After a more challenging start to the year for Stellantis, we take a closer look at the stakes for the upcoming CMD (13/06) and our expectations as regards strategic levers that we see as still underestimated and the (significant) potential we continue to see for shareholder returns (close to 100%e of the current market cap by 2030 according to our estimates). We therefore believe it is interesting to return to the stock (TP increased to € 30) ahead of the CMD and the H1 results relea...
>Supply chain still under pressure - We organised a site visit to the Hamburg factory where we were notably able to talk to Thomas Toepfer (CFO) and Christoph Zammert (Head of the A320 programme). In our view, the main takeaways were as follows. First of all, the message on the supply chain remains cautious with, in the short term, difficulties focused on Tier 2/3 suppliers, particularly in the fields of cabins, APU and certain detailed parts while for the trajectory ...
>Une supply chain encore sous tension - Nous avons organisé une visite du site d’Hambourg où nous avons notamment pu échanger avec Thomas Toepfer (CFO) et Christoph Zammert (Head of A320 program). A nos yeux, les points saillants étaient les suivants. Tout d’abord, le discours sur la chaine de fournisseurs reste prudent avec, à court terme, des difficultés centrées sur les fournisseurs Tier 2/3, tout particulièrement dans les domaines de la cabine, l’APU et certains «...
Après un début d’année plus difficile qu’anticipé pour le constructeur, nous revenons ici davantage en détail sur les enjeux du prochain CMD (13/06) et nos attentes, qu’il s’agisse de leviers stratégiques encore sous-estimés ou de potentiel (significatif) de retour à l’actionnaire (près de 100%e de la capitalisation boursière actuelle d’ici 2030). Ainsi, il nous semble intéressant de revenir sur le titre (OC relevé à 30 €) en amont du CMD et des résultats semestriels alors que Stellan...
NEWS SUMMARY: ACCIONA ENERGÍA, CAF, IAG, TELEFÓNICA. The positive trend in stock exchanges continues European stock markets saw new gains, with the S&P500 hitting new highs. Within the STOXX 600, Industrials and Technology were the best-performing sectors whereas Autos and Real Estate ended with the biggest losses. On the macro side, few references were made public, in Spain, April’s consumer confidence data recovered to Sept’23 highs, in the euro zone, the members from the ECB Vasle and Kaza...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, CAF, IAG, TELEFÓNICA. Las bolsas mantienen su sesgo positivo Los mercados europeos subieron una sesión más, con el S&P 500 batiendo un nuevo máximos. En el STOXX 600 los mejores sectores fueron Industriales y Tecnología mientras que Autos e Inmobiliario terminaron con las mayores caídas. Por el lado macro, vivimos una jornada muy descargada de indicadores, en España la confianza del consumidor de abril se recuperó hasta los máximos ...
As the world leader in logistics, DHL operates in 220 countries via 5 main activities (post and parcels in Germany, Express, freight forwarding, supply chain and e-commerce). Despite buoyant structural trends (global trade, e-commerce, outsourcing of logistics chains), we are initiating coverage with a Neutral rating and target price of € 43 in the absence of short-term visibility on the global macro environment and due to the risk of a consensus downgrade. - ...
>Very satisfactory operating performance (FFO / share at € 0.15) - Yesterday evening Merlin Properties reported a very satisfactory operating performance in Q1 2024 with FFO/share at € 0.15 (-4.4% y-o-y in line with expectations due to the launch of data centres and higher financial costs) which includes overall growth at constant scope (l-f-l) of +3.8% in gross rental income, an occupancy rate of 95.8% (+100bp y-o-y; -40bp q-o-q) and positive reversion in its three ...
>Performance opérationnelle (FFO / action à 0.15 €) très satisfaisante - Merlin Properties a publié hier soir, une performance opérationnelle très satisfaisante sur le T1 2024 avec un FFO /action à 0.15 € (-4.4% yoy en ligne avec les attentes en raison du lancement des datacenters et des coûts financiers plus élevés) qui inclut une croissance globale à périmètre constant (lfl) de 3.8% de ses revenus locatifs bruts, un taux d’occupation à 95.8% (+100 pb yoy ; -40 pb qo...
NEWS SUMMARY: BANKING SECTOR, CELLNEX, COLONIAL, FCC, GRIFOLS, MERLIN PROPERTIES, OHLA. European stock markets pause for a break European stock markets saw moderate corrections after several sessions of gains that led the Stoxx 600 to record highs and the Ibex to 2015 highs above 11,300 pints. In the STOXX 600, Insurance and Basic Resources were the best performers vs. the losses of Autos and industrials. On the macro side, in the US, April’s industrial output stagnated, contrary to expectatio...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, COLONIAL, FCC, MERLIN PROPERTIES, GRIFOLS, OHLA, SECTOR BANCARIO ESPAÑA. EUROPA: PROSUS. Respiro en las bolsas europeas Jornada de pérdidas moderadas en Europa, tras varios días de subidas que han llevado al STOXX 600 a máximos históricos y al Ibex a máximos de 2015, superando los 11.300 puntos. Dentro del STOXX 600, Seguros y R. Básicos mostraron el mejor comportamiento frente a las pérdidas de Autos e Industriales. Desde la macro, en la E...
Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. EUROPA: DEUTSCHE TELEKOM, ENI, SIEMENS. 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 siguen de fiesta Nueva jornada de avances, con el Ibex liderando y consolidando má...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, 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. Stock markets continue to rally It was a new session of gains, with the Ibex standing out and consolidating 2015 highs, and with sovereign yields tightening significantly after the US inflatio...
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