reports
- Research Department
INFORME DIARIO 16 MAYO + RDOS. ESPAÑA 1T’24. PREVIEWS (ANÁLISIS BANCO ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. EUROPA: DEUTSCHE TELEKOM, ENI, SIEMENS. 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. Las bolsas siguen de fiesta Nueva jornada de avances, con el Ibex liderando y consolidando má...
- Research Department
IBERIAN DAILY 16 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. 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. Stock markets continue to rally It was a new session of gains, with the Ibex standing out and consolidating 2015 highs, and with sovereign yields tightening significantly after the US inflatio...
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SDF K+S AG
G ASSICURAZIONI GENERALI S.P.A.
01913 PRADA S.P.A.
CRG CRH PLC
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SDF K+S AG
G ASSICURAZIONI GENERALI S.P.A.
01913 PRADA S.P.A.
CRG CRH PLC
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : A welcome revision to the 2026 trajectory
>Outperform rating maintained and target price adjusted to € 5.95 (vs € 6.0) - Following the Q1 2024 earnings release on Thursday 9 May, the group organised a conference call on Friday 10 May in which it announced a revision to its 2026 trajectory given market conditions that are significantly different from what was expected in the March 2023 strategic presentation. This update reduces the capex envelope by € 2bn and lowers the 2023-2026e CAGR for EBITDA (1% vs 6%) a...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : Une révision salutaire de la trajectoire 2026
>Opinion Surperformance conservée et OC ajusté à 5.95 € (vs 6.0 €) - A l’issue de la publication des résultats du T1 24 le jeudi 9 mai, le groupe a organisé une conférence téléphonique le vendredi 10 mai dans la laquelle il a annoncé une révision de sa trajectoire 2026, compte tenu des conditions de marchés qui diffèrent significativement par rapport aux anticipations de la présentation stratégique de mars 2023. Cette mise au point réduit l’enveloppe d’investissement ...
- Gerardo Ibanez
- Steven Boumans
- Louis Boujard
- CFA
- Philippe Ourpatian
- Louis Boujard
- CFA
- Philippe Ourpatian
- Gerardo Ibanez
- Steven Boumans
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Welcome and reassuring strategic update
>Neutral rating maintained and target price adjusted to € 16.5 (vs € 17.0) - EDPR’s Q1 24 performances came in slightly ahead of expectations. As expected, Q1 was characterised by a negative base effect for MWh prices and fairly adverse resource conditions. The group has updated its 2024-2026 guidance. The new trajectory equates to our 2024-2026e sequence, as adjusted following the roadshow on 20 March 2024. We maintain our Neutral rating based on the relative upside ...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : Q1 2024 a shade below forecasts, excluding non-recurring element...
>Outperform recommendation and target price of € 6.0 maintained - Recurring performances in Q1 2024 fell short of our forecasts. On a reported basis, Q1 2024 was in line with consensus. Activity in the first quarter was driven by the return to a more normal situation in terms of hydropower on the Iberian Peninsula and the positive trajectory of EDPR's activities, but offset by unfavourable price effects and marketing margins returning to more normal levels. Clearly, Q...
- Luis de Toledo Heras
REN : Financial costs cloud operating performance
>Operating results in line, higher financial costs weigh on net profits - Results are in line with our estimates (EBITDA -2.3% y-o-y) reflecting a lower contribution from the domestic business due to the decrease in assets and opex remuneration and an increase in opex (core opex +1.6% y-o-y) and stable performance from the international business. Net results are additionally affected by higher financial expenses (2.8% vs 2.4% in Q1 2023) and unfavourable exchange rate...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Une mise à jour stratégique bienvenue et rassurante
>Opinion Neutre maintenue et OC ajusté à 16.5 € (vs 17.0 €) - La performance au T1 24 est ressortie un peu au-dessus des attentes. Comme attendu le premier trimestre a été marqué par un effet de base négatif des prix du MWh et des conditions de ressources quelque peu défavorables. Le groupe a procédé à une mise à jour de ses objectifs 2024-2026. La nouvelle trajectoire correspond à notre séquence 2024-2026e, que nous avions ajustée à l’issue du roadshow du 20 mars 202...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : Un T1 2024, hors éléments non récurrents, un peu en deçà des att...
>Opinion Surperformance et OC 6.0 € maintenus - Les résultats récurrents du T1 24 sont ressortis un peu en deçà de nos attentes. Sur une base publiée, le T1 24 est en ligne avec le consensus. L’activité du premier trimestre est certes portée par le retour à une situation plus normale en termes d’hydroélectricité sur la péninsule ibérique et la trajectoire positive des activités d’EDPR, mais compensée par des effets de prix défavorables et des marges de commercialisati...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Q1 24 slightly better than expected ahead of the conf...
>Q1 24 slightly better than expected - The company has just released figures for Q1 24 slightly better than expectations. As already published, the group reported an installed capacity of 15,301 MW (MW EBITDA, excluding equity accounting) and 16,498 MW (including equity accounting). Net installed capacity is down by 184 MW EBITDA excluding equivalents (i.e. a drop of 1.2%) vs 15,485 MW at the end of March 2023 due to asset turnover (638 MW) which more than offset the ...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Q1 24 slightly better than expected ahead of the conf...
>Q1 24 slightly better than expected - The company has just released figures for Q1 24 slightly better than expectations. As already published, the group reported an installed capacity of 15,301 MW (MW EBITDA, excluding equity accounting) and 16,498 MW (including equity accounting). Net installed capacity is down by 184 MW EBITDA excluding equivalents (i.e. a drop of 1.2%) vs 15,485 MW at the end of March 2023 due to asset turnover (638 MW) which more than offset the ...
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Q1 2024 in line and 2024 trajectory confirmed
>Outperform recommendation reiterated and target price of € 25.3 unchanged - Q1 2024 results were broadly in line with our forecasts and those of the consensus. Restated for elements relative to the energy tax in Spain, the performance was in line with the strategic trajectory delivered during the last strategic plan delivered in November 2023, covering the 2024-2026 period. The group confirmed its 2024 guidance. The wait-and-see position on the 2026 coverage of its e...
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