ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 14/05/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/14/2025

ACS : Results in line; organic growth remains robust

ACS: 1Q’25 RESULTS, CHANGE OF RECOMMENDATION TO UNDERWEIGHT AND T.P. U...

1Q'25 vs. 1Q'24 Results: Sales: € 11.790 Bn (+35.4% vs. +33.6% BS(e) and +25.1% consensus); EBITDA: € 699.0 M (+51.6% vs. +50.7% BS(e) and +47.7% consensus); EBIT: € 470.0 M (+43.7% vs. +28.4% BS(e) and +71.3% consensus); Net Profit: € 191.0 M (+7.9% vs. +6.5% BS(e) and -3.4% consensus);

ACS: RDOS. 1T’25, CAMBIO DE RECOMENDACIÓN A INFRAPONDERAR Y DE P.O. AL...

Rdos. 1T'25 vs 1T'24: Ventas: 11.790 M euros (+35,4% vs +33,6% BS(e) y +25,1% consenso); EBITDA: 699,0 M euros (+51,6% vs +50,7% BS(e) y +47,7% consenso); EBIT: 470,0 M euros (+43,7% vs +28,4% BS(e) y +71,3% consenso); BDI: 191,0 M euros (+7,9% vs +6,5% BS(e) y -3,4% consenso);

IBERIAN DAILY 13 MAY + 1Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACS, ELECTRICITY AND GAS SECTOR, GRIFOLS. 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’25 results to be released over the coming days in Spain. Markets become euphoric The agreement between the US and China to lower tariffs fuelled global stock markets again. In the STOXX 600, most sectors (14/20) ended the week with gains, led by ...

INFORME DIARIO 13 MAYO + RDOS. ESPAÑA Y EUROPA 1T’25. IDEAS DESTACADAS...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, GRIFOLS, ACCIONA, ACCIONA ENERGÍA, SECTOR ELÉCTRICO Y GASISTA. EUROPA: BAYER, MUNICH RE. 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’25 que se publicarán en España y Europa en los próximos días. El mercado se pone en modo eufórico El acuerdo entre EE.UU. y China para reducir los aranceles impuls...

ACS: RDOS. 1T’25 DE HOCHTIEF, EN LÍNEA EN OPERATIVO. MANTIENE GUIDANCE...

Hochtief (~80% ACS) acaba de publicar unos Rdos. 1T’25 que estuvieron por encima en ventas (+32% vs 1T’24 vs +20% consenso; +25% LfL) y bastante en línea en BDI operativo (167 M euros vs 163 M euros consenso; +18% vs 1T’24).

Hardman & Co Monthly: May 2025

Feature article: Attractive asset managers - Radical derating presumes things only get worse The UK asset management sector has been significantly derated over the past couple of years. It has faced the dual problem of a shift towards passives and to private assets and away from traditional listed equities and bonds. However, the sector’s assets haven’t collapsed; its margins have proved relatively robust and its profits fairly stable, even against all the rising costs. The clear implication, ...

Hardman & Co Monthly: April 2025

Feature article: 2024 pharma statistics An efficient reporting system has seen all the listed multinational pharmaceutical companies announce results for 2024, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of global pharmaceutical market growth plus the global and US company rankings for 2024. The year was characterised by 9.2% underlying (ex-COVID-19) growth. Much of the growth was driven by recently launched ant...

ACS: 4Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'24 vs. 4Q'23 Results Sales: € 11.931 Bn (+27.7% vs. +17.7% BS(e) and +18.2% consensus); EBITDA: € 777.0 M (+60.5% vs. +45.2% BS(e) and +47.5% consensus); EBIT: € 511.0 M (+44.4% vs. +27.9% BS(e) and +21.5% consensus); Net Profit: € 223.0 M (+9.3% vs. -10.9% BS(e) and -2.5% consensus); FY2024 vs. FY2023 Results Sales: € 41.633 Bn (+16.5% vs. +13.9% BS(e) and +14.0% consensus); EBITDA: € 2.456 Bn (+28.7% vs. +24.8% BS(e) and +25.4% consensus); EBIT: € 1.59 Bn (+19.9% vs. +15.5% BS(e) and +13.8%...

ACS: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’24 (ANÁLISIS BANCO SABADE...

De la conference call de Rdos. 4T’24 destacamos:

Hardman & Co Monthly: March 2025

In this month's feature article, we review the energy situation in the UK. On the domestic front, Ofgem has recently announced the new price cap figure of £1,849 for a typical household’s annual use of gas and electricity; this figure represents an increase of 6.4% over the January-March 2025 price cap. UK energy policy has changed of late, following the election of a Labour government last summer. The quest for Net Zero by 2030 – a hardly realistic target – is now a priority. Rightly or wrong...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/02/2025

ACS: RDOS. 4T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'24 vs 4T'23: Ventas: 11.931 M euros (+27,7% vs +17,7% BS(e) y +18,2% consenso); EBITDA: 777,0 M euros (+60,5% vs +45,2% BS(e) y +47,5% consenso); EBIT: 511,0 M euros (+44,4% vs +27,9% BS(e) y +21,5% consenso); BDI: 223,0 M euros (+9,3% vs -10,9% BS(e) y -2,5% consenso). Rdos. 2024 vs 2023: Ventas: 41.633 M euros (+16,5% vs +13,9% BS(e) y +14,0% consenso); EBITDA: 2.456 M euros (+28,7% vs +24,8% BS(e) y +25,4% consenso); EBIT: 1.590 M euros (+19,9% vs +15,5% BS(e) y +13,8% consenso); BDI...

IBERIAN DAILY 28 FEBRUARY + 4Q'24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ACERINOX, ACCIONA, ACCIONA ENERGÍA, ACS, AMADEUS, COLONIAL, ENCE, FERROVIAL, GRIFOLS, MELIÁ HOTELES, MERLIN PROPERTIES, PUIG BRANDS, REPSOL, SACYR, VISCOFAN. 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 4Q’24 results to be released over the coming days in Spain. Losses in Europe Despite many companies releasing their 4Q’24 results yesterday, the session was mar...

ACS : Good set of results at operating level, driven by strong revenue...

INFORME DIARIO 28 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, ACCIONA, ACCIONA ENERGÍA, ACS, AMADEUS, COLONIAL, ENCE, FERROVIAL, GRIFOLS, MELIÁ HOTELES, MERLIN PROPERTIES, PUIG BRANDS, REPSOL, SACYR, VIDRALA, VISCOFAN. EUROPA: ALLIANZ, BASF, ENI. 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. 4T’24 que se publicarán en España y Europa en los próximos días. P...

INFORME DIARIO 20 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, IBERDROLA, REPSOL, ROVI. EUROPA: AIRBUS, MERCEDES BENZ GROUP, SCHNEIDER ELECTRIC. 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. 4T’24 que se publicarán en España y Europa en los próximos días. Las bolsas se toman un respiro desde los máximos Las plazas europeas sufrieron pérdidas superiores al -1% d...