reports
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : The recovery is only beginning and the best is yet to come
The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : La reprise ne fait que commencer et le meilleur est à venir
La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
EQS-News: Monika Wiederhold new member of the Amadeus Fire Group's Man...
EQS-News: AMADEUS FIRE AG / Key word(s): Personnel Monika Wiederhold new member of the Amadeus Fire Group's Management Board for Training 03.09.2024 / 15:00 CET/CEST The issuer is solely responsible for the content of this announcement. The Amadeus Fire Group, a leading provider of Personnel Services and Training in Germany, is pleased to announce the appointment of Monika Wiederhold as a member of the Management Board for the Training segment as of 1 November 2024. With her wide experience and strong expertise in digital transformation and strategic corporate development...
EQS-News: Monika Wiederhold neues Vorstandsmitglied Weiterbildung der ...
EQS-News: AMADEUS FIRE AG / Schlagwort(e): Personalie Monika Wiederhold neues Vorstandsmitglied Weiterbildung der Amadeus Fire Group 03.09.2024 / 15:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Die Amadeus Fire Group, führender Anbieter im Bereich der Personaldienstleistungen und Weiterbildung in Deutschland, freut sich, zum 1. November 2024 die Berufung von Monika Wiederhold als Vorstandsmitglied für den Weiterbildungsbereich bekanntzugeben. Mit ihrer umfangreichen Erfahrung und fundierten Expertise in der digitalen Transformat...
- Virginia Romero
- Luis Arredondo
FERROVIAL: 1H’24 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'24 vs. 2Q'23 Results Sales: € 2.388 Bn (+11.9% vs. +3.1% BS(e) and +3.1% consensus); EBITDA: € 349.0 M (+64.6% vs. +53.3% BS(e) and +56.1% consensus); EBIT: € 399.0 M (+276.4% vs. +229.2% BS(e) and +115.1% consensus); 1H'24 vs. 1H'23 Results Sales: € 4.267 Bn (+8.3% vs. +3.6% BS(e) and +3.6% consensus); EBITDA: € 603.0 M (+50.4% vs. +44.4% BS(e) and +45.9% consensus); EBIT: € 551.0 M (+175.5% vs. +150.5% BS(e) and +90.0% consensus);
- Virginia Romero
REDEIA: 1H’24 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'24 vs. 2Q'23 Results EBITDA: € 341.7 M (-11.7% vs. -12.3% BS(e) and -11.8% consensus); Net Profit: € 137.0 M (-21.3% vs. -21.4% BS(e) and -22.6% consensus); 1H'24 vs. 1H'23 Results EBITDA: € 681.3 M (-13.7% vs. -13.9% BS(e) and -13.7% consensus); Net Profit: € 269.3 M (-23.9% vs. -24.0% BS(e) and -24.6% consensus);
- Luis Arredondo
FERROVIAL: RDOS. 2T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'24 vs 2T'23: Ventas: 2.388 M euros (+11,9% vs +3,1% BS(e) y +3,1% consenso); EBITDA: 349,0 M euros (+64,6% vs +53,3% BS(e) y +56,1% consenso); EBIT: 399,0 M euros (+276,4% vs +229,2% BS(e) y +115,1% consenso); Rdos. 1S'24 vs 1S'23: Ventas: 4.267 M euros (+8,3% vs +3,6% BS(e) y +3,6% consenso); EBITDA: 603,0 M euros (+50,4% vs +44,4% BS(e) y +45,9% consenso); EBIT: 551,0 M euros (+175,5% vs +150,5% BS(e) y +90,0% consenso).
- Virginia Romero
REDEIA: RDOS. 1S’24 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'24 vs 2T'23: EBITDA: 341,7 M euros (-11,7% vs -12,3% BS(e) y -11,8% consenso); BDI: 137,0 M euros (-21,3% vs -21,4% BS(e) y -22,6% consenso); Rdos. 1S'24 vs 1S'23: EBITDA: 681,3 M euros (-13,7% vs -13,9% BS(e) y -13,7% consenso); BDI: 269,3 M euros (-23,9% vs -24,0% BS(e) y -24,6% consenso);
- Research Department
INFORME DIARIO 31 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, COLONIAL, ENCE, FERROVIAL, GRIFOLS, OHLA, RED ELÉCTRICA, ROVI, TALGO, TELEFÓNICA, VISCOFAN. EUROPA: ADIDAS, AIRBUS, DANONE, L'ORÉAL, SAFRAN, SCHNEIDER. 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. 2T’24 que se publicarán en España y Europa en los próximos días. Rebote entre resultados empresar...
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
OR L'OREAL SA
SAF SAFRAN S.A.
AIR AIRBUS SE
OHL OBRASCON HUARTE LAIN SA
VIS VISCOFAN S.A.
ENC ENCE ENERGIA Y CELULOSA SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
FER FERROVIAL S.A.
TEF TELEFONICA SA
RE21 RED ELECTRICA CORP. S.A.
COL SM INMOBILIARIA COLONIAL (COL SM)
GRF SM GRIFOLS (GRF SM)
LUND-B L E LUNDBERGFORETAGEN AB
- Research Department
IBERIAN DAILY 31 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: CAIXABANK, COLONIAL, ENCE, FERROVIAL, GRIFOLS, OHLA, REDEIA, ROVI, TALGO, TELEFÓNICA, VISCOFAN. 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 2Q’24 results to be released over the coming days in Spain. Rally amid business results There was a slight rally on the marked, marked more by the results presentations than by the cycle. In the STOXX 600, the best-perform...
EQS-News: Jörg Peters übernimmt die Leitung der Investor Relations der...
EQS-News: AMADEUS FIRE AG / Schlagwort(e): Personalie Jörg Peters übernimmt die Leitung der Investor Relations der Amadeus Fire Group 31.07.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Jörg Peters verstärkt zum Oktober 2024 die Amadeus Fire Group als Leiter der Investor Relations. Er war zuletzt als Leiter der Konzernkommunikation & Investor Relations bei der Encavis AG tätig. Seine Aufgaben umfassen die Weiterentwicklung unserer Equity Story sowie die Nachhaltigkeitspositionierung von Amadeus Fire als profitabler Wach...
EQS-News: Jörg Peters becomes Head of Investor Relations at the Amadeu...
EQS-News: AMADEUS FIRE AG / Key word(s): Personnel Jörg Peters becomes Head of Investor Relations at the Amadeus Fire Group 31.07.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. Jörg Peters will join the Amadeus Fire Group as Head of Investor Relations in October 2024. He most recently worked as Head of Corporate Communications & Investor Relations at Encavis AG. His duties will include further enhancing the equity story and sustainability positioning of Amadeus Fire as a profitable growth and the personnel services and trainin...
- Research Department
INFORME DIARIO 29 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, TALGO. 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. 2T’24 que se publicarán en España y Europa en los próximos días. Europa supera a EE.UU. en la semana Caídas en bolsa tras la presentación de los resultados de Tesla y Google, que lastraron al sector tecnológico y a los índic...
- Research Department
IBERIAN DAILY 29 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: FERROVIAL, TALGO. 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 2Q’24 results to be released over the coming days in Spain. Europe outperformed US last week The drops on the stock market after Tesla and Google presented their earnings dragged down the tech sector and US indices, despite the solid 2Q’24 GDP data. In Europe, the IBEX was one of the best-performing...
- Research Department
INFORME DIARIO 26 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRUPO CATALANA OCCIDENTE, NEINOR, TALGO. EUROPA: AIR LIQUIDE, BASF, ENI, ESSILORLUXOTTICA, HERMÈS INTERNATIONAL. MERCEDES BENZ GROUP, VINCI, 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. 2T’24 que se publicarán en España y Europa en los próximos días. Moderación de caídas con ayuda de EE.UU. ...
- Research Department
IBERIAN DAILY 26 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: FERROVIAL, GRUPO CATALANA OCCIDENTE, NEINOR HOMES, TALGO. 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 2Q’24 results to be released over the coming days in Spain. Drops moderate with US data It was a negative session again in Europe, with poor macro data from France and Germany, but drops moderated after the good 2Q’24 GDP data released in the US. Thus, most se...
- Ignacio Romero
METROVACESA: 1H’24 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'24 vs. 2Q'23 Results Sales: € 95.0 M (+11.0% vs. +44.2% BS(e)); EBITDA: € 13.4 M (+152.8% vs. +96.1% BS(e)); 1H'24 vs. 1H'23 Results Sales: € 235.0 M (+42.3% vs. +59.5% BS(e)); EBITDA: € 31.3 M (+222.7% vs. +191.7% BS(e)); Net Profit: € 3.8 M (€ -35.0 M in 1H'23);
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 24/07/2024
The Platform Group (TPG) is a software company that is active across 20 industries through its digital platform solutions. Via its four segments (consumer goods, freight goods, industrial goods, service and retail goods), it serves both B2B and B2C customers. Given the growing revenues (2023-2026e CAGR +14.7%) and adjusted EBITDA margins (+270bp to 7.8% in 2026e vs 2023), as well as a solid financial profile (equity ratio >30%, average positive FCF of c.€ 8m for 2024e to 2026e) and un...
OSE OSE IMMUNOTHERAPEUTICS SA
VAC PIERRE & VACANCES SA
FLY SOCIETE FONCIERE LYONNAISE SA
POM PLASTIC OMNIUM SE
MMB LAGARDERE SCA
ITP INTERPARFUMS
CDA COMPAGNIE DES ALPES SA
NEX NEXANS SA
TIETO TIETOEVRY OYJ
MMT METROPOLE TELEVISION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COFA COFACE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
NHH NH HOTEL GROUP SA
IBG IBERPAPEL GESTION S.A.
COPN COSMO PHARMACEUTICALS NV
FTG111 FLATEXDEGIRO AG
MVC METROVACESA SA
SAB BANCO DE SABADELL SA
NSI NSI N.V.
AEDAS AEDAS HOMES SA
EXN EXCLUSIVE NETWORKS SA
HGEA HGEARS AG
EXENS EXOSENS
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 07/24/2024
The Platform Group (TPG) is a software company that is active across 20 industries through its digital platform solutions. Via its four segments (consumer goods, freight goods, industrial goods, service and retail goods), it serves both B2B and B2C customers. Given the growing revenues (2023-2026e CAGR +14.7%) and adjusted EBITDA margins (+270bp to 7.8% in 2026e vs 2023), as well as a solid financial profile (equity ratio >30%, average positive FCF of c.€ 8m for 2024e to 2026e) and un...
OSE OSE IMMUNOTHERAPEUTICS SA
VAC PIERRE & VACANCES SA
FLY SOCIETE FONCIERE LYONNAISE SA
POM PLASTIC OMNIUM SE
MMB LAGARDERE SCA
ITP INTERPARFUMS
CDA COMPAGNIE DES ALPES SA
NEX NEXANS SA
TIETO TIETOEVRY OYJ
MMT METROPOLE TELEVISION SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
COFA COFACE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
NHH NH HOTEL GROUP SA
IBG IBERPAPEL GESTION S.A.
COPN COSMO PHARMACEUTICALS NV
FTG111 FLATEXDEGIRO AG
MVC METROVACESA SA
SAB BANCO DE SABADELL SA
NSI NSI N.V.
AEDAS AEDAS HOMES SA
EXN EXCLUSIVE NETWORKS SA
HGEA HGEARS AG
EXENS EXOSENS
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