reports
- Research Team
The Rear-View Mirror – EME markets: Turkiye rebounds, Romania declines
EME Equity Market – November 2024 Rebound in Türkiye, Romania hammered. The MSCI EM Europe Index advanced 3.8% in EUR terms and 1.0% in USD terms in November. The Turkish ISE30 recouped the losses of the previous month, adding 10.4% mom in EUR terms. The Hungarian BUX added 4.3% mom in EUR terms, followed by the PX (+2.9% mom), the ASE (+0.8% mom) and the WIG (+0.8% mom) (all in EUR terms). Following the first round of presidential elections, and the polemic and uncertainty that ensued, the BET ...
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
R22 R22
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
9526 ARABIAN DRILLING CO.
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
TRESTATES AQUILA PART PROD COM
AIRA TRADE ESTATES REIC SA
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
BANK OF CYPRUS
- Julie Boote
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Anthony Dick
- Michael Foundoukidis
BMW : Some temporary impacts, others more structural
>Q3 even weaker than feared, 2024 guidance confirmed implying a better Q4 - BMW reported yesterday before trading weak Q3 earnings, below forecasts (auto EBIT -16% vs css), impacted by the braking system recall and the subdued environment in China (details our First Take). The group confirmed its revised 2024 guidance (lowered following the profit warning of 10 September), implying some recovery in Q4 (volumes, mix) on the back of supply chain normalisation. We are le...
- Anthony Dick
- Michael Foundoukidis
BMW : Des impacts temporaires et d’autres plus structurels
>T3 encore plus faible qu’attendu, guidance confirmée impliquant un meilleur T4 - BMW a publié hier avant Bourse des résultats T3 faibles, inférieurs aux attentes (EBIT Auto -16% vs css), impactés par le rappel sur systèmes de freinage et l’environnement morose en Chine (détails dans First Take ici). Le groupe confirme sa nouvelle guidance 2024 (abaissée au moment du profit warning du 10/09), tablant sur une accélération au T4 (volumes, mix) avec la normalisation de ...
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024
Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024
Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Anthony Dick
- Michael Foundoukidis
BMW : Weak Q3 Auto results below expectations; pace of recovery will b...
>Q3 even weaker than feared on supply chain/China - BMW reported Q3 results that came below expectations (Autos EBIT -16% below consensus).Q3 revenues came in at € 32.4bn, -16% y-o-y, -12% q-o-q, slightly below expectations (company-compiled css at € 33.3bn, ODDO BHF€ 32.8bn) with adj. EBIT at € 1.7bn, -61% y-o-y, -56% q-o-q implying a margin of 5.2%, -600 bps y-o-y, below estimates (css at 5.0%, ODDO BHF 5.6%).Looking at individual business units, Autos ...
- Anthony Dick
- Michael Foundoukidis
BMW : Weak Q3 Auto results below expectations; pace of recovery will b...
>Q3 even weaker than feared on supply chain/China - BMW reported Q3 results that came below expectations (Autos EBIT -16% below consensus).Q3 revenues came in at € 32.4bn, -16% y-o-y, -12% q-o-q, slightly below expectations (company-compiled css at € 33.3bn, ODDO BHF€ 32.8bn) with adj. EBIT at € 1.7bn, -61% y-o-y, -56% q-o-q implying a margin of 5.2%, -600 bps y-o-y, below estimates (css at 5.0%, ODDO BHF 5.6%).Looking at individual business units, Autos ...
- Oscar Rodriguez
BMW: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 32.406 M euros (-15,7% vs -11,0% BS(e) y -11,3% consenso); EBIT: 1.696 M euros (-61,0% vs -62,5% BS(e) y -63,4% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 105.964 M euros (-5,8% vs -4,2% BS(e) y -4,3% consenso); EBIT: 9.627 M euros (-31,6% vs -32,0% BS(e) y -32,3% consenso).
- Research Department
INFORME DIARIO 06 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, SANTANDER. EUROPA: AHOLD DELHAIZE, BMW, SIEMENS, UNICREDIT. 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. 3T’24 que se publicarán en España y Europa en los próximos días. Trump gana las elecciones A la espera de conocer el desenlace oficial, todo parece indicar que Trump habría ganado las...
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/10/2024
Les députés ont supprimé vendredi dernier la surtaxe d’Impôt sur les Sociétés proposée par le gouvernement français dans son PLF 2025. Il serait, selon nous, hasardeux de crier victoire trop tôt, et cette disposition pourrait faire son retour durant la suite du débat budgétaire, sous la forme initialement proposée par le gouvernement ou sous une autre. Nous restons prudents sur les actions françaises, le débat budgétaire restant chaotique et pas à la hauteur des enjeux, comme le souli...
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
EPI A EPIROC AB
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
- Oliver Metzger
- Thomas Zlowodzki
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/28/2024
Last Friday, MEPs scrapped the exceptional additional corporate tax proposed by the French government in its PLF 2025. In our view, it would be risky to claim victory prematurely, and this provision could make a comeback during the remainder of the budget debate, in the form initially proposed by the government or in another form. We remain cautious on French equities, as the budget debate remains chaotic and fails to live up to the stakes, as underlined by Moody's downgrade of the so...
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
CA CARREFOUR SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
SK SEB SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
EL ESSILORLUXOTTICA SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
NEXI NEXI S.P.A.
EPI A EPIROC AB
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
- Anthony Dick
- Michael Foundoukidis
Mercedes-Benz AG : Stronger than feared decline and likely to continue
>Q3 below expectations and cautious outlook - On Friday before trading, MBG published results that came below expectations (Cars EBIT -16% vs company-collected consensus), reflecting significant margin erosion (7.3%, of which 4.7% for the Cars BU, -770bp y-o-y, -550bp q-o-q), highlighting price/mix deterioration (ASP -10% y-o-y, -6% q-o-q) and other adjustments (Chinese dealer compensation, stock depreciation and warranty provisions), details in our First Take here. ...
- Anthony Dick
- Michael Foundoukidis
Mercedes-Benz AG : Une érosion encore plus forte qu’attendu et qui ris...
>T3 inférieur aux attentes et perspectives prudentes - MBG a publié vendredi avant Bourse des résultats T3 inférieurs aux attentes (EBIT Auto -16% vs css), témoignant d’une forte érosion de la marge (7,3% dont 4,7% pour la BU Auto, -770 pb y-o-y, -550 pb q-o-q), reflétant une détérioration du prix/mix (ASP -10% y-o-y, -6% q-o-q) et d’autres ajustements (soutien financier aux concessionnaires chinois, provisions pour dépréciations de stock et dépenses de garanties), ...
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Ahmed Ben Salem
AC ACCOR SA
EQNR EQUINOR ASA
DG VINCI SA
ADP AEROPORTS DE PARIS SA
AAL ANGLO AMERICAN PLC
KNEBV KONE OYJ CLASS B
ORA ORANGE SA
SK SEB SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
RCO REMY COINTREAU SA
SW SODEXO SA
ENI ENI S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
SY1 SYMRISE AG
BOL BOLLORE SA
BKT BANKINTER SA
MOCORP METSO OUTOTEC OYJ
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
SIK SIKA AG
DSY DASSAULT SYSTEMES SA
EPI A EPIROC AB
SGSN SGS SA
FER FERROVIAL SA
- Anthony Dick
- Michael Foundoukidis
Mercedes-Benz AG : Q3 Cars results well below most conservative estima...
>Q3 results below expectations on price/mix deterioration - Mercedes-Benz just reported its Q3 results, which were below the company-compiled consensus.In detail, Q3 revenues came in at € 34.5bn, down -7% y-o-y and -6% q-o-q, below expectations (css € 35.9bn, ODDO BHF € 36.2bn). Adj. EBIT stood at € 2.5bn, -48% y-o-y, -37% q-o-q (broadly in line with css at € 2.4bn), implying a margin of 7.3%, -594bp y-o-y and -367bp q-o-q.Cars reported revenues of € 25.6bn...
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