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Carole Braudeau
  • Carole Braudeau

Credit Morning 05/02/2025

The acquisition of IFF Pharma Solutions has been completed|Ontex Q1 25 call notes: Not alarming yet|Biogroup released weak results in 2024|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 02/05/2025

L'acquisition d'IFF Pharma Solutions a été finalisée|Ontex Q1 25 call notes: Not alarming yet|Biogroup : les résultats se contractent en 2024|

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould
ACA CREDIT AGRICOLE SA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
WTB WHITBREAD PLC
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SCHP SCHINDLER HOLDING AG PREF
BAS BASF SE
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT 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
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
MRNA MODERNA INC.
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould
ACA CREDIT AGRICOLE SA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
LI KLEPIERRE SA
COV COVIVIO SA
RI PERNOD RICARD SA
GFC GECINA SA
NXI NEXITY SA CLASS A
WTB WHITBREAD PLC
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
MERY MERCIALYS SA
GLE SOCIETE GENERALE S.A. CLASS A
WHA WERELDHAVE N.V.
TEP TELEPERFORMANCE SE
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
SCHP SCHINDLER HOLDING AG PREF
BAS BASF SE
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
NEM NEMETSCHEK SE
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT 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
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
COLO B COLOPLAST A/S CLASS B
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
DKG DEUTSCHE KONSUM REIT-AG
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
ADYEN ADYEN NV
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
MRNA MODERNA INC.
WDP WAREHOUSES DE PAUW SCA
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
TEN TENARIS S.A.
Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould
Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould
Research Department
  • Research Department

INFORME DIARIO 02 MAYO + RDOS. ESPAÑA Y EUROPA 1T’25. IDEAS DESTACADAS...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: REDEIA. EUROPA: AIRBUS, BASF, ING, SOCIÉTÉ GÉNÉRALE. 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’25 que se publicarán en España y Europa en los próximos días. La macro desinfla las bolsas Jornada de caídas en Europa lastradas por los malos datos macro (PIB, ADP, PMI en EE.UU.) y en Europa (especialmen...

 PRESS RELEASE

Societe Generale: Availability of the first amendment to 2025 Universa...

Societe Generale: Availability of the first amendment to 2025 Universal Registration Document AVAILABILITY OF THE FIRST AMENDMENT TO 2025 UNIVERSAL REGISTRATION DOCUMENT Regulated Information Paris, 30 April 2025 Societe Generale hereby informs the public that the first amendment to the 2025 Universal Registration Document filed on 12th March 2025 under number D.25-0088, has been filed with the French Financial Markets Authority (AMF) on 30th April 2025 under number D-25-0088-A01. This document is made available to the public, free of charge, in accordance with the conditions provided fo...

 PRESS RELEASE

Société Générale : Mise à disposition du premier amendement au Documen...

Société Générale : Mise à disposition du premier amendement au Document d’enregistrement universel 2025 MISE À DISPOSITION DU PREMIER AMENDEMENT AU DOCUMENT D’ENREGISTREMENT UNIVERSEL 2025 Information réglementée Paris, le 30 avril 2025 Société Générale informe le public que le premier amendement au Document d’enregistrement universel 2025, déposé le 12 mars 2025 sous le numéro D.25-0088, a été déposé auprès de l’Autorité des Marchés Financiers (AMF) le 30 avril 2025 sous le numéro D-25-0088-A01. Ce document est tenu gratuitement à la disposition du public dans les conditions prévues par...

 PRESS RELEASE

BNP PARIBAS SA: Disclosure for G-SIIs indicators as of 31 December 202...

BNP PARIBAS SA: Disclosure for G-SIIs indicators as of 31 December 2024 Paris, 30 April 2025 Global systemically important institutions (G-SIIs) indicators for BNP Paribas Group as of 31 December 2024 are presented hereafter according to European Banking Authority (EBA) Implementing Technical Standards. The Basel Committee on Banking Supervision (BCBS) assesses the systemic importance of banks in a global context. The measurement approach of the global systemic importance is indicator-based. The methodology is outlined in “Global systemically important banks: updated assessment methodolo...

Javier Esteban
  • Javier Esteban

CAIXABANK: 1Q’25 RESULTS, CHANGE OF RECOMMENDATION TO UNDERWEIGHT AND ...

1Q'25 vs. 1Q'24 Results NII: € 2.65 Bn (-4.9% vs. -3.6% BS(e) and -4% consensus); Total Revenues: € 4.01 Bn (+14.7% vs. +10.6% BS(e) and +9,3% consensus); Operating Income: € 2.43 Bn (+22.3% vs. +15.5% BS(e) and +12.8% consensus); Net Profit pre AT1: € 1.47 Bn (+46.1% vs. +28% BS(e) and +28.7% consensus). 1Q'25 vs. 4Q'24 Results NII: € 2.65 Bn (-3.5% vs. -2.2% BS(e) and -2.6% consensus); Total Revenues: € 4.01 Bn (-1.7% vs. -5.3% BS(e) and -6.3% consensus); Operating Income: € 2.43 Bn (-4.1% vs....

Javier Esteban
  • Javier Esteban

SANTANDER: 1Q’25 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results NII: € 11.38 Bn (-5% vs. -4.8% BS(e) and -5.1% consensus); Total Revenues: € 15.537 M (+1% vs. -1.3% BS(e) and +0% consensus); Operating Income: € 9.05 Bn (+2.4% vs. +0% BS(e) and +0.7% consensus); Net Profit: € 3.4 Bn (+19.3% vs. +11.5% BS(e) and +9.7% consensus). 1Q'25 vs. 4Q'24 Results NII: € 110.38 Bn (-5.1% vs. -4.8% BS(e) and -5.1% consensus); Total Revenues: € 15.31 Bn (-3.1% vs. -5.3% BS(e) and -4.1% consensus); Operating Income: € 9.05 Bn (-2.2% vs. -4.6% BS(e) a...

Carole Braudeau
  • Carole Braudeau

Credit Morning 04/30/2025

Flos B&B Italia: after strong Q4 results, the start of the year is proving much more difficult|ams OSRAM: Q1 2025 results ahead of expectations, strategic options considered for certain assets|Viridien: a good set of Q1 2025 results, and FY 2025 FCF guidance confirmed|

Carole Braudeau
  • Carole Braudeau

Morning Crédit 30/04/2025

Flos B&B Italia : après de bons résultats T4, le début d’année est bien plus difficile|ams OSRAM : résultats au T1 2025 supérieurs au consensus, options stratégiques étudiées pour certains actifs|Viridien: a good set of Q1 2025 results, and FY 2025 FCF guidance confirmed|

Javier Esteban
  • Javier Esteban

SOCIÉTÉ GÉNÉRALE: RDOS. 1T’25 Y CAMBIO DE RECOMENDACIÓN A INFRAPONDERA...

Rdos. 1T'25 vs 1T'24: M. Bruto: 7.083 M euros (+6,6,0% vs +4,7% BS(e) y +4,1% consenso); M. Neto: 2.479 M euros (+48,9% vs +18,9% BS(e) y +35% consenso); BDI: 1.608 M euros (+136,5% vs +47,4% BS(e) y +77,2% consenso). Rdos. 1T'25 vs 4T'24: M. Bruto: 7.083 M euros (+7% vs +5,1% BS(e) y +4,5% consenso); M. Neto: 2.479 M euros (+22,4% vs –2,3% BS(e) y +11% consenso); BDI: 1.608M euros (+54,.5% vs -3,7% BS(e) y +15,8% consenso).

Javier Esteban
  • Javier Esteban

CAIXABANK: RDOS. 1T’25, CAMBIO DE RECOMENDACIÓN A INFRAPONDERAR Y DE P...

Rdos. 1T'25 vs 1T'24: M. Intereses: 2.646 M euros (-4,9% vs -3,6% BS(e) y -4% consenso); M. Bruto: 4.011 M euros (+14,7% vs +10,6% BS(e) y +9,3% consenso); M. Neto: 2.431 M euros (+22,3% vs +15,5% BS(e) y +12,8% consenso); BDI pre AT1: 1.469 M euros (+46,1% vs +28% BS(e) y +28,7% consenso). Rdos. 1T'25 vs 4T'24: M. Intereses: 2.646 M euros (-3,5% vs -2,2% BS(e) y -2,6% consenso); M. Bruto: 4.011 M euros (-1,7% vs -5,3% BS(e) y -6,3% consenso); M. Neto: 2.431 M euros (-4,1% vs -9,4% BS(e) y -11,6...

Javier Esteban
  • Javier Esteban

SANTANDER: RDOS. 1T’25 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SABADE...

Rdos. 1T'25 vs 1T'24: M. Intereses: 11.378 M euros (-5% vs -4,8% BS(e) y -5,1% consenso); M. Bruto: 15.537 M euros (+1% vs -1,3% BS(e) y +0% consenso); M. Neto: 9.048 M euros (+2,4% vs +0% BS(e) y +0,7% consenso); BDI: 3.402 M euros (+19,3% vs +11,5% BS(e) y +9,7% consenso). Rdos. 1T'25 vs 4T'24: M. Intereses: 110.378 M euros (-5,1% vs -4,8% BS(e) y -5,1% consenso); M. Bruto: 15.307 M euros (-3,1% vs -5,3% BS(e) y -4,1% consenso); M. Neto: 9.048 M euros (-2,2% vs -4,6% BS(e) y -3,9% consenso); ...

Research Department
  • Research Department

INFORME DIARIO 30 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’25. PREVIEWS (ANÁLI...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELOR MITTAL, CAIXABANK, ENCE, ENAGAS, NARTUGY, REPSOL, SACYR, SANTANDER, VISCOFAN. EUROPA: DHL, MERCEDES. 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’25 que se publicarán en España y Europa en los próximos días. Estabilización de las bolsas Comportamiento mixto de las bolsas europeas en el primer ...

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