Telefonica’s Q1 results leave us feeling more confident about its longer-term growth trajectory and believe that there could be further upside to estimates from the new Digi wholesale agreement and consensus fully factoring in the headcount reduction deal.
1Q'24 vs. 1Q'23 Results Sales: € 10.14 Bn (+0.9% vs. +0.5% BS(e) and +0.2% consensus); EBITDA: € 3.205 Bn (+2.7% vs. +1.7% BS(e) and +1.7% consensus); EBIT: € 1.042 Bn (+7.4% vs. +4.4% BS(e) and +5.7% consensus); Net Profit: € 532.0 M (+78.5% vs. -31.9% BS(e) and +30.2% consensus);
Rdos. 1T'24 vs 1T'23: Ventas: 10.140 M euros (+0,9% vs +0,5% BS(e) y +0,2% consenso); EBITDA: 3.205 M euros (+2,7% vs +1,7% BS(e) y +1,7% consenso); EBIT: 1.042 M euros (+7,4% vs +4,4% BS(e) y +5,7% consenso); BDI: 532,0 M euros (+78,5% vs -31,9% BS(e) y +30,2% consenso).
>Un T1 2024 en ligne avec les attentes - Telefonica publie un CA du T1 2024 en hausse de 2% à 10 140 M€ (1% au-dessus du consensus de 10 057 M€), porté par le Brésil (croissance de 10%). L’EBITDA ressort en hausse de 2% à 3 205 M€ (1% au-dessus du css de 3 174 M€) mais l’EBITDAaL simplement en ligne. Le FCF au T1 2024 ressort en négatif de 44 M€ (vs consensus de gain de 111 M€). Les objectifs 2024 sont confirmés. Pour 2024, Telefonica vise une croissance du CA de...
>Q1 2024 in line with forecasts - Telefonica has published Q1 2024 revenue growth of 2% to € 10,140m (1% above the consensus € 10,057m), driven by Brazil (growth of 10%). EBITDA was up 2% to € 3,205m (1% above the consensus at € 3,174m) but EBITDAaL was simply in line. FCF in Q1 2024 showed a loss of € 44m (vs consensus forecast for a gain of € 111m). The targets for 2024 are confirmed. For 2024, Telefonica is targeting revenue growth of 1%, +1-2% for EBITDA, > +...
NEWS SUMMARY: BANKING SECTOR, CAF, REPSOL, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. Europe continues to rally Another session of gains in Europe (except in Italy, which fell slightly), driven by the results campaign and despite the fact that sovereign debt yields widened after several days of tighte...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, REPSOL, SECTOR BANCARIO, TELEFONICA. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Europa sigue al alza Continuaron una jornada más las subidas en Europa (a excepción de Italia que recortó de forma moderada) impulsadas por la campaña de...
NEWS SUMMARY: GRIFOLS. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. IBEX close to 11,000 points Positive performance on European stock markets, underpinned by the falling sovereign debt yields and the solid macro data in Europe yesterday. In the STOXX 600, all the sectors except Pharma and Retail closed with gains,...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS. EUROPA: DHL GROUP, UNICREDIT. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex apunta a los 11.000 puntos Comportamiento positivo en las bolsas europeas apoyadas en el recorte de las rentabilidades soberanas y los buenos datos ...
1Q'24 vs. 1Q'23 Results Sales: € 994.43 M (-23.1% vs. -23.0% BS(e) and -23.5% consensus); EBITDA: € 339.29 M (+6.0% vs. +1.4% BS(e) and +0.9% consensus); EBIT: € 290.3 M (+6.3% vs. +5.6% BS(e) and -5.1% consensus); Net Profit: € 25.45 M (-17.9% vs. +18.3% BS(e) and -6.5% consensus);
Rdos. 1T'24 vs 1T'23: Ventas: 994,43 M euros (-23,1% vs -23,0% BS(e) y -23,5% consenso); EBITDA: 339,29 M euros (+6,0% vs +1,4% BS(e) y +0,9% consenso); EBIT: 290,3 M euros (+6,3% vs +5,6% BS(e) y -5,1% consenso); BDI: 25,45 M euros (-17,9% vs +18,3% BS(e) y -6,5% consenso).
NEWS SUMMARY: BBVA, CAF, IAG, NATURGY, TELEFÓNICA, UNICAJA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. The Ibex hits new annual highs Friday’s gains, driven by the good earnings season on both sides of the Atlantic and some widening in sovereign yields led stock exchanges to end in positive territory, particul...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, CAF, IAG, NATURGY, TELEFÓNICA, UNICAJA. EUROPA: PHILIPS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex logra nuevos máximos de 2024 Los avances del viernes, impulsados por la buena campaña de resultados a ambos lados del Atlánti...
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...
>Q1 results 6.4% above forecasts - Q1 adjusted net profit came to € 1.27bn (+6% QoQ /-33% YoY), 6.4% above the consensus (ODDO BHF: € 1.07bn; consensus: € 1.19bn), thanks to E&P and Industrial. E&P: the drop in the gap price took a tool - E&P posted an adjusted profit of € 442m, down 20%, whereas the Brent price was near-stable. This is because natural gas makes up two-thirds of the group’s production (590kboe/d) and is mainly produced in North Americ...
>Résultats T1 6.4% supérieurs aux attentes - Le résultat net ajusté du T1 s'est établi à 1267 M€ (+6% QoQ /-33% YoY) et 6.4% au-dessus du consensus (ODDO BHF: 1 067 M€ ; consensus : 1 191 M€), grâce à l’E&P et Industrial. E&P : la baisse du prix du gaz a pesé - Le résultat de l’E&P ressort à 442 M€, en baisse de 20% alors le brent est quasi-stable. En effet, la production du groupe (590 kbep/j) est dominée à hauteur des deux tiers par le gaz natur...
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
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