reports
- Emmanuel Matot
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 18/11/2024
Comme prévu, les actions américaines ont salué la victoire de Donald Trump tandis que les bourses européennes accusaient le coup, également lestées deux jours plus tard par une nouvelle déception sur le plan de relance chinois. Nos stratégies sectorielles et paniers de valeurs Trump (long ou short) ont fonctionné, avec quelques exceptions qui peuvent être des opportunités d’investissement, à l’instar de Total Energies ou Repsol. En Europe, nous conservons notre opinion Sous-pondérer s...
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
ELE ENDESA S.A.
01913 PRADA S.P.A.
SOI SOITEC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ATRY ATRYS HEALTH
TMV TEAMVIEWER AG
VK VALLOUREC SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
PLX PLUXEE NV
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/18/2024
As expected, US equities welcomed Donald Trump's victory, while European stock markets reacted negatively, also weighed down two days later by a further disappointment on China's stimulus plan. Our sector strategies and baskets of Trump stocks (long or short) have paid off, with a few exceptions that may provide investment opportunities, like Total Energies or Repsol. In Europe, we are maintaining our Underweight recommendation on the Basic Resources, Chemicals, Luxury Goods and Autom...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SREN SWISS RE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
BC8 BECHTLE AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AGN AEGON N.V.
- Emmanuel Matot
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 11/18/2024
As expected, US equities welcomed Donald Trump's victory, while European stock markets reacted negatively, also weighed down two days later by a further disappointment on China's stimulus plan. Our sector strategies and baskets of Trump stocks (long or short) have paid off, with a few exceptions that may provide investment opportunities, like Total Energies or Repsol. In Europe, we are maintaining our Underweight recommendation on the Basic Resources, Chemicals, Luxury Goods and Autom...
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
ELE ENDESA S.A.
01913 PRADA S.P.A.
SOI SOITEC SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TRE TECNICAS REUNIDAS SA
ATRY ATRYS HEALTH
TMV TEAMVIEWER AG
VK VALLOUREC SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
PLX PLUXEE NV
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/11/2024
Comme prévu, les actions américaines ont salué la victoire de Donald Trump tandis que les bourses européennes accusaient le coup, également lestées deux jours plus tard par une nouvelle déception sur le plan de relance chinois. Nos stratégies sectorielles et paniers de valeurs Trump (long ou short) ont fonctionné, avec quelques exceptions qui peuvent être des opportunités d’investissement, à l’instar de Total Energies ou Repsol. En Europe, nous conservons notre opinion Sous-pondérer s...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SREN SWISS RE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
HO THALES SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ELE ENDESA S.A.
ENEL ENEL SPA
01913 PRADA S.P.A.
BC8 BECHTLE AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
AGN AEGON N.V.
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : A win/win deal between Acciona Energia and Endesa
>A deal on hydroelectric assets in Spain - Acciona Energia has announced the signature of an agreement with Endesa for the divestment of 100% of the capital of its subsidiary Corporación Acciona Hidráulica (CAH) for an enterprise value of € 1bn. This transaction is debt exempt and will generate a capital gain estimated at € 620m for Acciona Energia. The deal is expected to close in the first half of 2025, following approval from the anti-trust authorities and the nec...
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO : Une opération gagnant / gagnant entre Acciona Energia et Endesa
>Une transaction sur des actifs hydroélectriques en Espagne - Acciona Energia a annoncé la conclusion d’un accord avec Endesa pour la cession de 100% du capital de sa filiale Corporación Acciona Hidráulica (CAH) pour une valeur d’entreprise de 1 Md€. Cette transaction est exempte de dettes et générera pour Acciona Energia la comptabilisation d’une plus-value de cession estimée de 620 M€. La clôture est prévue dans la première moitié de 2025, suite aux autorisations a...
- Research Department
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...
- Research Department
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...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Ignacio Romero
MERLIN PROPERTIES: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Rental Revenues: € 125.34 M (+5.2% vs. +4.7% BS(e)); EBITDA: € 97.97 M (+8.3% vs. +2.0% BS(e)); FFO: € 82.7 M (+19.9% vs. +8.3% BS(e)); 9M'24 vs. 9M'23 Results Rental Revenues: € 373.54 M (+4.8% vs. +4.6% BS(e)); EBITDA: € 279.24 M (+3.3% vs. +1.2% BS(e)); FFO: € 230.5 M (+6.7% vs. +3.0% BS(e));
- Ahmed Ben Salem
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...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Louis Boujard
- CFA
- Philippe Ourpatian
Acciona Energia : Trading statement is in line and EBITDA guidance con...
>9M 2024 in line, driven by hydro and wind in Spain, but penalised by prices - Acciona Energia has released its trading statement for 9M 2024. Installed capacity was 14.3 GW vs 12.9 GW a year earlier. Consolidated capacity increased to 12.7 GW vs 11.6 GW, up 10.4%. Capacity under construction was 1.3 GW (vs 1.6 GW at 9M 2023), i.e. a slight decline, via projects largely located in Australia (430 MW), India (413 MW), Canada (171 MW) and the Philippines (101 MW). Consol...
- Florent Laroche-Joubert
Merlin Properties : 9M 2024: FFO for 2024 should be better than expect...
>FFO per share for 9M 2024 at € 0.41 (-11.1% y-o-y), above our forecasts (€ 0.39 est.) - Merlin Properties yesterday evening reported a performance for 9M 2024 above our forecasts with FFO per share of € 0.41 € (-11.1% y-o-y) vs € 0.39 est. which includes overall growth at constant scope (l-f-l) of +2.7% in gross rental income, an occupancy rate of 95.6% (+16bp q-o-q) and broadly positive reversion: Offices (54% of gross rents in 9M 2024; l-f-l +2.5%): this trend...
- Andres Bolumburu
- Ignacio Romero
MERLIN PROPERTIES: RDOS. 9MESES’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ingresos por rentas: 125,3 M euros (+5,2% vs +4,7% BS(e)); EBITDA contable: 98,8 M euros (+8,3% vs +2,0% BS(e)); FFO: 82,7 M euros (+19,9% vs +8,3% BS(e)). Rdos. 9meses'24 vs 9meses'23: Ingresos por rentas: 373,5 M euros (+4,8% vs +4,6% BS(e)); EBITDA contable: 279,2 M euros (+3,3% vs +1,2% BS(e)); FFO: 230,5 M euros (+6,7% vs +3,0% BS(e)). en la
- Ana Arjona-Martinez
Acciona : Q3 trends in line with previous quarters; Guidance reiterate...
>No surprises at the stub - We see limited potential impact at the stub from Acciona’s Q3 2024 trading update, as limited information was provided for the business excluding Acciona Energía and Nordex. Still, in our view, the overall operating message for the stub was positive, specially at the infrastructure division, where solid trends from previous quarters have been maintained. Key highlights from the release concerning the stub are: 1/ the construction divis...
- Florent Laroche-Joubert
Merlin Properties : 9M24 : l’atterrissage du FFO 2024 devrait être mei...
>FFO /action sur 9M24 à 0.41 € (-11.1 % yoy) au-dessus de nos attentes (0.39€e) - Merlin Properties a publié hier soir, une performance sur 9M 2024 au-dessus de nos attentes avec un FFO /action à 0.41 € (-11.1 % yoy) vs 0.39 €e qui inclut une croissance globale à périmètre constant (lfl) de +2.7% de ses revenus locatifs bruts, un taux d’occupation à 95.6% (+16 pb qoq) et une réversion globalement positive : Bureaux (54% des loyers bruts 9M24 ; lfl +2.5%) : cette ...
- Louis Boujard
- CFA
- Philippe Ourpatian
Acciona Energia : Un trading statement en ligne et la guidance d’EBITD...
>9M 24 en ligne, porté par l’hydro et le vent espagnol, mais pénalisé par les prix - Acciona Energia a publié son « trading statement » du 9M 24. La capacité installée s'élève à 14,3 GW contre 12,9 GW un an plus tôt. La capacité consolidée est passée à 12,7 GW contre 11.6 GW, en hausse de 10.4%. La capacité en construction s'élève à 1.3 GW (vs 1.6 GW au 9M 23), soit un léger recul, à travers des projets situés essentiellement en Australie (430 MW), en Inde (413 MW), a...
- Research Department
IBERIAN DAILY 15 NOVEMBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAF, CAIXABANK, COLONIAL, MERLIN. 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. ECB’s target nearly met The Euro STOXX 50 had its best day since late September, while the ECB’s meeting minutes suggested the 2% inflation target will be met earlier than expected, thus cementing t...
- Research Department
INFORME DIARIO 15 NOVIEMBRE + RDOS. ESPAÑA 3T’24. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAF, CAIXABANK, COLONIAL, MERLIN. EUROPA: ASML, SANOFI. 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. El BCE con el objetivo casi cumplido El Euro STOXX 50 tuvo su mejor día desde finales de septiembre mientras las ...
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