reports
- Carole Braudeau
- Carole Braudeau
- Research Department
INFORME DIARIO 17 MAYO (ANÁLISIS BANCO SABADELL)
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...
- James Ratzer
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Stephane Beyazian
Deutsche Telekom : Slow start for FCF in Q1 (+4%) but 2024 guidance co...
>EBITDAaL above (Europe), FCF below (WCR) - Q1 2024 revenues up 0.4% y-o-y at € 27.942bn (consensus € 27.993bn), with an increase of 2.9% for service revenues driven by TMUS (+2%) and Europe (+7%). Q1 EBITDAaL came in 5% higher at € 10.473bn (ahead of cons. of € 10.249bn) or +6% on a comparable basis. FCFaL up 3.6% at € 3.708bn (cons. € 3.879bn), with weaker growth driven by capex down by just 2% and a weaker WCR than expected. However, for 2024, the group confir...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Stephane Beyazian
Deutsche Telekom : Démarrage lent des FCF au T1 (+4%) mais objectif 20...
>EBITDAaL au-dessus (Europe), FCF en-dessous (BFR) - CA du T1 2024 en hausse de 0,4% sur un an à 27 942 M€ (consensus 27 993 M€), dont une hausse de 2,9% sur le CA de services tiré par TMUS (+2%) et l'Europe (+7%). L’EBITDAaL du T1 ressort en hausse de 5% à 10 473 M€ (au-dessus du cons. de 10 249 M€) ou +6% à base comparable. Les FCFaL sont en hausse de 3,6% à 3 708 M€ (cons. 3 879 M€), en croissance plus faible en raison des investissements seulement en baisse de 2% ...
- James Ratzer
- Alvaro del Pozo
- Research Department
INFORME DIARIO 16 MAYO + RDOS. ESPAÑA 1T’24. PREVIEWS (ANÁLISIS BANCO ...
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...
- Research Department
IBERIAN DAILY 16 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
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...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
ACS : Results and cash flow, both evolving largely as expected
>Results in line with our estimates, both at the P&L and the cash flow generation - The company’s Q1 2024 results were largely in line with our estimates once excluding the Hochtief results, already reported: Dragados, the main operating division outside Hochtief, and now part of the E&C division, showed EBITDA 1% ahead of our estimates, whilst the differences in net financial expenses, equity method, taxes and minorities were negligible and largely offsetting themse...
- Luis Arredondo
ACS: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'24 vs. 1Q'23 Results Sales: € 8.706 Bn (+7.3% vs. +4.0% BS(e) and +5.4% consensus); EBITDA: € 461.0 M (-0.2% vs. +0.7% BS(e) and +1.7% consensus); EBIT: € 327.0 M (-0.3% vs. +0.1% BS(e) and +1.5% consensus); Net Profit: € 177.0 M (+8.6% vs. -4.2% BS(e) and +1.2% consensus);
- Luis Arredondo
ACS: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: Ventas: 8.706 M euros (+7,3% vs +4,0% BS(e) y +5,4% consenso); EBITDA: 461,0 M euros (-0,2% vs +0,7% BS(e) y +1,7% consenso); EBIT: 327,0 M euros (-0,3% vs +0,1% BS(e) y +1,5% consenso); BDI: 177,0 M euros (+8,6% vs -4,2% BS(e) y +1,2% consenso).
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
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