reports
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2024
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. - ...
LHA DEUTSCHE LUFTHANSA AG
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
DBK DEUTSCHE BANK AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
TEP TELEPERFORMANCE SE
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ORSTED ORSTED
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
RAA RATIONAL AG
AENA AENA SME SA
CABK CAIXABANK SA
WLN WORLDLINE SA
INGA ING GROEP NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STLA STELLANTIS N.V.
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
NOVO B NOVO NORDISK A/S
- Carole Braudeau
- Ahmed Ben Salem
GALP : Q1 2024 results beat expectations, reassuring outlook – recomme...
>Upstream: solid growth profile underpinned by discoveries in Namibia - Adjusted EBITDA for upstream activities totalled € 591m in Q1, 9% above expectations. The group is guiding for divisional EBITDA of € 2.1bn for 2024, which seems fairly conservative, in our view, and output >115 kboe/d, in line with our expectations. This output should increase by over 30% (+40 kboe/d) with the start-up of Bacalhau in Brazil at end-2025 and which should reach its plateau in 202...
- Ahmed Ben Salem
GALP : Résultats T1 supérieurs aux attentes, outlook rassurant. Recomm...
>Upstream : un profil de croissance solide renforcé par les découvertes en Namibie - L’EBITDA T1 2024 ajusté de l’Upstream est ressorti à 591 M€ et 9% au-dessus des attentes. Le groupe guide sur un EBITDA 2024 de la division à 2.1 Md€ qui nous parait assez conservateur et une production >115 kbep/j en ligne avec nos attentes. Cette production devrait croitre de de plus de 30% (+40 kbep/j) avec le démarrage de Bacalhau au Brésil fin 2025 qui devrait atteindre son pl...
- Emmanuel Matot
- Martin Marandon-Carlhian
Worldline : Start of the year lends credence to 2024 targets
>Organic growth low but ahead of expectations - Worldline reported its Q1 2024 revenues. Organic growth was weak at +2.5%, but above expectations (ODDO BHF / consensus = +1.2/+0.7%) and marks an improvement on the low point of Q4 2023 (+1.3%).Merchant Services turned out to be stronger than expected (+3.9%, of which +6.5% excluding planned merchant termination- Q4 2023 reminder = +3.2%) thanks to good results in new markets (such as Italy). Unsurprisingly, Financ...
- Ahmed Ben Salem
GALP : Q1 2024 results: strong beat to consensus with robust cashflow
>Q1 2024: 12% beat on EBITDA, 23% for EBIT and 28% for NI - GALP has just released its Q1 2024 results with EBITDA of € 974m, 12% above the consensus and 14% above our estimates. EBIT came in at € 776m (up 88.8% q-o-q), 23.4% above the consensus. Adjusted net income was € 337m (+18.7% q-o-q) and 28.6% above the consensus. Robust results supported by refining - Upstream: adjusted EBITDA was € 591m (vs € 599m in Q4), 9% above the consensus with lower ...
- Emmanuel Matot
- Martin Marandon-Carlhian
Worldline : Début d’année apportant du crédit aux objectifs 2024
>Croissance organique faible au T1 mais au-dessus des attentes - Worldline vient de publier son CA au titre du T1 2024. Il fait ressortir une croissance organique faible à +2.5% mais au-dessus des attentes (ODDO BHF / consensus = +1.2/+0.7%) et en amélioration par rapport au point bas du T4 2023 (+1.3%).Les Services aux Commerçants s’avèrent plus dynamique que prévu (+3.9% dont +6.5% hors arrêt planifié de commerçants – rappel T4 2023 = +3.2%) grâce à de bons rés...
- Benoit Valleaux
- Steven Gould
BBVA : Potential M&A deal with Banco Sabadell – initial assessment
>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 ...
- Benoit Valleaux
- Steven Gould
BBVA : Potentiel deal M&A avec Banco Sabadell – 1ers éléments de réfle...
>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...
WORLDLINE : Q1 2024 revenue
WORLDLINE : Q1 2024 revenue Q1 2024 revenueQ1 2024 Group revenue: € 1,097 million +2.5% organically +3.9% in Merchant Services Transformation initiatives on trackRedesign of Merchant Services operating model with two new go-to-market channelsPower24 transformation plan in motion and rolled-out in targeted countries Launch of Crédit Agricole and Worldline joint-venture Unconditional approval received from the European Commission in MarchJV to operate under new brand CAWL, providing innovative payment services to all merchants in France Governance updateWilfried Verstraete coopted as futu...
Dassault Systemes Sa: 1 director
A director at Dassault Systemes Sa bought 500 shares at 37.300EUR and the significance rating of the trade was 52/100. 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 cle...
WORLDLINE: 2023 Universal Registration Document available
WORLDLINE: 2023 Universal Registration Document available 2023 Universal Registration Document available Paris La Défense, April 30, 2024 – Worldline [Euronext: WLN], a global leader in payments services, today announces the filing of its 2023 Universal Registration Document with the French Financial Markets Authority (AMF) in ESEF format (European Single Electronic Format) in French version on Tuesday, April 30, 2024, under number D.24-0377. The Universal Registration Document is available to the public in accordance with the applicable regulations and may be consulted on the Company’s w...
WORLDLINE : Mise à disposition du Document d’Enregistrement Universel ...
WORLDLINE : Mise à disposition du Document d’Enregistrement Universel 2023 Mise à disposition duDocument d’Enregistrement Universel 2023 Paris La Défense, le 30 avril 2024 – Worldline [Euronext : WLN], un leader mondial des paiements, annonce que son Document d’Enregistrement Universel 2023 a été déposé auprès de l’Autorité des marchés financiers (AMF) au format ESEF (European Single Electronic Format) le mardi 30 avril 2024, sous le numéro D.24-0377. Le Document d’Enregistrement Universel est tenu à la disposition du public dans les conditions prévues par la réglementation en vigueur et ...
Weekly share repurchase program transaction details
Weekly share repurchase program transaction details April 30, 2024 SBM Offshore reports the transaction details related to its EUR65 million (c. US$70 million) share repurchase program for the period April 25, 2024 through April 30, 2024. The repurchases were made under the EUR65 million share repurchase program announced on February 29, 2024 and effective from March 1, 2024. The objective of the program is to reduce share capital. Information regarding the progress of the share repurchase program and the aggregate of the transactions (calculated on a daily basis) for the period March ...
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2024
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). - ...
TKA THYSSENKRUPP AG
DG VINCI SA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
DAI DAIMLER AG
QIA QIAGEN NV
RXL REXEL SA
VNA VONOVIA SE
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
ABI ANHEUSER-BUSCH INBEV SA/NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STMN STRAUMANN HOLDING AG
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2024
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...
TKA THYSSENKRUPP AG
DG VINCI SA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
DAI DAIMLER AG
QIA QIAGEN NV
RXL REXEL SA
VNA VONOVIA SE
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
ABI ANHEUSER-BUSCH INBEV SA/NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STMN STRAUMANN HOLDING AG
- Ahmed Ben Salem
GALP : Q1 2024 results: strong beat to consensus with robust cashflow
>Q1 2024: 12% beat on EBITDA, 23% for EBIT and 28% for NI - GALP has just released its Q1 2024 results with EBITDA of € 974m, 12% above the consensus and 14% above our estimates. EBIT came in at € 776m (up 88.8% q-o-q), 23.4% above the consensus. Adjusted net income was € 337m (+18.7% q-o-q) and 28.6% above the consensus. Robust results supported by refining - Upstream: adjusted EBITDA was € 591m (vs € 599m in Q4), 9% above the consensus with lower ...
- Benoit Valleaux
- Steven Gould
BBVA : Decent set of Q1 2024 results and 2024 guidance lifted
>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...
EQS-News: Deutsche Wohnen veröffentlicht vorläufiges Zwischenergebnis ...
EQS-News: Deutsche Wohnen SE / Schlagwort(e): Quartals-/Zwischenmitteilung Deutsche Wohnen veröffentlicht vorläufiges Zwischenergebnis 3M 2024 30.04.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Deutsche Wohnen veröffentlicht vorläufiges Zwischenergebnis 3M 2024 Berlin, 30. April 2024. Die Deutsche Wohnen SE veröffentlicht anlässlich der Vorstellung der Zwischenergebnisse des Mehrheitsaktionärs Vonovia SE nachfolgend ausgewählte Kennzahlen für die ersten drei Monate des Geschäftsjahres 2024. Die Zahlen sind vorläufig....
EQS-News: Deutsche Wohnen Publishes Preliminary Results for 3M 2024
EQS-News: Deutsche Wohnen SE / Key word(s): Quarterly / Interim Statement Deutsche Wohnen Publishes Preliminary Results for 3M 2024 30.04.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Deutsche Wohnen Publishes Preliminary Results for 3M 2024 Berlin, April 30, 2024. Following the three months’ interim results of its majority shareholder, Vonovia SE, Deutsche Wohnen SE publishes the following KPIs for the first three months of the financial year 2024. The numbers are preliminary. In the first three months in 2024, Deutsche W...
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