L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
>Good results maintain a positive trend, as has been the case over the last few quarters - FCC’s Q1 results were in line with the consensus and with our estimates at the P&L: revenues amounted to € 2,186m (€ 37m or 2% above our estimates and in line with the € 2,178m expected by consensus, just € 7m or 0.3% above) and EBITDA to € 355m (€ 7m or 2% above our estimates). The operating margins in Water and Environmental Services, the most relevant ones for valuation pur...
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...
NEWS SUMMARY: GLOBAL DOMINION, GRIFOLS, NATURGY, TALGO. 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. Markets continue to climb European stock markets celebrated the easing tensions in the Middle East and the start of the 1Q’24 results season. In the STOXX 600 almost all sectors posted gains, led by Technology (SAP r...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GLOBAL DOMINION, NATURGY, TALGO. EUROPA: AIR LIQUIDE, KERING. 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. Las bolsas europeas celebraron la moderación de las tensiones en Oriente Medio y el arranque de la temporada de resultados del 1T’24....
NEWS SUMMARY: ENAGÁS, ENCE, IAG, NATURGY, TALGO. 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. Rally on the market European stock markets recovered part of the losses from last week and gold recorded its biggest drop of the year, following the correction in public debt and oil prices after tensions in the Middle East...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS, ENCE, IAG, NATURGY, TALGO. EUROPA: SAP. 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. Rebota el mercado Las bolsas europeas recuperaron parte de las pérdidas de la semana pasada y el oro registró su mayor bajada en un año, siguiendo ...
NEWS SUMMARY: NATURGY, TALGO. 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. Sovereign yields near new annual highs After the good macro data released in the US last Monday, fears about a new delay in rate cuts increased and stock market corrections saw a contagion effect in Europe. The Ibex dropped below the 10,600-p...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NATURGY, TALGO. EUROPA: ADIDAS, ASML, LVMH. 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. Las rentabilidades soberanas testean nuevos máximos del año Después de los buenos datos macro en EE.UU. en la jornada de lunes, crecieron los temores a...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NATURGY, SECTOR BANCOS, TALGO, TELEFONICA. EUROPA: ENI, KERING. 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. Con Oriente Medio en el punto de mira Inicio de la semana positivo en los mercados europeos a pesar del ataque sin consecuencias...
NEWS SUMMARY: BANKING SECTOR, NATURGY, TALGO, 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. All eyes on the Middle East European stock markets saw a good start to the week despite Iran’s attack without consequences against Israel last weekend and with sovereign yields widening significantly (US yield abov...
A director at Endesa Sa sold 1,446 shares at 17.140EUR 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 years clearly showin...
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
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