reports
- Bruno Cavalier
- Julian Dobrovolschi
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Results above expectations benefiting from a timing effect
>Results above our forecast with strong contribution in Flex Gen and GEMS - Engie released this morning Q1 2024 results that beat expectations. EBITDA came in at € 5.4bn, (-0.7% organic) above our expectation (at € 5,085m). EBIT was down -1.6% organic to € 4,166m vs € 3,835m expected. By division, the renewable segment reported € 712m (+4.3% y-o-y in organic terms, vs ODDO BHF at € 800m), benefiting from very good hydro conditions in France and Portugal and commissio...
- Louis Boujard
- CFA
- Philippe Ourpatian
Engie : Results above expectations benefiting from a timing effect
>Results above our forecast with strong contribution in Flex Gen and GEMS - Engie released this morning Q1 2024 results that beat expectations. EBITDA came in at € 5.4bn, (-0.7% organic) above our expectation (at € 5,085m). EBIT was down -1.6% organic to € 4,166m vs € 3,835m expected. By division, the renewable segment reported € 712m (+4.3% y-o-y in organic terms, vs ODDO BHF at € 800m), benefiting from very good hydro conditions in France and Portugal and commissio...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
FP TOTAL SE
EQNR EQUINOR ASA
ELIOR ELIOR GROUP SA
GALP GALP ENERGIA SGPS SA CLASS B
ALFOC FOCUS HOME INTERACTIVE SA
GYC GRAND CITY PROPERTIES SA
GLJ GRENKE AG
DEC JCDECAUX SA
BLC BASTIDE LE CONFORT MEDICAL SA
JCQ JACQUET METALS SA
ENI ENI S.P.A.
REP REPSOL SA
VASTN VASTNED RETAIL NV
ERG ERG S.P.A.
CPINV CARE PROPERTY INVEST SA
DIC DIC ASSET AG
FNTN FREENET AG
DUFN DUFRY AG
RUI RUBIS SCA
BP. BP P.L.C.
MDM MAISONS DU MONDE SA
JST JOST WERKE AG
DMP DERMAPHARM HOLDING SE
VK VALLOUREC SA
SHEL SHELL PLC
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Solid results bode well going forward
>Q1 2024 results beat expectations - RWE's Q1 2024 results, reported yesterday, beat expectations. EBITDA came in at € 1.709bn, (-26%) vs € 1.57bn expected (€ 1.569bn css). Adjusted EBIT fell by 34% to € 1.22bn vs € 1.07bn expected (ODDO BHF) / € 1.048bn (css). Adjusted net income came in at € 801m (vs € 1.315bn y-o-y) up relative to our expectations at € 654m and € 646m (css). All the divisions were in line with expectations, except for trading which posted € 251m (...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : IEA report: market still in deficit despite a downward revision...
>IEA adjusts down its demand growth forecasts by 140kb/d to 1.1mb/d - The IEA has just published its monthly report in which it has revised down its demand growth estimates for 2024 by 140kb/d from +1.2mb/d to +1.1mb/d. This revision takes account of the weak demand in Q1 (400kb/d below forecasts) in OECD countries and notably in Europe where it contracted by 70kb/d. For 2025, the IEA is leaving its growth estimates unchanged at +1.2mb/d (to 104.3mb/d) with the assu...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Rapport AIE : un marché toujours déficitaire malgré une demande...
>L’AIE révise en baisse sa croissance de la demande de 140 kb/j à 1.1Mb/j - L’AIE vient de publier son rapport mensuel dans lequel elle abaisse ses estimations de croissance de la demande pour 2024 de 140 kb/j passant ainsi de +1.2 Mb/j à +1.1 Mb/j. Cette révision tient compte d’une demande qui était faible au T1 (400 kb/j en dessous des attentes) dans les pays de l’OCDE et notamment en Europe où elle s’est contractée de 70 kb/j. Pour 2025, l’AIE a maintenu inchangé...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Des résultats solides de bon augure pour la suite
>Résultats T1 2024 supérieurs aux attentes - RWE a publié hier ses résultats T1 2024 supérieurs aux attentes. L'EBITDA est ressorti à 1 709 M€, (-26%) contre 1 570 M€ attendus (1 569 M€ Css). L'EBIT ajusté est en baisse de 34% à 1 220 M€ vs 1 070 M€ attendus (ODDO BHF) / 1 048 € (Css). Le résultat net ajusté est ressorti à 801 M€ (vs 1 315 M€ y-o-y) en hausse par rapport à nos attentes à 654 M€ et 646 M€ (Css). Toutes les divisions ont été conformes aux prévisions, à...
- Chaima Ferrandon
- Sven Edelfelt
Eiffage : Un bon T1 sauf dans la construction
>CA T1 en hausse de 1.7% lfl en ligne avec le consensus - Eiffage a publié hier soir un chiffre d’affaires T1 2024 à 5 189 M€, en hausse de 1.7% en lfl et 4.9% en réel (proche de nos attentes de 5.1 Md€ et du consensus Visible Alpha à 5.2 Md€). APRR avait déjà publié son chiffre d’affaires en hausse de 2.4% vs 2023 (avec un trafic en baisse de -0.6% vs T1 2023). La bonne performance provient de l’activité Travaux qui voit son chiffre d’affaires augmenter de 4.8% ...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Results above forecast but no change in the guidance at this poi...
>Good set of results above forecast due to trading business - RWE released its Q1 2024 results this morning, which came in above expectations. EBITDA came in at €1,709, (-26%) vs €1,570 m anticipated (€ 1,569m Css). Adjusted EBIT was down 34% to € 1,220m vs € 1,070m expected (ODDO BHF) / € 1,048m (Css). Adjusted net income was € 801m (vs € 1,315m y-o-y) above our forecast at € 654m and € 646m (Css). By division, EBITDA at the offshore wind business was up 16% y-o-y to...
- Louis Boujard
- CFA
- Philippe Ourpatian
RWE : Results above forecast but no change in the guidance at this poi...
>Good set of results above forecast due to trading business - RWE released its Q1 2024 results this morning, which came in above expectations. EBITDA came in at €1,709, (-26%) vs €1,570 m anticipated (€ 1,569m Css). Adjusted EBIT was down 34% to € 1,220m vs € 1,070m expected (ODDO BHF) / € 1,048m (Css). Adjusted net income was € 801m (vs € 1,315m y-o-y) above our forecast at € 654m and € 646m (Css). By division, EBITDA at the offshore wind business was up 16% y-o-y to...
- Chaima Ferrandon
- Sven Edelfelt
Eiffage : Good Q1 figures except in construction
>Q1 revenues up 1.7% l-f-l, in line with the consensus - Eiffage yesterday evening reported Q1 2024 revenues of € 5.189bn, up 1.7% l-f-l and 4.9% in real terms (close to our expectations of € 5.1bn and the Visible Alpha consensus of € 5.2bn). APRR had already posted revenues up 2.4% vs 2023 (with traffic down -0.6% vs Q1 2023). The good performance was driven by contracting which saw its revenues grow by 4.8% (+1.4% l-f-l). The increase was particularly marked fo...
- Research Department
IBERIAN DAILY 15 MAY + 1Q’24 RESULTS. REST OF PREVIEWS (ANÁLISIS BANCO...
NEWS SUMMARY: GRIFOLS, NATURGY, REPSOL. 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 near 2015 levels Italy and Spain stood out once more in a session with slight gains for the rest of European indices. In the STOXX 600, Autos and Telecoms led gains, whereas Travel&Leisure and Energy saw the worst perform...
- Research Department
INFORME DIARIO 15 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLIS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, NATURGY, REPSOL. EUROPA: ALLIANZ, PROSUS. 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, cerca de niveles de 2015 Jornada de tímidos avances en las bolsas europeas, donde destacó en positivo la periferia (Italia y España). De...
Verbund AG: 4 directors
Four Directors at Verbund AG bought 5,399 shares at 71.794EUR. The significance rating of the trade was 63/100. 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 clearly sh...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.