reports
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2024
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Some med...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être les pr...
- Benoit Valleaux
- Steven Gould
Bankinter : Good start to the year in 2024
>Reassuring trends at the operating level in Q1 2024 - Bankinter reported Q1 2024 figures that were higher than expected (+5% vs consensus on net income at € 201m) and still robust at the operating level. The underlying performance on key P&L items (NII, commissions, costs, cost of risk) is reassuring and shows continuity from 2023 including in terms of NII momentum. We note:The confirmation of a certain resilience in terms of banking activity, a trend that runs ...
- Benoit Valleaux
- Steven Gould
Bankinter : Bonne entame d’année 2024
>Evolution rassurante de l’opérationnel au T1 2024 - Bankinter a publié des chiffres au T1 2024 supérieurs aux attentes (+5% vs cons sur le RN à 201 M€) et toujours solides sur le plan opérationnel. La performance underlying sur les postes P&L clés (NII, commissions, coûts, CdR) ressort rassurante et s’inscrit dans la continuité de 2023 y compris en termes de momentum NII. Nous notons :La confirmation d’une certaine résilience en termes d’activité bancaire/évolut...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Solid quarter from Nordea, Bankinter 4Q, Deposit Insurance...
Nordea earnings continue to benefit from deposit margins. Bankinter: support from high rates starts to fade. Committee on economic and monetary affairs to vote on European Deposit Insurance Scheme proposal today. Canadian EUR covered bonds more attractive
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Solid quarter from Nordea, Bankinter 4Q, Deposit Insurance...
Nordea earnings continue to benefit from deposit margins. Bankinter: support from high rates starts to fade. Committee on economic and monetary affairs to vote on European Deposit Insurance Scheme proposal today. Canadian EUR covered bonds more attractive
- Javier Esteban
- Javier Esteban
BANKINTER: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'24 vs. 1Q'23: NII: € € 578 M (+10.6% vs. +10.9% BS(e) and +10.9% consensus); Total Revenues: € 659 M (+6.9% vs. +5.5% BS(e) and +5.7% consensus); Operating Income: € 426 M (+7.6% vs. +5.3% BS(e) and +5.0% consensus); Net Profit: € 201 M (+8.7% vs. +1.3% BS(e) and 3.9% consensus). 1Q'24 vs. 4Q'23: NII: € 578 M (+0.5% vs. +0.8% BS(e) and +0.7% consensus); Total Revenues: € 659 M (+0.5% vs. -0.8% BS(e) and -0.7% consensus); Operating Income: € 426 M (+17.9% vs. +15.4% BS(e) and +15.0% consensus)...
- Javier Esteban
BANKINTER: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: M. Intereses: 578 M euros (+10,6% vs +10,9% BS(e) y +10,9% consenso); M. Bruto: 659 M euros (+6,9% vs +5,5% BS(e) y +5,7% consenso); M. Neto: 426 M euros (+7,6% vs +5,3% BS(e) y +5,0% consenso); BDI: 201 M euros (+8,7% vs +1,3% BS(e) y 3,9% consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 578 M euros (+0,5% vs +0,8% BS(e) y +0,7% consenso); M. Bruto: 659 M euros (+0,5% vs -0,8% BS(e) y -0,7% consenso); M. Neto: 426 M euros (+17,9% vs +15,4% BS(e) y +15,0% consenso); BDI: 201 ...
- Research Department
IBERIAN DAILY 15 APRIL + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABAD...
NEWS SUMMARY: N/A. 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. The surprise in the US inflation data and the ECB meeting marked last week’s performance The persistence of the US inflation and the statements made by C. Lagarde (ECB) hint at a clear divergence in monetary policy at both sides of the Atlantic. Althoug...
- Research Department
IBERIAN DAILY 04 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKINTER, CELLNEX, ELECTRICITY SECTOR. IBEX back above 11,000 points It was a positive session (although not without volatility) for European markets, with sovereign yields widening once again and with the IBEX being the best performer. In the STOXX 600, Banks and Technology led the gains vs. Insurance and Food, which had the biggest losses. On the macro side, in the euro zone March’s inflation fell more than expected to 2.4% YoY, with the core figure at 2.9%, whereas February’s ...
- Research Department
INFORME DIARIO 04 ABRIL (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CELLNEX, SECTOR ELÉCTRICO. EUROPA: SANOFI. El Ibex recupera los 11.000 puntos Jornada positiva (aunque no exenta de volatilidad) en los mercados europeos, con nuevos repuntes de las rentabilidades soberanas y con el Ibex mostrando el mejor comportamiento en relativo. Así, en el STOXX 600 Bancos y Tecnología lideraron las ganancias frente a Seguros y Alimentación que acabaron con las mayores pérdidas. Por el lado macro, en la Eurozona la i...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Javier Esteban
- Maria Paz Ojeda
INFORME SECTORIAL BANCOS ESPAÑA: SEGUIRÁ EL RERATING (ANÁLISIS BANCO S...
Continuará el rerating a base de delivery de Rdos. El rerating ya ha empezado y explica entre el 25-50% del performance reciente del sector y, aunque podremos ver momentos de consolidación/ toma parcial de beneficios, creemos que continuará la subida. La tasa de descuento implícita en las actuales cotizaciones todavía es excesivamente alta: 14,4% (c.300pbs por encima del 11-12% habitual). Nuestra tesis es que las subidas serán a base de delivery de Rdos. en un entorno normalizado de tipos entre ...
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Baptiste Salaville
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
CSGN CREDIT SUISSE GROUP AG
AC ACCOR SA
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
SDF K+S AG
ZAL ZALANDO SE
ISP INTESA SANPAOLO S.P.A.
GEBN GEBERIT AG
RWE RWE AG
BCP BANCO COMERCIAL PORTUGUES S.A.
VOW3 VOLKSWAGEN AG PREF
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
HLAG HAPAG-LLOYD AG
UNI UNICAJA BANCO S.A.
BIM BIOMERIEUX SA
REY REPLY S.P.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
ALG ALLEGRO.EU SA
- Benoit Valleaux
- Steven Gould
ODDO : Sector multiples do not reflect the improved resilience of the ...
>What are the main lessons from Q4/FY 2023 earnings? - Q4 earnings release have confirmed our view on the sector detailed early December. We expected net interest income to be this year relatively flattish in Italy and Spain, to decrease on some names in the Benelux (ING) and to increase for French banks, which is consistent with 2024 outlook given by banks. We therefore did not play a country rotation in favour of North European banks vs South European banks, and we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
PBB DEUTSCHE PFANDBRIEFBANK AG
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
- Research Department
IBERIAN DAILY 11 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKINTER, CAIXABANK, GRIFOLS, TELEFÓNICA. ECB meeting spurred markets at the end of the week The ECB’s meeting spurred stock markets at the end of the week to hit new 2024 highs, driven by the expected start to interest rate cuts in June. The IBEX 35 rose around +3% over the week, exceeding 10,300 points, and the EuroSTOXX 50 rose slightly less (around +2%) and the DAX gained less than +1%. In the STOXX 600, Utilities and Technology were the big winners last week, whereas Autos, ...
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