ACS: RDOS. 2T’25 DE HOCHTIEF (ANÁLISIS BANCO SABADELL)

Hochtief (~80% ACS) acaba de publicar unos Rdos. 2T’25 por encima en ventas (+20% vs 2T’24 vs +14% consenso) aunque bastante en línea a nivel de BDI operativo (188 M euros vs 181 M euros consenso; +18% vs 2T’24).

Credit Morning 07/23/2025

Auchan: First-half sales are expected to fall by 3.3% in France (Olivier Dauvers)|Retail sales in France fell sharply in June, hit by the heatwave and one less Saturday.|ams OSRAM: € 500m private placement of new 2029 notes, preliminary Q2 figures in line|Unicredit withdraws its bid for Banco BPM and publishes strong Q2 results|

Morning Crédit 23/07/2025

Auchan : le chiffre d’affaires reculerait de -3,3% en France au S1 (Olivier Dauvers)|Forte baisse des ventes retail en France en juin, pénalisées par la canicule et un samedi de moins|ams OSRAM : placement privé de 500 m EUR d’obligations 2029, chiffres préliminaires au T2 en ligne|Unicredit renonce à son offre sur Banco BPM et publie de solides résultats T2|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/22/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/22/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 22/07/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 22/07/2025

ODDO : Q2 preview: Robust growth, margin stability, US strength

AUCTUS ON FRIDAY - 18/07/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are ou...

IBERIAN DAILY 18 JULY + 2Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...

NEWS SUMMARY: AENA, CELLNEX, INDRA. 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 2Q’25 results to be released over the coming days in Spain. Quality cyclicals leading the rally European stock markets rallied, driven by gains in companies linked to data centre development, in view of the strong demand in the US. Thus, in the STOXX 600, cyclicals like Industrials and Technolog...

INFORME DIARIO 18 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. IDEAS DESTACADA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, CELLNEX, INDRA. 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. 2T’25 que se publicarán en España y Europa en los próximos días. Los cíclicos de calidad a la cabeza del rebote Subidas en las bolsas europeas, impulsadas por ganancias de las compañías vinculadas al desarrollo de centros de datos, ante la...

IBERIAN DAILY 17 JULY + 2Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADE...

NEWS SUMMARY: ECOENER, FERROVIAL, PUIG BRANDS. 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 2Q’25 results to be released over the coming days in Spain. Europe falling from 2025 highs European stock markets saw their losses increase at the end of the session, marked by the start of the results season and despite the solid US macro data. In the STOXX 600, the biggest gains cam...

INFORME DIARIO 17 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. PREVIEWS (ANÁLI...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ECOENER, FERROVIAL, PUIG BRANDS. 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. 2T’25 que se publicarán en España y Europa en los próximos días. Europa se aleja de los máximos del año Las bolsas europeas aceleraron las pérdidas en la última hora de la sesión marcadas por el inicio de la temporada de resulta...

Cellnex : Evolution of coverage

As part of the rotation of our coverage, we are terminating the coverage with recommendation of Cellnex. Our previous credit opinion was Positive and our previous market recommendations were Buy on convertibles bonds and Neutral on straight bonds. We plan to initiate the coverage of new issuers soon. Issuer Previous credit opinion Previous market recommendation Date of the last report Current reco Cellnex Positive Buy on convertible bonds, Neutral on straight bonds 15/07/2024 No reco

Cellnex : Evolution de la couverture

Dans le cadre de la rotation du suivi de nos valeurs, nous arrêtons la couverture avec recommandation de Cellnex. Notre précédent avis crédit était Positif et nos précédentes recommandations de marché étaient Achat sur les obligations convertibles et Neutre sur les obligations sèches. Nous comptons prochainement initier la couverture de nouveaux émetteurs. Emetteur Précédent avis crédit Précédente reco marché Date de la dernière étude Reco actuelle Cellnex Positif Achat obligations convertibles...

Cellnex: Executing its strategy/Credit profile will improve with cash ...

Cellnex has successfully reduced its leverage through divestments and is working to meet its growth targets, as provided in its guidance. The company is aiming for a further leverage reduction to 5.0-6.0x net debt/EBITDA. We continue to think the notes look attractive compared to the notes of Telefonica.

Morning Crédit 14/07/2025

Stada IPO eyed for September again|Orange, Iliad et Bouygues discuteraient d’un partage de SFR (Financial Times)|

Credit Morning 07/14/2025

Stada IPO eyed for September again|Orange, Iliad and Bouygues are reportedly discussing a split of SFR (Financial Times)|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/14/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 07/14/2025