Siemens Aktiengesellschaft: Disposal of Innomotics increases liquidity...

The disposal of Innomotics for €3.5 billion raises Siemens' financial flexibility, after the company had to provide support to Siemens Energy.

Airbus SE - March 2024 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Credit Morning 05/17/2024

Cellnex issues € 750m of 2029 notes to redeem bank debt. S&P cuts the rating of ams OSRAM to B/stable from BB-/negative. Clariane : launch of two capital increases totalling €328m, including one reserved for HLD Europe. >...

Morning Crédit 17/05/2024

Cellnex émet 750 m EUR d’obligations 01/2029 afin de rembourser de la dette bancaire. S&P dégrade le rating d’ams OSRAM de BB-/négative à B/stable. Clariane : lancement de deux augmentations de capital d’un montant total de 328 m EUR, dont une réservée à HLD Europe. >...

INFORME DIARIO 17 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, COLONIAL, FCC, MERLIN PROPERTIES, GRIFOLS, OHLA, SECTOR BANCARIO ESPAÑA. EUROPA: PROSUS. Respiro en las bolsas europeas Jornada de pérdidas moderadas en Europa, tras varios días de subidas que han llevado al STOXX 600 a máximos históricos y al Ibex a máximos de 2015, superando los 11.300 puntos. Dentro del STOXX 600, Seguros y R. Básicos mostraron el mejor comportamiento frente a las pérdidas de Autos e Industriales. Desde la macro, en la E...

Deck Cleared? Kevin Plank Rebases Sales/EPS In His First Call Back As ...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024

We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...

Siemens AG : Q2 lower than expected, full-year Digital Industries targ...

>Q2 below expectations at group level - Q2 2024 orders were down 12% like-for-like (consensus -11%) at € 20.5bn (consensus at € 20.1bn). The book-to-bill was 1.07. Sales were stable on a l-f-l basis at € 19.2bn (consensus +1.7%) and adjusted industrial EBITA reached € 2,513m, giving a margin of 14% (vs 14.8% forecast by the consensus). Industrial profit thus came in 6% below consensus expectations. EPS pre-PPA was € 2.73 (css at € 2.31), but includes € 0.65 in excepti...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024

Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...

Siemens AG : Un T2 inférieur aux attentes, les objectifs FY de Digital...

>Un T2 inférieur aux attentes au niveau groupe - Les commandes T2 2024 reculent de 12% en comparable (consensus -11%), à 20.5 Md€ (Css à 20.1 Md€). Le book-to-bill atteint 1.07. Le chiffre d'affaires est stable en comparable à 19.2 Md€ (consensus à 1.7%) et l’EBITA industrial ajusté atteint 2513 M€, soit une marge de 14% (vs 14.8% attendus par le consensus). L’industrial profit s’établit ainsi 6% en dessous des attentes du consensus. Le BPA pre PPA atteint 2.73 € (Cs...

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...

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...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024

With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024

Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...

ACS : Results and cash flow, both evolving largely as expected

>Results in line with our estimates, both at the P&L and the cash flow generation - The company’s Q1 2024 results were largely in line with our estimates once excluding the Hochtief results, already reported: Dragados, the main operating division outside Hochtief, and now part of the E&C division, showed EBITDA 1% ahead of our estimates, whilst the differences in net financial expenses, equity method, taxes and minorities were negligible and largely offsetting themse...

ACS: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'24 vs. 1Q'23 Results Sales: € 8.706 Bn (+7.3% vs. +4.0% BS(e) and +5.4% consensus); EBITDA: € 461.0 M (-0.2% vs. +0.7% BS(e) and +1.7% consensus); EBIT: € 327.0 M (-0.3% vs. +0.1% BS(e) and +1.5% consensus); Net Profit: € 177.0 M (+8.6% vs. -4.2% BS(e) and +1.2% consensus);

ACS: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 8.706 M euros (+7,3% vs +4,0% BS(e) y +5,4% consenso); EBITDA: 461,0 M euros (-0,2% vs +0,7% BS(e) y +1,7% consenso); EBIT: 327,0 M euros (-0,3% vs +0,1% BS(e) y +1,5% consenso); BDI: 177,0 M euros (+8,6% vs -4,2% BS(e) y +1,2% consenso).

Credit Morning 05/14/2024

Iliad prices € 150m and $ 200m taps on the new Iliad Holding 2031 bonds Grifols: S&P confirms the B corporate rating with a stable outlook (vs. B/cw negative) Delivery Hero: sale of foodpanda to Uber for $ 950m + capital increase of € 300m>...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2024

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