ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/28/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 28/03/2025

ODDO : The strategic dilemma: to sell, to buy back, to spin off?

ACCIONA/ACCIONA ENERGÍA: MENSAJES DE LA CONFERENCE CALL RDOS. 4T'24 (A...

De la conference call de Rdos. 4T’24, destacamos los siguientes mensajes:  Respecto a Acciona Energía (87% Acciona):

ACCIONA: FY2024 RESULTS (ANÁLISIS BANCO SABADELL)

FY2024 vs. FY2023 Results Sales: € 19.19 Bn (+12.7% vs. +10.7% BS(e) and +12.3% consensus); EBITDA: € 2.455 Bn (+23.9% vs. +8.6% BS(e) and +8.8% consensus); EBIT: € 1.316 Bn (+5.2% vs. -11% BS(e)); Net Profit: € 422.0 M (-21% vs. -36.5% BS(e)).

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

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

Acciona : Good results at the “stub” while 2025 guidance excl. energy ...

ACCIONA: RDOS. 2024 (ANÁLISIS BANCO SABADELL)

Rdos. 2024 vs 2023: Ventas: 19.190 M euros (+12,7% vs +10,7% BS(e) y +12,3% consenso); EBITDA: 2.455 M euros (+23,9% vs +8,6% BS(e) y +8,8% consenso); EBIT: 1.316 M euros (+5,2% vs -11% BS(e)); BDI: 422,0 M euros (-21% vs -36,5% BS(e)).

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...

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...

Acciona SA: 1 director

A director at Acciona SA sold 910 shares at 111.100EUR and the significance rating of the trade was 57/100. 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 showin...

IBERIAN DAILY 13 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, ENCE, GREENING. Rising debt yields weigh on markets European stock markets ended the week with gains, with all eyes on rising long-term sovereign debt yields. In the STOXX 600 sectors, Luxury, Technology and Autos were the best performers, with Utilities, Real Estate and Retail (affected by rising debt yields) posting the biggest losses. On the macro side, in the US December’s non-farm employment data beat expectations, with the unemployment rate falling unexpectedly and ...

INFORME DIARIO 13 ENERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ENCE, GREENING. El incremento de las rentabilidades de la deuda pesa sobre las bolsas Las bolsas en Europa terminaron la semana con subidas, con la mirada puesta en el repunte de rentabilidad del tramo largo de la deuda soberana. Así, dentro de lo sectoriales del STOXX 600 destacó al alza Lujo, Tecnología y Autos, frente a las mayores caídas de Utilities, Inmobiliario y Retail (afectadas por las subidas de las rentabilidades de la deuda). ...

SECTOR RENOVABLES ESPAÑA: DEMODÉ ¿HASTA CUÁNDO? (ANÁLISIS BANCO SABADE...

Hay mimbres para retomar alzas en bolsa. Mantenemos SOBREPONDERAR en IBE, ANA, ANE, ENER. Cambiamos SLR a INFRAPONDERAR. Durante 2024 el sector ha continuado lastrado en bolsa (-20% el S&P Global Clean Energy Index, vs +20% el Ibex y el S&P Global) y cotiza a múltiplos deprimidos (16x). Gran parte de las incertidumbres han pasado a ser vientos de cola en 2024: (i) mejora de la demanda de electricidad, (ii) rebaja de los costes de instalación y (iii) la evolución a la baja de los tipos de interé...

IBERIAN DAILY 18 NOVEMBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI. 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. Post-electoral phase in the US After the confirmation that the Republican Party obtained majority in the two parliamentary chambers and following some announcements or possible appointments...

INFORME DIARIO 18 NOVIEMBRE + RDOS. ESPAÑA 3T’24. PREVIEWS (ANÁLISIS B...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI. EUROPA: PROSUS. 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. Mercados en fase post-electoral Durante la semana pasada los índices mundiales entraron en la fase post elect...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/11/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024

Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...

ACCIONA/ACCIONA ENERGÍA: TRADING STATEMENT 9MESES’24 (ANÁLISIS BANCO S...

Del trading statement 9meses’24, destacamos los siguientes aspectos:  Energía (69% EV):