EPS growth prospects are brighter in the US than in Europe, which is justified given the differential in the growth and inflation outlook between the two regions. However, the adjustment that has taken place on EPS in Europe is a positive factor: we are now "at the price" ahead of the cyclical recovery that is taking shape for the rest of 2024. Sector-wise, the ongoing upward revision of EPS in travel & leisure, banks and media is expected to continue apace and provide support for sec...
Les perspectives de croissance des BPA sont supérieures aux Etats-Unis qu’en Europe, ce qui est justifié étant donné le différentiel de perspectives de croissance et d’inflation entre les deux zones. L’ajustement qui a eu lieu sur les BPA en Europe est toutefois un facteur positif : nous sommes désormais « au prix » avant la reprise cyclique qui se dessine pour la suite de 2024. Sectoriellement, la révision à la hausse en cours des BPA sur le Travel & Leisure, les banques et les Media...
>Sales remain soft but lower costs save the day - The group’s Q1 operating results were a touch below our estimates yet aligned with the consensus (0% reported, +3%cc vs +6%cc in Q4), with sales evolving somewhat below expectations due to the soft demand in LatAm, lower energy revenues not to mention the hard comp (+17% in Q1 23!). All regions but Asia-Pacific deteriorated its sales momentum in the quarter, as expected. At the business level, energy the biggest shock ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, NATURGY, VISCOFAN. EUROPA: DANONE, NOKIA, 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. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex rebota Europa se recuperó después de las fuertes caídas del martes con las rentabilidades soberanas estrechando y destacando el Ibex ...
NEWS SUMMARY: ACS, NATURGY, 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 1Q’24 results to be released over the coming days in Spain. The Ibex rallies Europe recovered ground after the strong corrections seen last Tuesday, with sovereign yields tightening and with the Ibex climbing >1.0% after its worst annual session. In the STOXX 600, most sectors ended with gains...
4Q'23 vs. 4Q'22 Results Sales: € 299.6 M (-8.6% vs. -2.3% BS(e) and -1.7% consensus); EBITDA: € 75.8 M (-1.0% vs. -4.6% BS(e) and +1.9% consensus); FY2023 vs. FY2022 Results Sales: € 1.226 Bn (+2.1% vs. +3.6% BS(e) and +3.7% consensus); EBITDA: € 268.4 M (+0.5% vs. -0.4% BS(e) and +1.4% consensus).
Rdos. 4T'23 vs 4T'22: Ventas: 299,6 M euros (-8,6% vs -2,3% BS(e) y -1,7% consenso); EBITDA: 75,8 M euros (-1,0% vs -4,6% BS(e) y +1,9% consenso). Rdos. 2023 vs 2022: Ventas: 1.226 M euros (+2,1% vs +3,6% BS(e) y +3,7% consenso); EBITDA: 268,4 M euros (+0,5% vs -0,4% BS(e) y +1,4% consenso). Rdos. 4T'23 ligeramente por encima en EBITDA vs BS(e) y por debajo vs consenso (-1,0% vs -4,6% BS(e) y +1,9% consenso). En cualquier caso, no alcanzan los objetivos’24 en EBITDA (+2/4% vs 2022). Detrás de e...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ELECTRICITY SECTOR, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, VISCOFAN. IBEX remains stuck February ended with improved macro indicators (today we will learn euro zone inflation), sharp rises in most European indices (yesterday the gains were moderate) and with the IBEX lagging, staying just above 10,000 points. On the macro side, in Spain February’s inflation fell in line with expectation...
>Softer-than-expected sales momentum but margins keep the face - In FY 2023, the estimated volume size of the global casings market has shown a decrease at about 4% which is the largest decline in 24 years and was caused by weak consumption in an environment of slower economic growth (specially in Ems) and by the process of inventory adjustments in the sector. Despite this environment Viscofan has been able to deliver new high watermarks in terms of sales, EBITDA and...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, SECTOR ELÉCTRICO, VISCOFAN. EUROPA: N/A. 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 con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. El Ibex sigu...
A date, il nous semble un peu tôt pour pleinement repondérer les Midcaps en raison du timing de la baisse des taux que nos économistes/stratégistes situent à mi-2024, mais : i/ les valorisations (PE 24e : 12,5x - VE/EBITDA 24e : 6,3x) offrent, ponctuellement au moins, des opportunités (décote proche de 30% par rapport aux Large caps), ii/ la croissance attendue est de ~4% (CA 24e) et 8% sur l’EBITDA 24e, iii/ l’approche de la détente des taux amorce un changement dans la percepti...
NEWS SUMMARY: VISCOFAN. At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain. No surprises from the ECB meeting There was little movement on the stock markets in a session marked by the ECB, which followed the expected script, and the start of the results calendar in Europe. Thus, in the STOXX 600 Technology and Chemicals led gains vs. Automobiles and Utilities that we...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: VISCOFAN. EUROPA: DEUTSCHE TELEKOM, LVMH. 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. 4T’23 que se publicarán en España y Europa en los próximos días. Sin sorpresas por parte del BCE Pocos movimientos en una jornada marcada por un BCE que siguió el guion previsto y el comienzo del calendario de result...
NEWS SUMMARY: ENDESA, UNICAJA, VISCOFAN. The week of Black Friday set the pace With the holiday in the US, the week was marked by a lower volume on global stock markets, the temporary ceasefire between Israel and Hamas and the volatility of crude oil prices after OPEC+ decided to postpone until 30 November its scheduled meeting due to disagreements on production levels and possible cuts in some African countries. With all this in mind, the Euro STOXX 50 ended the week up +0.66%, in line with t...
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