reports
- Benoit Valleaux
- Steven Gould
CaixaBank : Medium-term strategic update: underpinning win/win profile...
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully r...
- Benoit Valleaux
- Steven Gould
CaixaBank : Update stratégique MT : conforter le profil ‘win/win’ face...
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété ...
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Christophe-Raphaël Ganet
- Fehmi Ben Naamane
- Marc Lavaud
TEMN TEMENOS AG
ZIL2 ELRINGKLINGER AG
UTDI UNITED INTERNET AG
ELG ELMOS SEMICONDUCTOR SE
BOSS HUGO BOSS AG
TPE PVA TEPLA AG
ERA ERAMET SA
SIX2 SIXT SE
COK CANCOM SE
KENDR KENDRION NV
TWEKA TKH GROUP N.V. CERT
NHH NH HOTEL GROUP SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
JEN JENOPTIK AG
SFQ SAF-HOLLAND SE
RWI RENEWI PLC
FORSE FORSEE POWER SA
- Christophe-Raphaël Ganet
- Marc Lavaud
- Martin Marandon-Carlhian
- Stephane Houri
- Michael B. Schäfer
- Stephan Wulf
Bayer : Weaker-than-expected Q3 results and cut in group’s adj. EBITDA...
>Group’s adj. EBITDA significantly below expectations - At a group level, Bayer’s Q3 sales of € 9.97bn (-3.6%), were below our (€ 10.2bn) and consensus estimates (€ 10.1bn), the group’s EBITDA of € 1,251m (-26%) came in 9% weaker than we expected (€ 1,376m) and was 5% below the consensus (€ 1,313m). The significant group’s EBITDA decline vs Q3 2023 was driven by the Pharma division, which came in at € 1,102m (23.4% below Q3 2023). Adjusted EPS of € 0.24 was 37% below ...
- Carole Braudeau
- Carole Braudeau
- Fehmi Ben Naamane
NH Hoteles : Good-quality Q3 numbers, upgrade of 8% to our 2024 EPS se...
>Good-quality Q3 results - NH Hoteles yesterday evening reported good-quality Q3 2024 results, slightly beating expectations. Group revenues came in at € 644m, up 10.5% y-o-y (or the same pace as in Q2), and 2% ahead of our estimates (and +3% better than the company-compiled consensus). L-f-l RevPAR, with growth of 9.0%, was mostly driven by price growth of 7.3%, with occupancy rates up by 1.0 pt. Scope effects were significant in the quarter, with the contribution fr...
- Fehmi Ben Naamane
NH Hoteles : Un T3 de bonne facture, relèvement de 8% de notre séquenc...
>Des résultats T3 de bonne facture - NH Hoteles a publié hier soir des résultats T3 2024, de bonne facture, légèrement au-dessus des attentes. Les revenus groupe ressortent à 644 M€, en croissance de 10.5% yoy (soit le même rythme que le T2), et supérieurs de 2% à nos estimations (et de +3% par rapport au consensus collecté par la société). Les RevPAR en augmentation de 9.0% sont tirés majoritairement par des hausses de prix de 7.3%, les taux d’occupation progressant ...
- Rafael Bonardell
BAYER: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 9.968 M euros (-3,6% vs -1,7% BS(e) y -2,2% consenso); EBITDA: 1.251 M euros (-25,8% vs -18,0% BS(e) y -22,1% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 34.877 M euros (-2,5% vs -2,0% BS(e) y -2,1% consenso); EBITDA: 7.774 M euros (-10,5% vs -9,0% BS(e) y -9,8% consenso).
- Rafael Bonardell
MINOR HOTELS: RDOS. 3T’24 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SAB...
Rdos. 3T'24 vs 3T'23: Ventas: 644,2 M euros (+10,0% vs +9,5% BS(e) y +6,7% consenso); EBITDA: 200,1 M euros (+11,2% vs +8,7% BS(e) y +6,4% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 1.789 M euros (+10,9% vs +10,8% BS(e) y +9,7% consenso); EBITDA: 498,1 M euros (+11,3% vs +10,3% BS(e) y +9,4% consenso).
- Research Department
INFORME DIARIO 12 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAIXABANK, MINOR HOTELS, SECTOR INMOBILIARIO, SECTOR SEGUROS. EUROPA: BAYER. 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. 3T’24 que se publicarán en España y Europa en los próximos días. Los mercados se estabilizan En una jornada de pocos catalizadores las bolsas europeas rebotaron, compensand...
- Research Department
IBERIAN DAILY 12 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: BANKINTER, CAIXABANK, INSURANCE SECTOR, MINOR HOTELS, REAL ESTATE SECTOR. 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 3Q’24 results to be released over the coming days in Spain. Markets stabilise In a session with few drivers, European stock markets rallied, offsetting part of the drop from the previous week. In the STOXX 600, the best-performing sectors in th...
Bankinter S.A.: 1 director
A director at Bankinter S.A. sold 13,500 shares at 7.640EUR and the significance rating of the trade was 58/100. 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 s...
- Carole Braudeau
- Carole Braudeau
- Javier Esteban
CAIXABANK: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results NII: € 2.79 Bn (+2% vs. -1.2% BS(e) and +0.6% consensus); Total Revenues: € 4.09 Bn (+1.9% vs. -0.3% BS(e) and +0.9% consensus); Operating Income: € 2.56 Bn (+0.6% vs. -2.3% BS(e) and -0.9% consensus); Net Profit pre AT1: € 1.57 Bn (+3.3% vs. +1% BS(e) and 0.7% consensus). 3Q'24 vs. 2Q'24 Results NII: € 2.79 Bn (+0.1% vs. -3% BS(e) and -1.3% consensus); Total Revenues: € 4.09 Bn (-2.7% vs. -4.8% BS(e) and -3.6% consensus); Operating Income: € 2.56 Bn (-4.8% vs. -7.5% BS(...
- Javier Esteban
CAIXABANK: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: M. Intereses: 2.794 M euros (+2% vs -1,2% BS(e) y +0,6% consenso); M. Bruto: 4.092 M euros (+1,9% vs -0,3% BS(e) y +0,9% consenso); M. Neto: 2.557 M euros (+0,6% vs -2,3% BS(e) y -0,9% consenso); BDI pre AT1: 1.573 M euros (+3,3% vs +1% BS(e) y 0,7% consenso). Rdos. 3T'24 vs 2T'24: M. Intereses: 2.794 M euros (+0,1% vs -3% BS(e) y -1,3% consenso); M. Bruto: 4.092 M euros (-2,7% vs -4,8% BS(e) y -3,6% consenso); M. Neto: 2.557 M euros (-4,8% vs -7,5% BS(e) y -6,2% consenso);...
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