NEWS SUMMARY: ACERINOX, IBERDROLA. 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. Doubts on the market despite an accommodating Fed With the exceptions of the IBEX and FTSE 100, it was a session of losses on European stock markets with strong sector dispersion, and where falling sovereign debt yields reeled in part o...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, IBERDROLA. EUROPA: AXA, LINDE, SOCIÉTE GÉNÉRALE. 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. Dudas en el mercado a pesar de una Fed complaciente A excepción del Ibex y FTSE 100, jornada en rojo en las principales bolsas europeas c...
>The underlying strategic rationale is still there… - In a surprise move, BBVA announced its concrete/formal interest in Banco Sabadell the day after reporting its Q1 2024 results and probably following a leak in the media. It is still too early, in the absence of details around the terms, to properly evaluate the relevance of the move (we clearly maintain our positive stance on the stock and our target price at this stage), although we can already provide an initial ...
>La logique stratégique de fond reste là… - BBVA a annoncé de façon surprise son intérêt concret/formel pour Banco Sabadell au lendemain de la publication de ses résultats T1 2024 et probablement après une fuite dans les médias. Il est encore tôt, faute de détails sur les termes, pour appréhender correctement la pertinence de l’opération (nous maintenons logiquement notre approche positive sur le titre et notre OC à ce stade), toutefois nous pouvons d’ores-et-déjà app...
We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...
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...
>Outperform rating confirmed – target price lifted to € 13.3 (vs € 12.9) - BBVA posted a good operating performance in Q1 2024, confirming both its solid balance sheet and its prospects for improved profitability/return to shareholders. The group is confident in its 2024 guidance, with an improved outlook for net profit (double-digit growth), driven in particular by the better performance of NII in Spain and the continued good momentum for the core top line, coupled w...
>Opinion Surperformance confortée – OC porté à 13.3 € (vs 12.9 €) - BBVA a affiché une bonne performance opérationnelle au T1 2024 et conforte à la fois sa solidité bilancielle et ses perspectives d’amélioration en matière de rentabilité/retour à l’actionnaire. Le groupe délivre un message confiant dans ses guidances 2024 avec une amélioration de la perspective de RN (croissance ‘double digit’) drivée notamment par la meilleure tenue des NII en Espagne et le maintien ...
1Q'24 vs. 1Q'23 Results N.I.I.: € 6.512 Bn (+15.4% vs. +15.5% BS(e) and +12.4% consensus); Total Revenues: € 8.219 Bn (+18.1% vs. +13.2% BS(e) and +12.6% consensus); Operating Profit: € 4.836 Bn (+22.7% vs. +16.3% BS(e) and +15.0% consensus); Net Profit: € 2.2 Bn (+19.2% vs. +8.3% BS(e) and +8.3% consensus); 1Q'24 vs. 4Q'23 Results N.I.I.: € 6.512 Bn (+24.1% vs. +24.2% BS(e) and +20.9% consensus); Total Revenues: € 8.219 Bn (+10.5% vs. +5.9% BS(e) and +5.3% consensus); Operating Profit: € 4.836 ...
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>...
Rdos. 1T'24 vs 1T'23: M. Intereses: 6.512 M euros (+15,4% vs +15,5% BS(e) y +12,4% consenso); M. Bruto: 8.219 M euros (+18,1% vs +13,2% BS(e) y +12,6% consenso); M. Neto: 4.836 M euros (+22,7% vs +16,3% BS(e) y +15,0% consenso); BDI: 2.200 M euros (+19,2% vs +8,3% BS(e) y +8,3% consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 6.512 M euros (+24,1% vs +24,2% BS(e) y +20,9% consenso); M. Bruto: 8.219 M euros (+10,5% vs +5,9% BS(e) y +5,3% consenso); M. Neto: 4.836 M euros (+10,7% vs +4,9% BS(e) y +3...
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