A director at Lvmh Moet Hennessy Louis Vuitton SE bought 16,134 shares at 785.866EUR and the significance rating of the trade was 67/100. 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...
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). - ...
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...
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
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
>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...
>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...
Atos : l’Etat souhaite acquérir les activités souveraines du groupe, les besoins de liquidités sont revus à 1,1 md EUR (vs. 0,6 md EUR)Picard : les discussions entre Moez Zouari et Lion Capital auraient reprisDeutsche Bank annonce une provision légale inattendue de 1.3 md EUR pour le T2>...
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...
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(...
>Topic of the week: the good, the not good and the worrying - From the batch of Q1 results, one outstanding performance stands out, the one of Miu Miu that again grew in excess of 80% this quarter. Astutely combining quiet luxury with fantasy, the sister brand of Prada together with Loewe - part of LVMH F&L - are probably the franchises encapsulating the most the current zeitgeist among young luxury shoppers. It stands for only 22% of the group sales and the reaction ...
>Topic of the week: the good, the not good and the worrying - From the batch of Q1 results, one outstanding performance stands out, the one of Miu Miu that again grew in excess of 80% this quarter. Astutely combining quiet luxury with fantasy, the sister brand of Prada together with Loewe - part of LVMH F&L - are probably the franchises encapsulating the most the current zeitgeist among young luxury shoppers. It stands for only 22% of the group sales and the reaction ...
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...
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...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
Deutz is a leading non-captive engine manufacturer for a wide range of customer industries with a strong and very well-known brand. The company will enter a profitable growth period soon (CAGR 2023-26e sales 8%, EPS 18%). We initiate coverage with an Outperform rating and a target price of € 7.9, reflecting >40% upside from here. - ...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAF, CELLNEX, FERROVIAL, IBERDROLA, 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 1Q’24 results to be released over the coming days in Spain. Results and macro data drag down stock markets After three straight days of gains, the business results and the macro data in the US led to stock market losses on both sides of the Atlanti...
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