reports
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Luis Arredondo
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Spanish banks outlook upgrade, CaixaBank and Unicaja earni...
S&P revises six Spanish banks' outlook to positive due to increased profitability. CaixaBank: strong profitability and an AT1 call, MREL remains the tightest requirement. Unicaja earnings benefit from the substantial increase in NII, we expect new PS issuance for MREL buffering. The ESMA agrees with Irish and Luxemburgish investment restrictions on Liability-Driven Investments
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Spanish banks outlook upgrade, CaixaBank and Unicaja earni...
S&P revises six Spanish banks' outlook to positive due to increased profitability. CaixaBank: strong profitability and an AT1 call, MREL remains the tightest requirement. Unicaja earnings benefit from the substantial increase in NII, we expect new PS issuance for MREL buffering. The ESMA agrees with Irish and Luxemburgish investment restrictions on Liability-Driven Investments
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
FCC : Solid results continue throughout the different divisions
>Good results maintain a positive trend, as has been the case over the last few quarters - FCC’s Q1 results were in line with the consensus and with our estimates at the P&L: revenues amounted to € 2,186m (€ 37m or 2% above our estimates and in line with the € 2,178m expected by consensus, just € 7m or 0.3% above) and EBITDA to € 355m (€ 7m or 2% above our estimates). The operating margins in Water and Environmental Services, the most relevant ones for valuation pur...
- Benoit Valleaux
- Steven Gould
Unicaja Banco : Solid Q1 2024 figures but NII guidance unchanged and s...
>Neutral rating maintained – target price raised to € 1.25 (vs € 1.20) - We maintain our Neutral rating, with a higher target price of € 1.25 (vs € 1.20). The Q1 2024 figures broadly confirm the bank’s favourable underlying operating trends (top line, costs, CoR) and solid balance sheet. We have upgraded our net income expectations (+4% on average for 2024-26e) to factor in a lastingly more favourable NII trajectory and a slightly less conservative CoR scenario. Follo...
- Benoit Valleaux
- Steven Gould
Unicaja Banco : T1 2024 solide mais guidance NII inchangée & valorisat...
>Opinion Neutre réitérée – OC porté à 1.25 € (vs 1.20 €) - Nous réitérons notre recommandation Neutre avec un objectif de cours porté à 1.25 € (vs 1.20 €). Les chiffres T1 2024 confirment globalement l’orientation favorable de l’opérationnel underlying (top line, coûts CdR) et la solidité bilancielle du groupe. Nous révisions à la hausse nos anticipations de RN (+4% en moyenne sur 2024-26e) afin d’intégrer la trajectoire in fine plus durablement favorable des NII et u...
- Javier Esteban
UNICAJA: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'24 vs. 1Q'23: NII: € 390 M (+32.2% vs. +29.5% BS(e) and +29.1% consensus); Total Revenues: € 462 M (+23.9% vs. +18.9% BS(e) and +19.1% consensus); Operating Income: € 237 M (+47.7% vs. +37.4% BS(e) and +37.1% consensus); Net Profit: € 111 M (vs. € -34 M in 1Q’23 vs. € 84 M BS(e) and € 87 M consensus). 1Q'24 vs. 4Q'23: NII: € 390 M (+2.6% vs. +0.5% BS(e) and +0.2% consensus); Total Revenues: € 462 M (+4.5% vs. +0.3% BS(e) and +0.4% consensus); Operating Income: € 237 M (+5.4% vs. -2.0% BS(e) a...
- Javier Esteban
UNICAJA: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: M. Intereses: 390 M euros (+32,2% vs +29,5% BS(e) y +29,1% consenso); M. Bruto: 462 M euros (+23,9% vs +18,9% BS(e) y +19,1% consenso); M. Neto: 237 M euros (+47,7% vs +37,4% BS(e) y +37,1% consenso); BDI: 111 M euros (vs -34 M euros a 1T’23 vs 84 M euros BS(e) y 87 M euros consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 390 M euros (+2,6% vs +0,5% BS(e) y +0,2% consenso); M. Bruto: 462 M euros (+4,5% vs +0,3% BS(e) y +0,4% consenso); M. Neto: 237 M euros (+5,4% vs -2,0% BS(...
- Research Department
IBERIAN DAILY 29 APRIL + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...
NEWS SUMMARY: BBVA, CAF, IAG, NATURGY, TELEFÓNICA, UNICAJA. 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. The Ibex hits new annual highs Friday’s gains, driven by the good earnings season on both sides of the Atlantic and some widening in sovereign yields led stock exchanges to end in positive territory, particul...
- Research Department
INFORME DIARIO 29 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, CAF, IAG, NATURGY, TELEFÓNICA, UNICAJA. EUROPA: PHILIPS. 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 logra nuevos máximos de 2024 Los avances del viernes, impulsados por la buena campaña de resultados a ambos lados del Atlánti...
- Research Department
INFORME DIARIO 26 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAF, CELLNEX, IBERDROLA, FERROVIAL, ROVI. EUROPA: AIRBUS, DEUTSCHE TELEKOM, SAFRAN, VINCI. 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. Los resultados y la macro lastran las bolsas Tras tres días de ganancias, los r...
Endesa Sa: 1 director
A director at Endesa Sa sold 1,446 shares at 17.140EUR and the significance rating of the trade was 52/100. 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...
- Research Department
IBERIAN DAILY 08 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ELECTRICITY SECTOR, NATURGY. Geopolitical risk and US macro condition risk assets The end of the week was conditioned by a movement of risk aversion due to the rising tensions between Israel and Iran although at the end of the week, the EuroSTOXX 50 managed to moderate drops to slightly more than -1%, with the IBEX slid -1.5%. Last week drops were moderate although the DAX/CAC slid -0.6%. Within the STOXX 600 sectors, Energy and Basic Materials led the weekly gains, with ...
- Research Department
INFORME DIARIO 08 ABRIL (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, NATURGY, SECTOR ELÉCTRICO. El riesgo geopolítico y la macro americana condiciona los activos de riesgo El final de la semana se vio condicionado por un movimiento de aversión al riesgo ante el incremento de las tensiones entre Israel-Irán, aunque hacia el final de la sesión el Euro Stoxx 50 logró moderar las caídas hasta poco más de un -1,0% y el Ibex 35 se dejó un -1,5%. En la semana las caídas terminaron siendo muy modestas aunque destac...
- Research Department
IBERIAN DAILY 05 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, FERROVIAL, GRIFOLS, SACYR, TALGO, UNICAJA. Consolidating levels Positive session on both sides of the Atlantic, with macro data continuing to improve and with the IBEX standing out in Europe, closing on the verge of 11,100 points. Meanwhile, in the STOXX 600, Basic Materials and Autos led the gains, with Chemicals and Media ending with the biggest losses. On the macro side, in the euro zone the final services PMI was raised unexpectedly and the composite rallied to 50.3 (...
- Research Department
INFORME DIARIO 05 ABRIL (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, FERROVIAL, GRIFOLS, SACYR, TALGO, UNICAJA. EUROPA: AIRBUS. Consolidación de niveles Jornada positiva a ambos lados del Atlántico con unos datos macro que siguen mejorando y con el Ibex sobresaliendo en Europa cerrando al borde de los 11.100 puntos. Mientras, en el STOXX 600 R. Básicos y Autos lideraron las ganancias frente a Químicas y Media que acabaron con las mayores pérdidas. Por el lado macro, en la Eurozona el PMI final de servicios ...
- Javier Esteban
- Maria Paz Ojeda
INFORME SECTORIAL BANCOS ESPAÑA: SEGUIRÁ EL RERATING (ANÁLISIS BANCO S...
Continuará el rerating a base de delivery de Rdos. El rerating ya ha empezado y explica entre el 25-50% del performance reciente del sector y, aunque podremos ver momentos de consolidación/ toma parcial de beneficios, creemos que continuará la subida. La tasa de descuento implícita en las actuales cotizaciones todavía es excesivamente alta: 14,4% (c.300pbs por encima del 11-12% habitual). Nuestra tesis es que las subidas serán a base de delivery de Rdos. en un entorno normalizado de tipos entre ...
- Research Department
IBERIAN DAILY 19 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, FERROVIAL, GRIFOLS, UNICAJA. A week of Central Banks meetings European stock markets closed unchanged, awaiting the Fed meeting. In the STOXX 600, Real Estate and Automobiles led gains, whereas defensive sectors such as Telecoms, followed by Financial Services, saw the biggest drops. On the macro side, in the euro zone, February’s final inflation confirmed the preliminary 2.6% YoY, with the core data at 3.1%. in the US, the real estate sector confidence index (NA...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.