reports
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2024
As the world leader in logistics, DHL operates in 220 countries via 5 main activities (post and parcels in Germany, Express, freight forwarding, supply chain and e-commerce). Despite buoyant structural trends (global trade, e-commerce, outsourcing of logistics chains), we are initiating coverage with a Neutral rating and target price of € 43 in the absence of short-term visibility on the global macro environment and due to the risk of a consensus downgrade. - ...
- Bruno Cavalier
- Julian Dobrovolschi
- Florent Laroche-Joubert
Merlin Properties : Very satisfactory operating performance overall in...
>Very satisfactory operating performance (FFO / share at € 0.15) - Yesterday evening Merlin Properties reported a very satisfactory operating performance in Q1 2024 with FFO/share at € 0.15 (-4.4% y-o-y in line with expectations due to the launch of data centres and higher financial costs) which includes overall growth at constant scope (l-f-l) of +3.8% in gross rental income, an occupancy rate of 95.8% (+100bp y-o-y; -40bp q-o-q) and positive reversion in its three ...
- Ignacio Romero
- Florent Laroche-Joubert
Merlin Properties : Performance opérationnelle au T1 globalement très ...
>Performance opérationnelle (FFO / action à 0.15 €) très satisfaisante - Merlin Properties a publié hier soir, une performance opérationnelle très satisfaisante sur le T1 2024 avec un FFO /action à 0.15 € (-4.4% yoy en ligne avec les attentes en raison du lancement des datacenters et des coûts financiers plus élevés) qui inclut une croissance globale à périmètre constant (lfl) de 3.8% de ses revenus locatifs bruts, un taux d’occupation à 95.8% (+100 pb yoy ; -40 pb qo...
- Research Department
IBERIAN DAILY 17 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, CELLNEX, COLONIAL, FCC, GRIFOLS, MERLIN PROPERTIES, OHLA. European stock markets pause for a break European stock markets saw moderate corrections after several sessions of gains that led the Stoxx 600 to record highs and the Ibex to 2015 highs above 11,300 pints. In the STOXX 600, Insurance and Basic Resources were the best performers vs. the losses of Autos and industrials. On the macro side, in the US, April’s industrial output stagnated, contrary to expectatio...
- Research Department
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...
Intesa Sanpaolo S.p.A.: 1 director
A director at Intesa Sanpaolo S.p.A. sold 20,000 shares at 3.711EUR and the significance rating of the trade was 56/100. 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 c...
- Ahmed Ben Salem
- Thomas Zlowodzki
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. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Delphine Brault
- Quentin Borie
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...
- Ahmed Ben Salem
- Thomas Zlowodzki
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. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Delphine Brault
- Quentin Borie
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...
- Jean Danjou
Burberry : No sign of clearer skies ahead
>The annual results were not quite as poor as expected but the Q4 fall in retail is confirmed in double-digits - For the financial year ending 31 March 2024, the group reported sales of £ 2,968m versus our estimate of £ 2,937m (Q4 retail growth of -12% on a comparable store basis, we looked for -13%, full-year wholesale growth of -5% at CER, we expected -9% in line with the guidance) and recurring EBIT of £ 418m, giving a full-year margin of 14.1% and 15.5% at CER (i...
- Jean Danjou
Burberry : Pas d’éclaircie en vue
>Les résultats annuels ressortent un peu moins mauvais qu’attendu mais la baisse au T4 en retail est confirmée à deux chiffres - Le groupe publie au titre de l’exercice à fin mars 2024 un CA à 2968 M£ contre 2937 M£ attendus par nous (croissance retail T4 à -12% en comparable, nous avions -13%, croissance wholesale FY à -5% à tcc, nous attendions -9% en ligne avec la guidance) et un EBIT récurrent à 418 M£ soit une marge annuelle à 14.1% et 15.5% à tcc (on était à 20...
- 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...
Aegon appoints Duncan Russell to succeed Matt Rider as Chief Financial...
Aegon appoints Duncan Russell to succeed Matt Rider as Chief Financial Officer The Hague, May 16, 2024 - Aegon today announces the appointment of Duncan Russell (1978) as Chief Financial Officer (CFO), effective September 1, 2024. Duncan will succeed Matt Rider (1963), who will retire after over seven years of exceptional service to the company. Matt will continue to serve as a member of the Board of Transamerica on a non-executive basis. Duncan Russell joined Aegon as Chief Transformation Officer in 2020. Prior to Aegon, Duncan worked at UK-based Admiral Group Plc, where he last held the...
Aegon trading update for first quarter 2024
Aegon trading update for first quarter 2024 The Hague, May 16, 2024 - Please click to access all 1Q2024 Trading Update related documents. EUR 256 million operating capital generation before holding funding and operating expenses, on track to achieve guidance of around EUR 1.1 billion for 2024 Capital ratios remain robust, above their respective operating levels Cash Capital at Holding remains strong at EUR 2.0 billion, reflecting 85% completion of the ongoing EUR 1.535 billion share buyback programPlanned new EUR 200 million share buyback program announced, expected to be completed by th...
Publicis Groupe : Le Comité de Nomination émet ses recommandations dan...
PARIS--(BUSINESS WIRE)-- Regulatory News: Dans le cadre de l'évolution de la gouvernance de la Société, proposée par le Conseil de Surveillance, le Comité de Nomination de Publicis Groupe (Paris:PUB) [Euronext Paris FR0000130577, CAC 40] s'est réuni, ce jour, sous la présidence de Madame Elisabeth Badinter, afin de recommander les nominations suivantes : André Kudelski en tant qu'Administrateur Référent. A ce titre, il aura pour principales missions de s’assurer du bon fonctionnement des organes de gouvernance de la Société aux côtés du Président du Conseil d'Administration, de présider d...
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