reports
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2024
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...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
EOAN E.ON SE
ELE ENDESA S.A.
ORSTED ORSTED
SAN SANOFI
VER VERBUND AG CLASS A
ENEL ENEL SPA
01913 PRADA S.P.A.
GAS NATURGY ENERGY GROUP S.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
IBE IBERDROLA SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VWS VESTAS WIND SYSTEMS
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
UN0 UNIPER SE
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2024
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...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
EOAN E.ON SE
ELE ENDESA S.A.
ORSTED ORSTED
SAN SANOFI
VER VERBUND AG CLASS A
ENEL ENEL SPA
01913 PRADA S.P.A.
GAS NATURGY ENERGY GROUP S.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
IBE IBERDROLA SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VWS VESTAS WIND SYSTEMS
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
UN0 UNIPER SE
PUIG PUIG BRANDS
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : Curtailments in Brazil, limited impact on Iberdrola, Enel and E...
>Recap of the announcement made by Votalia on 20 August - On 20 August, Voltalia announced that the Brazilian transmission network operator was imposing a sizeable curtailment on some parts of the network which will impact group 2024 EBITDA to the tune of € 40m, if these measures to reduce inflow continue over the next few months and if the group is not compensated financially. The curtailment on production volumes for Voltalia in the northeast portion of the network ...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
FORTUM FORTUM OYJ
EOAN E.ON SE
ELE ENDESA S.A.
ORSTED ORSTED
VER VERBUND AG CLASS A
ENEL ENEL SPA
GAS NATURGY ENERGY GROUP S.A.
EDW EDP RENOVAVEIS SA
IBE IBERDROLA SA
VWS VESTAS WIND SYSTEMS
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
UN0 UNIPER SE
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : Les effacements au Brésil, peu d’impacts sur Iberdrola, Enel et...
>Rappel des faits annoncés par Voltalia le 20 août dernier - Le 20 août dernier, Voltalia a annoncé que l’opérateur du réseau de transmission brésilien impose actuellement des écrêtements prononcés dans certaines parties du réseau qui impacterait l’EBITDA 2024 du groupe à hauteur de 40 M€, si ces mesures de réduction d’injection se prolongeaient au cours des prochains mois et si le groupe n’était pas compensé financièrement. Le volume d’écrêtement de la production de ...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
FORTUM FORTUM OYJ
EOAN E.ON SE
ELE ENDESA S.A.
ORSTED ORSTED
VER VERBUND AG CLASS A
ENEL ENEL SPA
GAS NATURGY ENERGY GROUP S.A.
EDW EDP RENOVAVEIS SA
IBE IBERDROLA SA
VWS VESTAS WIND SYSTEMS
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
UN0 UNIPER SE
- Charlotte Vaisse
- Konrad Zomer
EDP EDP-ENERGIAS DE PORTUGAL SA
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
LI KLEPIERRE SA
ORA ORANGE SA
RXL REXEL SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
OR L'OREAL SA
REE RED ELECTRICA CORP. SA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
SOLB SOLVAY SA
BOL BOLLORE SA
01913 PRADA S.P.A.
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
FER FERROVIAL SA
- Charlotte Vaisse
- Konrad Zomer
EDP EDP-ENERGIAS DE PORTUGAL SA
BN DANONE SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
LI KLEPIERRE SA
ORA ORANGE SA
RXL REXEL SA
SCR SCOR SE
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
OR L'OREAL SA
GRF GRIFOLS S.A. CLASS A
ISP INTESA SANPAOLO S.P.A.
FRE FRESENIUS SE & CO. KGAA
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
SOLB SOLVAY SA
BOL BOLLORE SA
01913 PRADA S.P.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
GRF.P GRIFOLS S.A. PREF CLASS B
RIO RIO TINTO PLC
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
BHP BHP GROUP LTD
BP. BP P.L.C.
SHL SIEMENS HEALTHINEERS AG
CPR DAVIDE CAMPARI-MILANO N.V.
JDEP JDE PEET'S NV
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
GSK GSK PLC
FER FERROVIAL SA
- Louis Boujard
- CFA
- Philippe Ourpatian
Acciona Energia : Guidance for 2024 confirmed and stabilisation of the...
>Neutral rating maintained and target price adjusted to € 24.9 (vs € 26.5) - After the publication of interim results which, on a recurring basis came in below our forecasts, we are maintaining our Neutral rating. Like its Iberian competitors, the group should benefit from a wholesale price environment that is resuming an upward slope, but on a less aggressive trajectory for the development of new installed capacity from 2025, helping to protect the balance sheet and ...
- Louis Boujard
- CFA
- Philippe Ourpatian
Acciona Energia : Une guidance 2024 confirmée et un modèle économique ...
>Opinion Neutre maintenue et OC ajusté à 24.9 € (vs 26.5 €) - A l’issue de la publication des comptes semestriels qui, sur une base récurrente sont ressortis en deçà de nos attentes, nous maintenons notre opinion Neutre. Comme ses concurrents ibériques, le groupe va bénéficier d’un environnement de prix de gros qui reprend une pente ascendante, mais dans une trajectoire de développement de nouvelles capacités installées moins agressive à partir de 2025, permettant une...
- Andres Bolumburu
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/30/2024
With regard to our list of recommended stocks, i) we are adding: adidas, Merck KGaA, Santander, Technip FMC, Unilever and Vivendi , ii) we are maintaining ASMi, Atlas Copco, AXA, Deutsche Boerse, GSK, Holcim, Inditex, Lonza, Sodexo, RELX and Rolls-Royce, iii) we are removing: BASF, Nemetschek, Nestlé and TUI AG. - ...
1COV COVESTRO AG
HEIA HEINEKEN NV
DBK DEUTSCHE BANK AG
RCO REMY COINTREAU SA
RXL REXEL SA
HEI HEIDELBERGCEMENT AG
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
SIK SIKA AG
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSFIR KONINKLIJKE DSM N.V.
- Michael B. Schäfer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/07/2024
Au sein de notre liste de valeurs recommandées, i) nous faisons entrer : adidas, Merck KGaA, Santander, Technip FMC, Unilever et Vivendi, ii) nous maintenons ASMi, Atlas Copco, Axa, Deutsche Boerse, GSK, Holicm, Inditex, Lonza, Sodexo, RELX et Rolls-Royce, iii) nous faisons sortir : BASF, Nemetschek, Nestlé, TUI AG. - ...
1COV COVESTRO AG
HEIA HEINEKEN NV
DBK DEUTSCHE BANK AG
RCO REMY COINTREAU SA
RXL REXEL SA
HEI HEIDELBERGCEMENT AG
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
SIK SIKA AG
KBX KNORR-BREMSE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DSFIR KONINKLIJKE DSM N.V.
- Andres Bolumburu
ACCIONA ENERGÍA: 1H’24 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'24 vs. 2Q'23 Results Sales: € 1.333 Bn (-24% vs. -26.5% BS(e) and -21.3% consensus); EBITDA: € 419.0 M (-38.9% vs. -38.6% BS(e) and -36.7% consensus); EBIT: € 198.0 M (-66.7% vs. -71.1% BS(e) and -70.1% consensus); Net Profit: € 65.0 M (-84.0% vs. -88.4% BS(e) and -91.3% consensus);
- Andres Bolumburu
ACCIONA ENERGÍA: RDOS. 2T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'24 vs 2T'23: Ventas: 1.333 M euros (-24% vs -26,5% BS(e) y -21,3% consenso); EBITDA: 419,0 M euros (-38,9% vs -38,6% BS(e) y -36,7% consenso); EBIT: 198,0 M euros (-66,7% vs -71,1% BS(e) y -70,1% consenso); BDI: 65,0 M euros (-84,0% vs -88,4% BS(e) y -91,3% consenso);
- Research Department
INFORME DIARIO 30 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ENAGÁS, IBERDROLA, OHLA, UNICAJA. 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. 2T’24 que se publicarán en España y Europa en los próximos días. El Ibex mantiene los 11.100 puntos Arranque de semana mixto en los selectivos europeos a pesar de que se esperan novedades más dovish e...
- Louis Boujard
- CFA
- Philippe Ourpatian
Acciona Energia : H1 2024 results lower than expected on a recurring b...
>H1 2024 results lower than expected on a recurring basis - Last night the group reported H1 2024 performances that fell short of expectations on a recurring basis. Reported EBITDA came to € 419m vs € 480m expected. Reported EBIT came to € 198m (vs € 200m est.) but includes a net amount of € 45.6m relating to the reversal of the hydropower asset impairment (€ 75.6m) as well as the € 30m impairment for the modernisation of the Tahivilla wind farm in Cadiz. Acciona Ener...
- Research Department
IBERIAN DAILY 30 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ENAGÁS, IBERDROLA, INDRA, OHLA, 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 2Q’24 results to be released over the coming days in Spain. IBEX remains above 11,100 points The week kicked off with mixed results in European stock markets, despite the fact that more dovish moves are expected in monetary policies from the Fed and B...
- Louis Boujard
- CFA
- Philippe Ourpatian
Acciona Energia : Un S1 24 inférieur aux attentes sur une base récurre...
>Un S1 24 inférieur aux attentes sur une base récurrente - Le groupe a publié, dans la nuit, des performances du S1 24 inférieures aux attentes sur une base récurrente. L’EBITDA publié ressort à 419 M€ vs 480 M€ anticipés. L’EBIT publié s’élève à 198 M€ (vs 200 M€e) mais intègre un montant net de 45.6 M€ relatif à l'annulation de la dépréciation des actifs hydroélectriques (75.6 M€) ainsi que la dépréciation de 30 M€ concernant la modernisation de Tahivilla à Cadix. A...
- Research Department
IBERIAN DAILY 22 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ALMIRALL, INDRA, MERLIN PROPERTIES, NATURGY. 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 2Q’24 results to be released over the coming days in Spain. A week of corrections Last week saw profit taking, marked by C. Lagarde’s speech and risks about new export prohibitions to China to technology groups. In the STOXX 600, most sectors dro...
- Research Department
INFORME DIARIO 22 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ALMIRALL, INDRA, MERLIN PROPERTIES, NATURGY. 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. 2T’24 que se publicarán en España y Europa en los próximos días. Semana de correcciones Toma de beneficios en una semana dominada por la comparecencia de C. Lagarde y los riesgos de nuevas ...
- Research Department
IBERIAN DAILY 17 JULY + 2Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADE...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACS, MERLIN PROPERTIES, NEINOR HOMES, 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 2Q’24 results to be released over the coming days in Spain. Second straight session in the red European stock markets fell once again, whereas in the US the market continues to move rate cut forecasts forward. In the STOXX 600, the best-performin...
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