITDA: € 126.1 M (+10.5% vs. +6.7% BS(e)); EBIT: € 91.0 M (+98.7% vs. +27.9% BS(e)); Net Profit: € 5.5 M (€ -96.8 M in FY2022 vs. € 19.4 M BS(e));
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