Credit Morning 02/25/2025

Metro: New EUR 500m bond in the market with interesting step-up feature|Clariane has published FY24 results in line with expectations, but debt reduction must remain a priority|

Morning Crédit 25/02/2025

Metro: New EUR 500m bond in the market with interesting step-up feature|Clariane a publié des résultats conformes aux attentes mais le désendettement doit rester une priorité en 2025|

Coffee, Croissants & Credit/OFGEM, Telefonica, Telia, Public Storage, ...

Utilities - UK power bills to rise by 6% in April

IBERIAN DAILY 25 FEBRUARY + 4Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: GREENING, ROVI, TALGO, 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’24 results to be released over the coming days in Spain. US drags down Europe Despite the positive initial reaction by European stock markets to the result of the German election, the session ended with losses in most indices, except for the DAX and IBEX, which managed to close i...

INFORME DIARIO 25 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GREENING, ROVI, TALGO, TELEFÓNICA. EUROPA: ASML. 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’24 que se publicarán en España y Europa en los próximos días. EE.UU. arrastra a Europa Pese a la reacción positiva inicial de las bolsas europeas al resultado de las elecciones alemanas, la jornada fue de más ...

Credit Morning 02/19/2025

Tereos : 9M 24/25 results in line with expectations|Nexans: a very strong FY 2024, and a good performance expected in FY 2025.|KKR clashes with Fibercop management over a difference in EBTDA forecasts (FT)|SES : Moody’s revises the outlook to Negative from Stable, SES says FY24 results are better than expected|

Morning Crédit 19/02/2025

Tereos : Résultats 9M 24/25 conforme aux attentes|Nexans: a very strong FY 2024, and a good performance expected in FY 2025.|FiberCop : conflit entre KKR et le management concernant les prévisions d’EBITDA (FT)|SES : Moody’s révise la perspective de Stable à Négative, SES indique que les résultats 2024 devraient être meilleurs que prévu|

Telefonica (Neutral, €4.8, +14%) Peru insolvency could be material fo...

We still await more details on any change of strategy from the new CEO, but the process of trying to “clean up” Telefonica Hispam seems to be accelerating and Telefonica has now announced that Peru will go into insolvency proceedings. In this note, we review what this means and show that the outcome could help Telefonica to hit their €3bn 2026 FCF guidance and drive a near-term uplift to consensus FCF numbers

IBERIAN DAILY 17 FEBRUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ELECTRICITY SECTOR, GRIFOLS, TALGO, 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’24 results to be released over the coming days in Spain. Peace expectations and tariffs marked last week’s performance European equity markets rose last week, fuelled by expectations of a peace agreement in Ukraine (with tough speeches from both the US vice-president...

INFORME DIARIO 17 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, SECTOR ELÉCTRICO, TALGO, TELEFÓNICA. 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’24 que se publicarán en España y Europa en los próximos días. Las expectativas de paz y los aranceles marcan la semana La renta variable europea avanzó en la semana impulsada por las expectativas de un acuerdo d...

INFORME DIARIO 12 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER, TALGO, TELEFÓNICA. EUROPA: AHOLD DELHAIZE. 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’24 que se publicarán en España y Europa en los próximos días. El mercado sigue positivo En otra jornada sin grandes novedades macro ni nuevas sorpresas en materia arancelaria, la mayoría de índices europ...

IBERIAN DAILY 12 FEBRUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: SANTANDER, TALGO, 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’24 results to be released over the coming days in Spain. The market remains positive In another session lacking big macro releases or tariff surprises, most European indices once again posted moderate gains, with the IBEX on the verge of 12,800 points. Thus, in the STOXX 600, most sec...

ODDO BHF Small & MIDCAP MORNING NEWS – 02/05/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 05/02/2025

Unicaja Banco : A robust year in 2024, reasonable 2025 guidance, mediu...

Unicaja Banco : Exercice 2024 solide, guidance 2025 raisonnable et amb...

UNICAJA: 4Q’24 RESULTS AND 2027 STRATEGIC PLAN (ANÁLISIS BANCO SABADEL...

4Q'24 vs. 4Q'23: NII: € 381 M (+0.1% vs. -9.2% BS(e) and -3.5% consensus); Total Revenues: € 521 M (+17.9% vs. +8.1% BS(e) and +12.9% consensus); Operating Income: € 291 M (+19.6% vs. +11.3% BS(e) and +18.7% consensus); Net Profit: € 122 M (vs. € -19 M in 4Q’23; € 131 M BS(e) and € 141 M consensus). 4Q'24 vs. 3Q'24: NII: € 381 M (-0.8% vs. -10% BS(e) and -4.4% consensus); Total Revenues: € 521 M (+1.4% vs. -7% BS(e) and -2.9% consensus); Operating Income: € 291 M (+1.9% vs. -12.5% BS(e) and -6.7...

UNICAJA: RDOS. 4T’24 Y PLAN ESTRATÉGICO A 2027 (ANÁLISIS BANCO SABADEL...

Rdos. 4T'24 vs 4T'23: M. Intereses: 381 M euros (+0,1% vs -9,2% BS(e) y -3,5% consenso); M. Bruto: 521 M euros (+17,9% vs +8,1% BS(e) y +12,9% consenso); M. Neto: 291 M euros (+19,6% vs +11,3% BS(e) y +18,7% consenso); BDI: 122 M euros (vs -19 M euros en 4T’23; 131 M euros BS(e) y 141 M euros consenso). Rdos. 4T'24 vs 3T'24: M. Intereses: 381 M euros (-0,8% vs --10% BS(e) y -4,4% consenso); M. Bruto: 521 M euros (+1,4% vs -7% BS(e) y -2,+9% consenso); M. Neto: 291 M euros (+1,9% vs -12,5% BS(e)...

INFORME DIARIO 04 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: UNICAJA. EUROPA: AIRBUS, ING GROEP. 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’24 que se publicarán en España y Europa en los próximos días. Máxima volatilidad en los mercados Tras un inicio muy negativo, las Bolsas europeas recuperaron terreno tras el anuncio de retraso de un mes en los aranceles i...

IBERIAN DAILY 04 FEBRUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: UNICAJA. 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’24 results to be released over the coming days in Spain. Extreme volatility on stock markets Following a negative opening bell, European stock markets recovered ground after the announcement of a one-month postponement in the tariffs imposed to Mexico and Canada (in exchange for concessions in borders an...