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Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024

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 reflec...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024

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 dans ...

Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime

>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...

Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...

>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...

Munchener Ruckversicherungs-Gesellschaft AG: 1 director

A director at Munchener Ruckversicherungs-Gesellschaft AG bought 430 shares at 470.900EUR and the significance rating of the trade was 70/100. 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 ove...

Benoit Valleaux ... (+5)
  • Benoit Valleaux
  • Roland Pfaender
  • MBA
  • CFA
  • CCRA

Munich Re : 2025e estimates raised on better P/C reinsurance pricing a...

>Q3 2024 results hit by above average nat cat activity - Munich Re reported € 0.9bn net profit for Q3 2024, in line with the pre-released number and below the initial consensus of € 1.4bn and our estimate of € 1.1bn. While above-average nat cat activity drove down Q3 2024 results, we believe the P/C reinsurance pricing outlook for 2025e looks more robust with a stable pricing trend on average and ongoing solid demand from primary insurers for risk protection. We have ...

Nicolas David ... (+2)
  • Nicolas David
  • Yan Derocles

Amadeus IT Group : Good Air Distribution performance offsets temporary...

>Q3 revenues in line despite Payments activities - Amadeus yesterday reported Q3 revenues of € 1,548m, up 11% y-o-y, in line with the consensus thanks to Air Distribution revenues that were 2% higher than expected, thanks to very solid bookings: growth of 4.4% y-o-y vs css at c. +3%. Excluding the impact of the Direct Connect push and the unfavourable calendar effect in North America, growth would have been 7.9% y-o-y. This good performance was offset by weaker-than-e...

Nicolas David ... (+2)
  • Nicolas David
  • Yan Derocles

Amadeus IT Group : La bonne performance d’Air Distribution permet de c...

>CA T3 en ligne malgré les activités de Paiements - Amadeus a publié hier un CA T3 de 1548 M€, en croissance de 11% y/y, en ligne avec les attentes du consensus grâce à des revenus Air Distribution 2% au-dessus des attentes, et ce, grâce à des bookings très solides : croissance de 4.4% y/y vs Css : c. +3%. Hors impact du push Direct Connect et de l’effet calendaire défavorable en Amérique du Nord, la croissance aurait été de 7.9% y/y. Cette bonne performance est compe...

Juan Ros-Padilla
  • Juan Ros-Padilla

Laboratorios Rovi : Risvan’s US launch aborted. Dull FY25 guidance off...

>Clarifying foreword - Please note that the company filed a first English version of its Q3 results release with the Spanish market watchdog (CNMV) in which it stated the following: ‘Finally, having obtained marketing authorisation for Risvan® from the FDA (Food and Drug Administration), ROVI expects to start marketing the product on the United States market, probably through a partner. Although the potential sales that this product will reach in 2025 were taken into ...

Luis Arredondo
  • Luis Arredondo
Alvaro del Pozo
  • Alvaro del Pozo

AMADEUS: 3Q’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results Sales: € 1.548 Bn (+11.0% vs. +11.4% BS(e) and +11.4% consensus); EBITDA: € 603.0 M (+10.1% vs. +9.7% BS(e) and +9.0% consensus); Net Profit: € 344.0 M (+9.0% vs. +8.7% BS(e) and +5.9% consensus); 9M'24 vs. 9M'23 Results Sales: € 4.6 Bn (+12.6% vs. +12.7% BS(e) and +12.7% consensus); EBITDA: € 1.806 Bn (+13.3% vs. +13.2% BS(e) and +13.0% consensus); Net Profit: € 1.026 Bn (+18.4% vs. +18.3% BS(e) and +17.2% consensus);

Oscar Rodriguez
  • Oscar Rodriguez

ARCELORMITTAL: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results EBITDA: US$ 1.58 Bn (-26.5% vs. -32.5% BS(e) and -30.8% consensus); Net Profit: US$ 488 M (-47.5% vs. -55.5% BS(e) and -54.8% consensus); 9M'24 vs. 9M'23 Results EBITDA: US$ 5.4 Bn (-25.9% vs. -27.7% BS(e) and -27.2% consensus); Net Profit: US$ 1.9 Bn (-50.5% vs. -52.5% BS(e) and -52.3% consensus).

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