reports
- Christophe Chaput
- Hela Zarrouk
ODDO BHF Small & MIDCAP MORNING NEWS - 05/28/2024
A leader in solutions for the protection of on-board electric and fluid networks, the family-owned group Delfingen has tripled in size in the last decade thanks to strong growth on its markets and well-integrated acquisitions. 2024 should be a transition year with calmer top-line momentum and an emphasis on an improvement in margins and cash generation before a resumption in M&A in the medium term. Our valuation (DCF and peers) stands at € 54 per share, i.e. upside of 40%. With an av...
- Christophe Chaput
- Hela Zarrouk
ODDO BHF Small & MIDCAP MORNING NEWS - 28/05/2024 Date Performance dep...
Leader dans les solutions de protection des réseaux électriques et fluides embarqués, le groupe familial Delfingen a triplé sa taille en 10 ans grâce à une belle croissance de ses marchés et des acquisitions bien intégrées. 2024 sera une année de transition avec une dynamique topline plus calme et un accent mis sur l’amélioration des marges et la génération de trésorerie avant un retour du M&A à moyen terme. Notre valorisation (DCF et comparables) ressort à 54 € par titre, soit un pot...
- Florent Laroche-Joubert
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/28/2024
In this report, we assess the AI opportunities for 14 subdivisions within RELX. With revenues starting to come in following the commercial rollout of Scopus AI and Lexis+AI, we estimate that AI add-ons could lift average fees by 15% to 25%. Higher growth at higher margins. TP 4,164p / € 48.7. - ...
- Florent Laroche-Joubert
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/05/2024
In this report, we assess the AI opportunities for 14 subdivisions within RELX. With revenues starting to come in following the commercial rollout of Scopus AI and Lexis+AI, we estimate that AI add-ons could lift average fees by 15% to 25%. Higher growth at higher margins. TP 4,164p / € 48.7. - ...
- Benoit Valleaux
- Steven Gould
ODDO : ABI statistics (April 2024): no notable inflection
>Update on the macroeconomic and banking situation in Italy - The most recent Italian Banking Association (ABI) data for April 2024 confirm the recent trend, with the overall situation remaining fragile, albeit more resilient than initially anticipated judging by recent indicators (GDP, industrial production, business confidence, etc.) and given the uncertainties surrounding the short and medium term. Lending remained on a negative trend in April 2024 despite sig...
- Benoit Valleaux
- Steven Gould
ODDO : Statistiques ABI (avril 2024) : pas d’inflexion notable
>Point sur la situation macroéconomique et bancaire en Italie - Les dernières données de l’Association Bancaire Italienne (ABI), couvrant avril 2024, confirment la tendance récente, avec une situation globale demeurant fragile bien que plus résiliente qu’initialement attendu au regard des indicateurs récents (PIB, production industrielle, climat de confiance…) et compte tenu des incertitudes à CMT. L’activité de crédit reste négativement orientée sur avril 2024 m...
- Emmanuel Matot
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 05/27/2024 Date Performance sin...
On Wednesday 22 May we hosted our 29th ABN AMRO – ODDO BHF Benelux Forum at ABN AMRO’s headquarters. The forum was attended by 27 listed companies (almost all C-level attendance) and about 80 investors. We hosted roughly 400 meetings overall. - ...
- Emmanuel Matot
- Gerardo Ibanez
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 27/05/2024 Date Performance dep...
On Wednesday 22 May we hosted our 29th ABN AMRO – ODDO BHF Benelux Forum at ABN AMRO’s headquarters. The forum was attended by 27 listed companies (almost all C-level attendance) and about 80 investors. We hosted roughly 400 meetings overall. - ...
- Gerardo Ibanez
- Steven Boumans
Lar España : Q1 2024: solid results, waiting for new acquisitions
>Solid operational and financial performance - During trading hours on Friday, Lar España reported its 1Q 2024 figures presenting a solid set of results slightly ahead of our estimates for the first quarter, while lower top-line YoY impacted by latest disposals. From the results, we highlight the following:Solid operational performance. LFL gross rental growth stood at 4.8%. Occupancy slightly lower at 96.8% (vs. 97.1% in FY23). Effort rates stood flat at 10.2% (...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/24/2024
The underlying themes discussed at the Forum were the materialisation of the transition of business models, management of emerging ESG risks, adaptation of human capital and the challenges of CSR reporting. Among the 35 companies present, six stood out positively, four warrant caution and three are worth rediscovering from an “improvers” angle. - ...
- Emmanuel Matot
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/05/2024
En toile de fond des thèmes discutés au Forum, il y a la matérialisation de la transition des modèles d’affaires, la gestion de risques ESG émergents, l’adaptation du capital humain, et les enjeux du reporting RSE. Parmi les 35 sociétés présentes, 6 se sont démarquées positivement, 4 méritent la prudence, et 3 sont à redécouvrir sous un angle « improvers ». - ...
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
Acciona : The ‘Stub’ maintains its positive trends; Acciona Energía ou...
>Q1 2024 trading update: limited new information at the stub, but reassuring message excluding Acciona Energía - Acciona yesterday released a trading update for Q1 2024 with the main highlights, excluding Acciona Energía and Nordex results, with: 1/ a continuation of the positive revenue trend and high profitability in the construction division, although, in our view, with a more cautious tone than in previous quarters; 2/ a decline in revenues at the Water division ...
- Research Department
INFORME DIARIO 24 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CELLNEX, IBERDROLA, REPSOL, SACYR. EUROPA: AHOLD DELHAIZE. El mercado celebra los resultados de NVIDIA pero se desinfla al cierre La mejora de sentimiento después de los buenos resultados NVIDIA del 1T’24 animaron a las bolsas europeas, aunque la euforia se fue resintiendo hacia el cierre. Así en el STOXX 600 los mejores sectores fueron Tecnología (contagio positivo desde EE.UU.) e Industriales mientras que Utilities e Inm...
- Research Department
IBERIAN DAILY 24 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CELLNEX, IBERDROLA, REPSOL, SACYR. Market welcomes NVIDIA’s results but deflates towards the closing bell The improved sentiment following NVIDIA’s solid 1Q’24 results spurred European stock markets, although the euphoria faded towards the closing bell. In the STOXX 600, the best-performing sectors were Technology (positive contagion from the US) and Industrials, whereas Utilities and Real Estate were hit the hardest. On the macro side, in the euro zone ...
Intesa Sanpaolo S.p.A.: 1 director
A director at Intesa Sanpaolo S.p.A. sold 375,934 shares at 3.542EUR and the significance rating of the trade was 100/100. 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...
- 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...
- 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...
- Research Department
INFORME DIARIO 15 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLIS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, NATURGY, REPSOL. EUROPA: ALLIANZ, 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. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex, cerca de niveles de 2015 Jornada de tímidos avances en las bolsas europeas, donde destacó en positivo la periferia (Italia y España). De...
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