reports
- Research Department
IBERIAN DAILY 28 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, AENA, VIDRALA. Stock markets continue to gain ground European stock exchanges saw new gains, lacking significant drivers in a session with low trading volume again. In the STOXX 600, Retail and Utilities were the best performers, whereas cyclical sectors linked to raw materials such as Energy and Travel&Leisure saw the biggest drops. On the macro side, in Spain, March’s inflation climbed more than expected to 3.2% whereas the core data moderated more than expected to 3.3%. In...
- Research Department
INFORME DIARIO 28 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AENA, VIDRALA. EUROPA: VINCI. Las bolsas siguen ganando altura Las bolsas de Europa han seguido avanzando, sin grandes catalizadores, en otra jornada de bajos niveles de negociación. En el STOXX 600, los mejores sectores fueron Retail y Utilities mientras que cíclicos relacionados con las materias primas como Viajes&Ocio y Energía (por segunda jornada consecutiva) terminaron con las mayores correcciones. Por el lado macro, en España la inflació...
- Ignacio Romero
- Luis de Toledo Heras
Vidrala : Inorganic growth failing to unmask negative price-cost sprea...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate consi...
Vidrala S.A.: 1 director
A director at Vidrala S.A. bought 500 shares at 92.000EUR 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 sho...
- Ignacio Romero
VIDRALA: 4Q’23 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Sales: € 364.7 M (+11.0% vs. +8.6% BS(e)); EBITDA: € 78.1 M (-30.0% vs. -32.4% BS(e)); Net Profit: € 48.8 M (-35.4% vs. -39.9% BS(e)); FY2023 vs. FY2022 Results Sales: € 1.559 Bn (+15.8% vs. +15.3% BS(e)); EBITDA: € 393.7 M (+45.6% vs. +44.6% BS(e)); Net Profit: € 233.4 M (+51.9% vs. +49.6% BS(e));
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
RNO RENAULT SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Luis de Toledo Heras
Vidrala : FY 2023 results in line, price cost gap to put pressure on 2...
>Sound results on positive margin developments - Vidrala results came broadly in line with estimates at the operating level with EBITDA margin at 25.3% compared to our estimate of 25.4% and last year’s levels of 20.1%. The rise in glass packaging prices in a context of declining energy prices drove margin improvement. Sales increased by +16% or 15% excluding scope (The Park in UK and one month of full consolidation of Vidroporto in Brazil) and FX (-0.9%) effects. EBIT...
- Ignacio Romero
VIDRALA: RDOS. 4T’23 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ventas: 364,7 M euros (+11,0% vs +8,6% BS(e)); EBITDA: 78,1 M euros (-30,0% vs -32,4% BS(e)); BDI: 48,8 M euros (-35,4% vs -39,9% BS(e)). Rdos. 2023 vs 2022: Ventas: 1.559 M euros (+15,8% vs +15,3% BS(e)); EBITDA: 393,7 M euros (+45,6% vs +44,6% BS(e)); BDI: 233,4 M euros (+51,9% vs +49,6% BS(e)).
- Research Department
IBERIAN DAILY 29 FEBRUARY + 4Q’23 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: AMADEUS, MERLIN, SOLARIA, TALGO, VIDRALA. 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’23 results to be released over the coming days in Spain. Results hurt the IBEX It was a session of moderate drops in most European indices (except the German DAX), with the IBEX leading the drops after the release of several companies’ results. In the STOXX 600, most secto...
- Research Department
INFORME DIARIO 29 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AMADEUS, MERLIN PROPERTIES, SOLARIA, TALGO, VIDRALA. EUROPA: AB INBEV. 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 con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. La campaña penaliza al Ibex Jornada de caídas moderadas en la mayoría de índices europeos (a excepción del DAX alemá...
- Ignacio Romero
- Jean-Baptiste Rouphael
AMS AMS AG
ALCLA CLASQUIN SA
LXS LANXESS AG
CDA COMPAGNIE DES ALPES SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
VID VIDRALA SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
WAVE WAVESTONE SA
HDF HYDROGENE DE FRANCE
ARM ARM HOLDINGS PLC
- Jean-Baptiste Rouphael
AMS AMS AG
ALCLA CLASQUIN SA
LXS LANXESS AG
CDA COMPAGNIE DES ALPES SA
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
VID VIDRALA SA
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
WAVE WAVESTONE SA
HDF HYDROGENE DE FRANCE
ARM ARM HOLDINGS PLC
- Luis de Toledo Heras
Vidrala : Acquisition of the remaining stake in Vidroporto, slightly a...
>Completion of Vidroporto acquisition - Vidrala has completed the acquisition of the remaining 70% of Brazilian glass container manufacturer Vidroporto. The acquisition price (EV) including the initial 30% stake acquired early in 2023 and the debt stands at € 384m an implies a multiple of 6.85x EV/ EBITDA according to management. The initial stake amounted to € 53.5m and estimates back then also considered a transaction multiple of 7x EV/EBITDA but on significantly lo...
- Research Department
INFORME DIARIO 05 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, INDITEX, TELEFÓNICA, VIDRALA. EUROPA: NOKIA. El Ibex sigue batiendo a Europa Estabilidad en las bolsas europeas, en una sesión muy descargada de catalizadores. En el STOXX los mejores sectores fueron Hogar y Retail mientras que Energía (a pesar del rebote del Brent) y Tecnología terminaron con caídas superiores al -1,0%. Por el lado macro, en España el número de afiliados a la Seguridad Social se redujo en noviembre en 12.000 personas por el ma...
- Research Department
IBERIAN DAILY 05 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, INDITEX, TELEFÓNICA, VIDRALA. The Ibex continues to beat Europe European stock markets were stable, in a session lacking drivers. In the STOXX, Household and Retail were the best-performing sectors, whereas Energy (despite the rally of Brent crude) and Technology ended with drops >-1.0%. On the macro side, in Spain, the number of Social Security affiliates dropped by 12,000 people in November due to the poor performance of the hotel and restaurant industry, totalling 20.8 M ...
- Ignacio Romero
- Luis de Toledo Heras
ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2023 Date Performance dep...
With a year-to-date negative return of 46%, we conclude that Corbion’s share price reflects stronger headwinds than we believe is fair. In our sum-of-the-parts (SOTP) analyses, we derive a low-end value for Corbion of € 22 that is more than 30% above the current share price. Our high-end valuation is € 51/share, a level already seen during H1 2021. We keep our € 33 TP and Outperform recommendation and we highlight two likely and short-term catalysts (expected in H2 2023): the disposal...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.