>Opinion Neutre maintenue – OC porté à 5.6 € (vs 5.5 €) - Notre opinion Neutre est confortée sur le titre PBB après la publication des chiffres T2 2024. Sans briller, l’évolution opérationnelle rassure un peu plus (évolution de la topline, niveau attendu du coût du risque lié à l’exposition à l’immobilier commercial US). Le processus de rerating graduel observé depuis mars 2024 reste envisageable au fur et à mesure de publications trimestrielles solides (à titre indic...
>Neutral rating maintained – target price raised to € 5.6 (vs € 5.5) - We confirm our Neutral rating on PBB after the publication of the Q2 2024 results. Though not outstanding, the operating performance was slightly more reassuring (top-line growth, expected level of the cost of risk relating to US commercial real estate exposure). We can still envisage the gradual re-rating observed since March 2024 continuing as and when robust quarterly earnings are reported (as a...
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
>Opinion relevée à Neutre (vs Sous-performance) – OC porté à 5.5 € (vs 5.2 €) - Nous relevons notre opinion à Neutre (vs Sous-performance) sur le titre PBB après la publication des chiffres T1 2024. L’évolution des performances opérationnelles du groupe nous rassure un peu plus sur ses perspectives (évolution de la topline, niveau attendu du coût du risque lié à l’exposition à l’immobilier commercial US), et nous amène revoir en moyenne de 4% à la hausse nos anticipat...
>Upgrade to Neutral (vs Underperform) – Target price raised to € 5.5 (vs € 5.2) - We have upgraded our recommendation to Neutral (vs Underperform) on PBB after the publication of Q1 2024 results and given the ‘recovery’ observed on the share over recent weeks. The trend in the group’s operational performance prompts us to remain cautious on the outlook (top line trend, a still-significant level expected for the cost of risk related to exposure to US commercial real es...
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
>What are the main lessons from Q4/FY 2023 earnings? - Q4 earnings release have confirmed our view on the sector detailed early December. We expected net interest income to be this year relatively flattish in Italy and Spain, to decrease on some names in the Benelux (ING) and to increase for French banks, which is consistent with 2024 outlook given by banks. We therefore did not play a country rotation in favour of North European banks vs South European banks, and we ...
A director at Deutsche Pfandbriefbank AG bought 4,400 shares at 4.672EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
>Underperform rating reiterated – target price lowered to € 5.2 (vs € 7.5) - We reiterate our cautious approach (Underperform) on PBB after the Q4/FY 2023 earnings release. The trend in the group’s operating performances leads us to remain cautious on the group’s outlook (modest top-line trend, a still-significant level expected for cost of risk related to exposure to US commercial real estate). Despite the message from management aiming to be broadly confident/reassu...
>Opinion Sous-performance réitérée – OC abaissé à 5.2 € (vs 7.5 €) - Nous réitérons notre approche prudente (opinion Sous-performance) sur le titre PBB après la publication des chiffres T4/FY 2023. L’évolution des performances opérationnelles du groupe nous incitent à rester prudents sur les perspectives du groupe (évolution modeste de la top line, niveau encore significatif attendu du coût du risque lié à l’exposition à l’immobilier commercial US). En dépit du messag...
>Downgraded to Underperform (vs Neutral) – target price cut to € 7.5 (vs € 8.9) - We downgrade our rating on PBB to Underperform (vs Neutral) after the Q3/9M 2023 earnings release. The group's operating performances lead us to accentuate our already cautious stance on the group’s outlook (low positive NII sensitivity to higher rates, inflationary pressure on costs/strategic investments, and a significant and bigger-than-expected increase in the cost of risk reflecting...
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