reports
- Stephane Foucaud
AUCTUS ON FRIDAY - 05/07/2024
AUCTUS PUBLICATIONS ________________________________________ Panoro Energy (PEN NO)C; Target price of NOK52 per share: About to commence drilling in EG – The drilling rig has arrived in EG. The drilling campaign is about to commence. It will include two development wells plus an exploration well at the high impact Akeng Deep prospect. Serica Energy (SQZ LN)C: target price of £2.90 per share: RBL redetermination – Reflecting the increased reserves, the borrowing base has been increased from US$...
- Research Department
IBERIAN DAILY 05 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, REPSOL. The market continues to recover There were moderate gains on European stock markets, which continued the rally started on Wednesday. In the STOXX 600, Banks and Energy led the gains, while Real Estate and Utilities were the worst-performing sectors. On the macro side, in Germany May’s industrial orders shrank unexpectedly for the fifth straight month. In the euro zone, June’s construction PMI fell to a low since Feb’24. The ECB released its meeting minutes, showi...
- Research Department
INFORME DIARIO 05 JULIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, REPSOL. Prosigue la recuperación del mercado Subidas moderadas en las bolsas Europeas que continuaron con el rebote del miércoles. En el STOXX 600 lideraron las revalorizaciones Bancos y Energía (nuevas subidas del Brent) mientras que Inmobiliario seguido por Utilities fueron los peores sectoriales. Por el lado macro, en Alemania los pedidos industriales de mayo se contrajeron inesperadamente por quinto mes consecutivo. En la Eurozona el P...
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
BOSS HUGO BOSS AG
ENI ENI S.P.A.
NEX NEXANS SA
ERA ERAMET SA
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
PLX PLUXEE NV
- Ahmed Ben Salem
- Bruno Cavalier
- Marc Lavaud
- Thijs Berkelder
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
BOSS HUGO BOSS AG
ENI ENI S.P.A.
NEX NEXANS SA
ERA ERAMET SA
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
SAE SHOP APOTHEKE EUROPE NV
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
PLX PLUXEE NV
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/04/2024
Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...
AKRBF AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
RI PERNOD RICARD SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ADEN ADECCO GROUP AG
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EVK EVONIK INDUSTRIES AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
- Ahmed Ben Salem
- Marc Lavaud
- Thijs Berkelder
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/07/2024
Sartorius is set to outperform the underlying biopharmaceutical market based on higher exposure to novel biologics and its focus on single-use components. Destocking is likely to end soon but the changing ordering pattern could distort order intake as KPI and organic growth should recover faster. In our view, the expected cut to its FY 2024 guidance is already largely reflected in the share price. Based on the expected turnaround, we have upgraded to Outperform with a new target price...
AKRBF AKER BP ASA
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
RI PERNOD RICARD SA
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
ADEN ADECCO GROUP AG
PGS PGS ASA
ZAL ZALANDO SE
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
EVK EVONIK INDUSTRIES AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
- Ahmed Ben Salem
- Baptiste Lebacq
- Thijs Berkelder
ODDO : Trump / Biden: Drill Baby Drill vs IRA? Not such a clear-cut eq...
>Elections for the no.1 oil producer on 5 November - The first debate between Trump and Biden on CNN last week did not address the questions/challenges surrounding energy. At the end of this very unique year (almost half of the global population will go to, or has already been to, the ballot box), all eyes will be on the US elections (5 November 2024), a country that has become the world’s no.1 oil producer (production growth of 19% under the Biden mandate, see char...
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
- Ahmed Ben Salem
- Baptiste Lebacq
- Thijs Berkelder
ODDO : Trump / Biden : Drill Baby Drill versus IRA ? Une équation pas ...
>Elections chez le premier producteur de pétrole le 5 novembre - Le premier débat entre Trump et Biden qui s’est déroulé sur CNN la semaine dernière n’a pas abordé les questions/ enjeux énergétiques. En cette fin d’année si particulière (près de la moitié de la population mondiale passera ou est passée par les urnes), les yeux seront rivés sur les élections américaines (5 novembre 2024) qui est devenu le premier producteur mondial de pétrole (croissance de la product...
FP TOTAL SE
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
SLB.N SCHLUMBERGER NV
GTT GAZTRANSPORT & TECHNIGAZ SA
SBMO SBM OFFSHORE NV
EURN EURONAV NV
PGS PGS ASA
ENI ENI S.P.A.
P2F PETROFAC LIMITED
REP REPSOL SA
SOC SUBSEA 7 S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
TRE TECNICAS REUNIDAS SA
DR0 DEUTSCHE ROHSTOFF AG
TEC TECHNIPFMC PLC
BP. BP P.L.C.
CGG CGG
ENOG ENERGEAN PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
- Research Department
IBERIAN DAILY 01 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: REPSOL. Caution ahead of French election It was a volatile week on European stock markets, where the political uncertainty in France continued to weight after a first round of legislative elections that leave LePen’s party as the winner with 33.2% of the votes. Thus, the French CAC fell -1.65% on the week, compared to the DAX’s gains (+0.80%). By sectors, in the STOXX 600 Banks and Energy had the biggest gains, with Retail and Household Goods falling the most. On the macro side, ...
- Research Department
INFORME DIARIO 01 JULIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: REPSOL. EUROPA: AIRBUS Cautela ante las elecciones francesas Semana de volatilidad en los índices europeos donde la incertidumbre política en Francia siguió pesando tras una primera vuelta de las elecciones legislativas que dejaron al partido de Le Pen como ganadora con 33,2% de los votos. Así, el CAC francés se dejó en la semana un -1,65% frente a las ganancias del Dax (+0,80%). Por sectores, en el STOXX 600 Bancos y Energía presentaron las mayores...
- Alvaro del Pozo
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2024
Peu de secteurs polarisent autant que le luxe automobile sportif. A la pointe de l’innovation technologique et artistique pour les uns, il est le reflet d’inégalités excessives pour les autres. Nous estimons que le secteur a un rôle prépondérant à jouer sur l’atténuation du changement climatique, mais aussi l’économie circulaire ou la transition juste. Considérant les impacts, risques et opportunités matériels, nous plaçons Ferrari en Best-in-Class ESG, Porsche en Neutre ESG, et Aston...
SGO COMPAGNIE DE SAINT-GOBAIN SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
SW SODEXO SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
MRK MERCK KGAA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
SAN SANOFI
AIR AIRBUS SE
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
PRX PROSUS N.V. CLASS N
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Gerardo Ibanez
- Jean-Baptiste Rouphael
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2024
Few sectors are as polarising as luxury sports cars. At the cutting edge of technological and artistic innovation for some, they reflect excessive inequality for others. We believe the sector has a key role to play in climate change mitigation, as well as in the circular economy and just transition. Taking into account material impacts, risks and opportunities, we see Ferrari as ESG Best-in-Class, Porsche as ESG Neutral and Aston-Martin Lagonda as ESG Not Recommended. - ...
SGO COMPAGNIE DE SAINT-GOBAIN SA
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
SW SODEXO SA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
MRK MERCK KGAA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
SAN SANOFI
AIR AIRBUS SE
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
PRX PROSUS N.V. CLASS N
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
AGN AEGON N.V.
- Olfa Taamallah
- Yan Derocles
Airbus Group : A welcome re-set
>Warning on FY 2024 results and production rate of 75 pushed back to 2027 - Airbus has revised down its targets for FY 2024, now anticipating the delivery of around 770 aircraft (vs around 800 previously), adjusted EBIT of € 5.5bn (vs a range of € 6.5bn to € 7bn previously) and adjusted FCF of c.€ 3.5bn (vs c.€ 4bn previously). The Visible Alpha consensus was forecasting 804 deliveries, adjusted EBIT of € 6,720m and FCF of € 4,306m (i.e. a delta of -4.2%, -18.2% and ...
- Olfa Taamallah
- Yan Derocles
Airbus Group : Un re-set bienvenu
>Avertissement sur les résultats FY 24 et décalage de la cadence 75 à 2027 - Airbus révise à la baisse ses objectifs FY 24 pour désormais anticiper la livraison d’environ 770 avions (vs environ 800 précédemment), un EBIT Ajusté de 5.5 Md€ (vs une fourchette de 6.5 à 7 Md€ précédemment) et un FCF Ajusté de c3.5 Md€ (vs c4 Md€ précédemment). Le consensus Visible Alpha anticipait de son côté 804 livraisons, un EBIT Ajusté de 6 720 M€ et un FCF de 4 306 M€ (i.e. un delta...
- Research Department
INFORME DIARIO 25 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IAG, INDRA, FLUIDRA, REDEIA, ROVI. EUROPA: AIRBUS Las bolsas toman aire Las bolsas comenzaron la semana rebotando tras las caídas del viernes pasado, sin catalizadores reseñables y a la espera del deflactor subyacente del consumo el viernes y la primera vuelta de las elecciones en Francia el domingo. Así, en el STOXX 600 todos los sectores menos tecnología presentaron ganancias, lideradas por Autos (tras el inicio de conversaciones entre la UE y Chi...
- Research Department
INFORME DIARIO 14 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: COLONIAL, REPSOL. Europa en rojo después de la Fed Resaca fuerte en Europa con una atmósfera enturbiada por la política europea, las posibles represalias de china a los aranceles del VE y la reunión de la Fed. Se registraron así pérdidas superiores al -2,0% en la mayoría de los índices y algo más contenidas en el Ibex, que perdió en cualquier caso los 11.100 puntos. En el STOXX 600 a excepción de Hogar (Distribución) todos los sectores presentaron ...
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