Le momentum autour de l’électrification, moins favorable dernièrement, a conduit à un changement profond de perception, passant d’un optimisme sans doute excessif à un pessimisme qui le semble tout autant. En effet, si nous avons revu en baisse nos hypothèses, nous visons néanmoins toujours une croissance dans les années à venir (y compris cette année), bien supérieure à celle du marché automobile dans son ensemble. Face à ces changements, tous les acteurs au sein de la chaîne de...
With momentum around electrification less favourable of late, we have seen a major shift in perception, from doubtless overly rose-tinted optimism to what looks to be similarly excessive pessimism. While we have reduced our BEV assumptions, we nonetheless still anticipate growth in the next few years (including this year), well ahead of that of the automotive market as a whole. In the face of these changes, the players in the value chain (mines, semiconductors, auto) are differen...
The start of the earnings season has halted EPS erosion, which was marked in Europe and more limited in the US. In 2024, EPS should grow twice as fast on the S&P 500 (+10%) vs the Stoxx 600 (+5%). In Europe, the fastest-growing sectors are travel & leisure, banks and industrials. - ...
L’ouverture de la saison des résultats a mis fin à l’érosion des BPA, qui était forte en Europe et plus limitée aux Etats-Unis. Les BPA devraient ainsi croître en 2024 deux fois plus vite sur le S&P 500 (+10%) que le sur le Stoxx 600 (+5%). En Europe, les secteurs ayant la meilleure dynamique sont le Travel & Leisure, les Banques et l’Industrie. - ...
Rdos. 4T'23 vs 4T'22: Ventas: 985,0 M euros (+22,1% vs +25,9% BS(e)); EBITDA: 176,5 M euros (+27,8% vs +7,5% BS(e)); BDI: 66,7 M euros (+3,4% vs -16,4% BS(e)). Rdos. 2023 vs 2022: Ventas: 3.960 M euros (+3,1% vs +4,0% BS(e)); EBITDA: 713,2 M euros (+12,6% vs +8,2% BS(e)); BDI: 320,2 M euros (+6,7% vs +2,5% BS(e)).
>Solid Q4 results, targets more than confirmed - CIE published another set of very solid Q4 results yesterday morning (see First Take), broadly in line with forecasts (although with EBIT 6% above the consensus). The group continues to post modest revenue growth but also, and more importantly, very robust profitability (13.3% at the EBIT level). Regarding the outlook, the group not only confirmed its targets for 2025 (>19% EBITDA margin vs 18% in 2023) but also its ai...
>T4 solide, objectifs plus que confirmés - CIE a publié hier matin des résultats T4 une nouvelle fois très solides (cf. First Take), globalement conformes aux attentes (avec un EBIT toutefois 6% supérieur au consensus). Le groupe continue d’afficher une croissance modeste de ses revenus, mais aussi et surtout, une rentabilité très résiliente (13,3% au niveau de l’EBIT). Au niveau des perspectives, le groupe a non seulement confirmé ses objectifs 2025 (>19% de marge d...
>Solid Q4 2023 results slightly above expectations - CIE Automotive reported Q4 results which came in a touch above consensus expectations on some items (+6% vs css EBIT) and in line with our forecasts. Q4 revenues came in at € 985m, flat y-o-y, up 2% q-o-q, in line with expectations (company-compiled css € 971m, ODDO BHF € 987m). EBITDA totalled € 177m, +21% y-o-y, with a margin of 17.9% (+300bp y-o-y), also in line (css € 171m, ODDO BHF € 176m). EBIT came above...
>Solid Q4 2023 results slightly above expectations - CIE Automotive reported Q4 results which came in a touch above consensus expectations on some items (+6% vs css EBIT) and in line with our forecasts. Q4 revenues came in at € 985m, flat y-o-y, up 2% q-o-q, in line with expectations (company-compiled css € 971m, ODDO BHF € 987m). EBITDA totalled € 177m, +21% y-o-y, with a margin of 17.9% (+300bp y-o-y), also in line (css € 171m, ODDO BHF € 176m). EBIT came above...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, CIE AUTOMOTIVE, IBERDROLA, MAPFRE, SANTANDER, TELEFÓNICA. EUROPA: AXA. 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. Los resultados impulsaron las bolsas a nuevos máximos A excepción del FTSE 100, las bolsas cerraron la semana ...
NEWS SUMMARY: CAF, CIE AUTOMOTIVE, IBERDROLA, MAPFRE, SANTANDER, TELEFÓNICA. 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 4Q’23 results to be released over the coming days in Spain. Results drove stock markets to highs With the exception of the FTSE 100, European stock markets ended the week with gains, and many of the main global indices hit new record highs, thanks in part...
NEWS SUMMARY: ACCIONA/ACCIONA ENEGÍA, CIE, IAG, NH HOTELES, REPSOL. The Ibex manages to end above 10,000 points After the rally seen last week in equity markets, fuelled by the Fed’s dovish message, this week kicked off with profit taking in most European markets, as opposed to the US. In the STOXX 600 most sectors ended with drops, led by Technology and Construction (around -2.0%) vs. Energy and Basic Resources that saw the biggest gains (around +1.0%). On the macro side, in Germany, the IFO ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CIE AUTOMOTIVE, IAG, NH HOTELES, REPSOL, SECTOR BANCOS. EUROPA: AB INBEV, SIEMENS. El Ibex salva los 10.000 puntos Tras el rally de la semana pasada en la renta variable impulsada por el tono dovish de la Fed, esta comenzó con recogida de beneficios en la mayoría de las bolsas europeas pero no así en la estadounidense. En el STOXX 600 la mayoría de los sectores terminaron con caídas, lideradas por Tecnología y Construcción...
>Analyst Day with the CEO making a rare appearance - CIE hosted an Analyst Day yesterday in Madrid with CEO Jesus Maria Herrera Barandiaran, a rare opportunity to discuss with the executive about his vision for the group. In addition to a still upbeat message about the outlook for organic development (outperformance + margin expansion) in the short, medium and long term, the CEO delivered a resolutely proactive message on the imminent return of (potentially transform...
>Analyst Day avec une rare apparition du CEO - CIE a tenu un évènement analyste hier à Madrid en présence du CEO Jesus Maria Herrera Barandiaran, une occasion rare d’échanger avec le dirigeant sur sa vision du groupe. En plus d’un message toujours très confiant sur les perspectives de développement organique (surperformance + expansion de marges) à court moyen/long terme, il a porté un message résolument volontariste sur le retour du M&A (potentiellement structurant)...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, BBVA, CELLNEX, CIE AUTOMOTIVE, ENDESA, GRIFOLS, OHLA. EUROPA: ASML. El Ibex consolida los 10.000 puntos Después de más de tres años y medio, el Ibex logró consolidar los 10.000 puntos en otra jornada de subidas y donde las rentabilidades soberanas continuaron estrechando. En el STOXX 600 la mayoría de los sectores cerró con ganancias, lideradas por Autos e Inmobiliario mientras que Energía y R. Básicos fueron los que más cayeron. Por el ...
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