‘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 the U...
“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 souffrent ma...
>2025-2028: dividend at least € 2.25/share + SBB = € 12bn - The CMD starts today at 12.30 p.m. BASF is targeting total shareholder returns of € 12bn for 2025-2028, including at least € 2.25/share (€ 8bn), a 5% yield at current trading, and around € 4bn in SBB. The dividend compares to € 3.40/share paid out in 2024 for 2023 and dividend futures trading at € 2.64, saving € 1bn in dividends in the coming years.Capex “well below D&A” from 2026 onwards - T...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ECOENER, GREENING, GRIFOLS, TELEFÓNICA. EUROPA: BASF, UNICREDIT. Freno al optimismo en bolsa Jornada negativa en Europa después de las ganancias de las últimas sesiones que habían lanzado al Ibex por encima de los 11.800 puntos y máximos de 2015. Así, en el STOXX 600 los mejores sectores fueron B. Consumo y Hogar frente a Energía y Autos que sufrieron las mayores caídas. Por el lado macro, en EE.UU. la venta de viviendas nuevas cayó menos de lo prev...
>Rightsizing Europe, focus on “Verbund”, Bridge to 17% EBITDA margin target? - BASF will host its CMD on 26-27 September 2024. We expect more granularity and details to what was presented back in December 2023 when former CEO Martin Brudermüller and his executive team already pointed towards a more focused chemicals company, leveraging its integrated “Verbund” structure. Chemicals, Materials, Industrial Solutions and Nutrition&Care represent the backbone of the Verbun...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, TELEFÓNICA. EUROPA: BASF, DEUTSCHE TELEKOM, UNICREDIT. Finalmente la Fed se decanta por los 50 puntos de recorte Sesión de transición con leves caídas en las bolsas europeas, que cortó la racha alcista en el Ibex que le llevó a renovar máximos de 2015. Así, en el STOXX 600 tan sólo Autos y Energía esquivaron las caídas que estuvieron lideradas por Media, Alimentación y B. de Consumo. Por el lado macro, en la Eurozona la inflación mensual...
We host the 15th edition of the Corporate Conference in cooperation with Commerzbank on September 3rd & 4th 2024 in Frankfurt am Main. This year we are welcoming 90 German small, mid and large cap companies. - >Adidas (+) – On trackAixtron (=) – No short-term inflection, but high confidence in long-term prospectsAllgeier (+) – Is confident it can achieve 15% EBITDA margin by the end of 2025 ams OSRAM (=) – Some cautiousness on auto/industrial, still co...
A director at BASF SE bought 1,300 shares at 42.610EUR and the significance rating of the trade was 55/100. 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...
>Group volumes +0.5% y-o-y in Q2 (Q1 2024: +1%) as Ag weighed - 7% y-o-y decline in group sales in Q2 2024 was primarily pushed by 6.4% y-o-y decline in prices (Q1 2024: -10%) while volumes recovered by 0.5% (Q1: +1%), up 2.4% y-o-y if adjusted for base metals sales. -8.5% drop in AgSolutions sales volumes weighed. Group EBITDA bsi of € 1,957m 4% below consensus of € 2,046m on weak Ag - EBITDA bsi of € 1,957m in Q2 2024 came in 4% below the consens...
Rdos. 2T'24 vs 2T'23: Ventas: 16.111 M euros (-6,9% vs -3,3% consenso); EBITDA: 1.957 M euros (+0,7% vs +5,2% consenso); EBIT: 969,0 M euros (-3,8% vs +7,2% consenso); Rdos. 1S'24 vs 1S'23: Ventas: 33.664 M euros (-9,7% vs y -8,1% consenso); EBITDA: 4.669 M euros (-2,9% vs y -1,1% consenso); EBIT: 2.723 M euros (-7,3% vs -3,5% consenso).
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRUPO CATALANA OCCIDENTE, NEINOR, TALGO. EUROPA: AIR LIQUIDE, BASF, ENI, ESSILORLUXOTTICA, HERMÈS INTERNATIONAL. MERCEDES BENZ GROUP, VINCI, 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. Moderación de caídas con ayuda de EE.UU. ...
PFAS refers to a large group of forever chemicals. Pressure from regulators, investors, consumers and ESG rating agencies is contributing to the materialisation of the reputational risk incurred by companies, first and foremost producers (the chemical companies Arkema, BASF, Solvay) and, to a lesser extent, some past users of regulated PFAS (SGO and SEB for PFOA). In contrast, we have identified eight stocks in our coverage for which PFAS decontamination constitutes an opportunit...
Les PFAS, désignent une famille nombreuse de polluants éternels. La pression des régulateurs, investisseurs, consommateurs et des agences de notations ESG participe à la matérialisation du risque réputationnel encouru par les sociétés, au premier rang desquels figurent les producteurs (les chimistes Arkema, BASF, Solvay) et dans une moindre mesure, certains utilisateurs passés de PFAS réglementés (SGO et SEB pour le PFOA). A l'inverse, nous identifions huit valeurs de notre unive...
Summary MarketLine's Orica Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Orica Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports...
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