>Opinion Surperformance et OC à 20.50 € maintenus - A l’issue du roadshow management que nous avons organisé à Paris, nous confirmons notre recommandation Surperformance et notre objectif de cours de 20.50 €, sur la base d’un DCF (16.5 €) et d’une somme des parties (24.4 €). Comme attendu, cet évènement a été l’opportunité de recaler la séquence de mise en service des capacités installées qui correspond aux guidances du groupe en termes d’EBITDA pour 2024 et 2025. La ...
>Outperform rating and € 20.50 target price maintained - Following the roadshow with management that we organised in Paris, we confirm our Outperform rating and our € 20.50 target price, based on a DCF model (€ 16.5) and an SOTP approach (€ 24.4). As expected, this event was an opportunity to adjust the sequence for installed commissioning which corresponds to the group’s guidance in terms of EBITDA for 2024 and 2025. The expected growth in installed capacity will onl...
We hosted our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024, virtually. In total, 63 companies were present. In the following note, we provide some initial feedback from the companies on day 2. - >ACS (=): good operating momentum maintained, Abertis and its dividends on the front page - Atresmedia (=): Q3 should be challenging but outlook reiterated - Befesa (=): zinc prices held up well, offsetting the negative impact of maintenance on Q3 volumes - CaixaBank ...
Like Astérix in the album of the same name, Michel Barnier has a cauldron to fill. Two measures to manage this have “leaked” in the press in the last few days: a reduction in the CIR research tax credit and an exceptional tax increase on large companies. We measured the sensitivity to these two measures of the 90 and 80 companies most concerned in our coverage universe. 20 companies have a CIR >5% of their EBIT and 22 companies would see their EPS fall by more than 5% due to the addit...
Comme Astérix dans l’album éponyme, Barnier a un chaudron à remplir. Deux mesures pour y parvenir ont « fuité » ces derniers jours dans la presse : rabotage du CIR (Crédit d’impôt Recherche) et hausse « exceptionnelle » de l’impôt des sociétés sur les grands groupes. Nous avons mesuré la sensibilité des 90 et 80 sociétés les plus concernées dans notre univers de couverture à ces deux mesures. 20 sociétés ont un CIR > 5% de leur EBIT et 22 sociétés verraient leurs BPA baisser de plus d...
>Outperform rating maintained and target price adjusted to € 20.50 vs € 21.1 - Following the release of H1 2024 results, which on a reported basis came in slightly higher than we anticipated, but excluding capital gains on disposals slightly undershot our expectations, the group has not really made any announcements on the year end in terms of installed capacity, given the administrative environment in Spain which remains complicated, preferring to highlight its new ...
>Opinion Surperformance maintenus et OC ajusté à 20.50 € vs 21.1 € - A l’issue de la publication des résultats du S1 24, qui sont ressortis, en publié, un peu au-dessus de nos attentes, mais hors plus-value de cession, un peu en dessous de nos estimations, le groupe n’a pas vraiment communiqué sur son atterrissage de fin d’année en termes de capacité installée, compte tenu d’un environnement administratif en Espagne qui demeure compliqué, préférant mettre en lumière ...
NEWS SUMMARY: CELLNEX, INDRA, SOLARIA. Political noise and Automobiles continue to add pressure on the Euro STOXX European equity markets dropped, dragged down by the risks of more aggressive taxation to large French companies and by the profit warnings battery in the Automobile sector. In the STOXX 600, Energy and Consumer Goods were the only sectors ending in positive territory whereas Automobiles and Travel&Leisure saw the biggest drops. On the macro side, in Germany, September’s preliminary...
COMPAÑÍAS QUE APARECEN EN EL INFORME: EUROPA: CELLNEX, INDRA, SOLARIA. El ruido geopolítico y los autos siguen presionando al Euro STOXX Caídas en la renta variable europea, lastradas por los riesgos de una tributación más agresiva a las grandes empresas de Francia y por la ola de profit warnings del sector Autos. En el STOXX 600 sólo Energía y R. Básicos se mantuvieron al margen de las caídas mientras que Autos y Viajes&Ocio sufrieron las mayores pérdidas. Por el lado macro, en Alemania la inf...
NEWS SUMMARY: N/A. China’s measures boost stock markets European stock markets rallied last week thanks to the unexpected battery of stimulus measures announced by China. Thus, the S&P500 hit a new record high and the Ibex35 traded near 12,000 points, hitting a new annual high and not seen since 2010. In the STOXX 600, the best-performing sectors by far were Consumer Goods and Basic Resources (higher exposure to China) vs. Energy (dragged down by the drop in crude oil) and Pharma. On the macro ...
‘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 ...
“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...
NEWS SUMMARY: NEINOR HOMES, OHLA, SOLARIA. IBEX on the cusp of 11,800 points The session in Europe was driven in part by the positive opening in the US, which continues its record trend and seeks to hit a new record high. In the STOXX 600, and after strong sector rotation during the session, Autos and Retail rose the most, with Pharma and Banks being the worst relative performers. On the macro side, in Spain the Govt. will raise GDP’24 growth to 2.7% from the previous 2.4%, in line with the 2.8...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NEINOR HOMES, OHLA, SOLARIA. EUROPA: BNP PARIBAS, DHL GROUP, UNICREDIT. El Ibex se queda a las puertas de los 11.800 puntos Jornada europea de menos a más, impulsada en parte por la apertura positiva en EE.UU. que continúa su tendencia de récord y busca renovar máximos históricos. Así en el STOXX 600, y tras bastante rotación sectorial durante la sesión, Autos y Retail fueron los sectores que más subieron, frente a Farma y Bancos que tuvieron el pe...
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
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