reports
- Carole Braudeau
Credit Morning 11/20/2024
Grifols: the board considers that Brookfield’s indicative price undervalues the company Teva: S&P upgrades the rating to BB/positive from BB/positiveElior: Results recovered in 2023-24, exceeding expectations. Debt reduction is making headway as planned.Tereos: Sharp decline in EBITDA in Q2 24/25. The financial position is stable thanks to the generation of FCF.>...
- Damien Choplain
- Martial Descoutures
- Carole Braudeau
Morning Crédit 20/11/2024
Grifols : le conseil d’administration estime que le prix indicatif proposé par Brookfield sous-évalue la sociétéTeva: S&P upgrades the rating to BB/positive from BB/positiveElior: les résultats se sont redressés 2023/24, dépassant les attentes. Le désendettement progresse comme prévu.Tereos : fort repli de l'EBITDA au T2 24/25. La situation financière est stable grâce à la génération de FCF.>...
- Damien Choplain
- Martial Descoutures
RHM RHEINMETALL AG
BLND BRITISH LAND COMPANY PLC
GRF GRIFOLS S.A. CLASS A
ELE ENDESA S.A.
ISP INTESA SANPAOLO S.P.A.
TLX TALANX AG
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
GRF.P GRIFOLS S.A. PREF CLASS B
ARGX ARGEN-X SE
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
SGSN SGS SA
- Research Department
IBERIAN DAILY 20 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, ENDESA, GRIFOLS, POSSIBLE TAX CHANGES, TALGO. Russia shakes markets The threat of using nuclear weapons by Russia after Ukraine used its long-range missiles on Russian territory led to corrections in European stock markets that eased throughout the session after the Foreign Minister S. Lavrov stressed that Russia does not wish nor expect a nuclear war. Thus, in the STOXX 600, Real Estate and Pharma were the only sectors ending with gains vs. Banks and Automobiles that ...
- Benoit Valleaux
- Steven Gould
CaixaBank : The medium-term strategic update underpins our positive ca...
>Outperform rating confirmed – Target price adjusted to € 7.0 (vs € 7.2) - The medium-term strategic update (CMD held yesterday) from CaixaBank confirms our positive approach to the stock and its place among our sector Top Picks. Unsurprisingly, the group intends to capitalise/strengthen solid achievements (top-line diversification, operating efficiency, healthy asset quality, etc.) while emphasising the notable potential for activity growth (which is a change from th...
- Benoit Valleaux
- Steven Gould
CaixaBank : L’update stratégique MT conforte notre call positif
>Opinion Surperformance confirmée – OC ramené à 7.0 € (vs 7.2 €) - L’update stratégique MT (CMD tenu hier) réalisé par CaixaBank vient confirmer notre approche positive sur le titre et sa place parmi nos top picks au sein du secteur. Sans surprise le groupe compte capitaliser/renforcer de solides acquis (diversification topline, efficience opérationnelle, qualité d’actifs saine…) tout en insistant sur le potentiel notable de croissance de l’activité (ce qui change vs ...
- Javier Esteban
CAIXABANK: OBJETIVOS AMBICIOSOS PARA TIPOS BAJOS; CAMBIO DE RECOMENDAC...
Plan estratégico ambicioso para un escenario de tipos conservador. Cambio de recomendación a INFRAPONDERAR. CABK aspira a ROTE medio 25-27 >15% (14,1% BS(e) y 14,5% consenso) y >16% en 2027 (implicaría en media un BDI +15% por encima de lo esperado). Prevé compensar EURIBOR bajo (2,19% en 2025, 1,8% en 2026 y 2% en 2027( vs 2,5% nosotros)) con más volumen de crédito y coberturas ALCO. Mantiene política de dividendo en cash (50%- 60% payout/ ~7-8% yield). Distribuirá el exceso de capital >12,5% C...
- Research Department
IBERIAN DAILY 19 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, POSSIBLE TAX CHANGES, SOLARIA. Awaiting drivers European stock markets managed to recover ground at the end of the session, ending mixed, with the Ibex and FTSE MIB being the best relative performers. Thus, in the STOXX 600, Basic Resources and Telecoms were the best relative performers vs. the bigger drops of Real Estate and Retail. From the ECB, De Guindos insisted that concerns about inflation have now shifted to growth. On the macro side, in the US November’s NAHB r...
- Research Department
INFORME DIARIO 19 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, IMPUESTOS ESPAÑA, SOLARIA. A la espera de catalizadores Las bolsas europeas lograron recuperarse hacia el final de la sesión y cerraron con signo mixtos donde destacó el buen comportamiento relativo del Ibex y el del FTSE MIB en negativo. Así, dentro del STOXX 600, Recursos Básicos y Telecos mostraron el mejor comportamiento relativo, frente a las mayores caídas de Inmobiliario y Retail. Desde el BCE, De Guindos insistió en que la preocup...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Amira Manai
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
EVT EVOTEC SE
GBF BILFINGER SE
SCR SCOR SE
BLC BASTIDE LE CONFORT MEDICAL SA
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
XIOR XIOR STUDENT HOUSING N.V.
REP REPSOL SA
ERG ERG S.P.A.
CARM CARMILA SAS
LTA ALTAMIR ACT PORTEUR
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
DMP DERMAPHARM HOLDING SE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
VK VALLOUREC SA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
CO CASINO GUICHARD-PERRACHON
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024
Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Amira Manai
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
EVT EVOTEC SE
GBF BILFINGER SE
SCR SCOR SE
BLC BASTIDE LE CONFORT MEDICAL SA
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
XIOR XIOR STUDENT HOUSING N.V.
REP REPSOL SA
ERG ERG S.P.A.
CARM CARMILA SAS
LTA ALTAMIR ACT PORTEUR
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
DMP DERMAPHARM HOLDING SE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
VK VALLOUREC SA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
CO CASINO GUICHARD-PERRACHON
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : IEA report– a surplus and easing of geopolitical tensions pushi...
>Slowdown in demand confirmed for 2025 - The IEA has just published its monthly report in which it has marginally lifted its demand growth estimates by 60 kb/d to +920 kb/d for 2024 but maintains unchanged its 2025 estimate at +1 Mb/d. This level compares with +1.2 Mb/d on average over 2000-2019 and a record of +2 Mb/d in 2023. This slowdown can be explained by the economic slowdown and the deployment of renewable energies. Chinese demand has slowed sharply for th...
- Research Department
IBERIAN DAILY 15 NOVEMBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAF, CAIXABANK, COLONIAL, MERLIN. 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 3Q’24 results to be released over the coming days in Spain. ECB’s target nearly met The Euro STOXX 50 had its best day since late September, while the ECB’s meeting minutes suggested the 2% inflation target will be met earlier than expected, thus cementing t...
- Research Department
INFORME DIARIO 15 NOVIEMBRE + RDOS. ESPAÑA 3T’24. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAF, CAIXABANK, COLONIAL, MERLIN. EUROPA: ASML, SANOFI. 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. 3T’24 que se publicarán en España y Europa en los próximos días. El BCE con el objetivo casi cumplido El Euro STOXX 50 tuvo su mejor día desde finales de septiembre mientras las ...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Rapport AIE –Surplus et accalmie géopolitique pèsent sur les pr...
>Le ralentissement de la demande se confirme en 2025 - L’AIE vient de publier son rapport mensuel et révise légèrement à la hausse ses estimations de croissance de la demande de 60 kb/j à +920 kb/j pour 2024 mais les maintient inchangées à +1 Mb/j pour 2025. Ce niveau se compare à +1.2 Mb/j en moyenne en 2000-2019 et un record de +2 Mb/j en 2023. Ce ralentissement s’explique par le ralentissement économique et le déploiement des énergies renouvelables. La demande ...
- Carole Braudeau
- Carole Braudeau
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