reports
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/03/2024
After very strong results during 2021 and 2022 on the back of industry tailwinds due to supply chain disruptions, IMCD maintained a relatively steady operating performance over 2023 despite a clear normalisation of end-market demand within Industries. Notwithstanding these industry pressures, IMCD was able to offset the negative organic growth over 2023 (-6.4%) with its acquisitory power, stabilising growth for the year (excl. FX impact). We believe that IMCD is ready to resume its up...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : A road show that leads us to adjust our model
>Neutral rating maintained, 2024-2026 EPS lowered and target price adjusted to € 17.0 - We took the opportunity of a road show in Paris with the CFO and investor relations team to adjust our model and fine-tune our 2024-2026 in order to factor in the latest elements related to this trajectory. As the group mentioned at the 2023 earnings publication, the 2024 guidance is based on production of 40-42 TWh and an average captured price of € 53-55/MWh. For 2025 and 2026, w...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Un roadshow qui nous amène à ajuster notre modèle
>Opinion Neutre maintenue, BPA 2024-2026 révisés en baisse et OC ajusté à 17.0 € - Nous avons profité d’un roadshow à Paris avec le directeur financier et l’équipe de relations Investisseurs, pour ajuster notre modèle et affiner nos estimations 2024-2026 afin de prendre en compte les derniers éléments relatifs à cette trajectoire. Comme le groupe l’a mentionné lors de la publication des résultats 2023, la guidance 2024 est fondée sur une production comprise entre 40 T...
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
LHN LAFARGEHOLCIM LTD.
BMW BAYERISCHE MOTOREN WERKE AG
1COV COVESTRO AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
DGE DIAGEO PLC
RNO RENAULT SA
MTX MTU AERO ENGINES AG
FGR EIFFAGE SA
DAI DAIMLER AG
ADEN ADECCO GROUP AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ELE ENDESA S.A.
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
ASRNL ASR NEDERLAND NV
MONC MONCLER SPA
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
UN0 UNIPER SE
- Chaima Ferrandon
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Michael Foundoukidis
- Sven Edelfelt
LHN LAFARGEHOLCIM LTD.
BMW BAYERISCHE MOTOREN WERKE AG
1COV COVESTRO AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
DGE DIAGEO PLC
RNO RENAULT SA
MTX MTU AERO ENGINES AG
FGR EIFFAGE SA
DAI DAIMLER AG
ADEN ADECCO GROUP AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ELE ENDESA S.A.
GN GN STORE NORD A/S
VOW3 VOLKSWAGEN AG PREF
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
KGX KION GROUP AG
ASRNL ASR NEDERLAND NV
MONC MONCLER SPA
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
ARGX ARGEN-X SE
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
SHUR SHURGARD SELF STORAGE LIMITED
UN0 UNIPER SE
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : 2023 under pressure, set for transition in 2024, but ...
>Neutral rating and € 18.6 target price unchanged - The group’s 2023 results fell short of our expectations and those of the consensus, undermined by reduced wind resources and sharply lower MWh prices. Without providing quantitative 2024 EBITDA (only qualitative – moderate growth), the group is framing its sales based on production (42 TWh – 44 TWh) and a consolidated average price of between € 53/MWh and € 55/MWh. This last metric prompts us to adjust our 2024 EPS e...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : 2023 altéré, 2024 de transition, mais les objectifs 2...
>Opinion Neutre et OC inchangé à 18.6 € - Le groupe a publié des résultats 2023 inférieurs à nos attentes, et celles du consensus, affectés par des conditions de ressources éoliennes et des prix du MWh fortement en baisse. Sans délivrer une guidance 2024 d’EBITDA quantitative, mais uniquement qualitative (croissance modérée), le groupe a cadré son chiffre d’affaires sur la base d’une production (42 TWh – 44 TWh) et d’un prix moyen consolidé compris entre 53 €/MWh et 5...
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/02/2024
Double matérialité, transition climat, chaîne de valeur : la CSRD va révolutionner le reporting ESG, dès 2025. Elle devrait accélérer la transformation des entreprises les plus engagées et servir d’arme anti-greenwashing à l’encontre des plus réticentes. Les exigences d’audit garantissent une certaine qualité des données, mais il faudra patienter quelques années pour que les investisseurs en tirent tous les bénéfices. - ...
RNO RENAULT SA
ZURN ZURICH INSURANCE GROUP LTD
EN BOUYGUES SA
RXL REXEL SA
AGS AGEAS SA/NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
UCB UCB S.A.
ASM ASM INTERNATIONAL N.V.
GAS NATURGY ENERGY GROUP S.A.
EDW EDP RENOVAVEIS SA
AENA AENA SME SA
WLN WORLDLINE SA
VOD VODAFONE GROUP PLC
CPR DAVIDE CAMPARI-MILANO N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
FER FERROVIAL SA
UN0 UNIPER SE
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : 2023 affected by lower resources, declining prices an...
>2023 undershoots expectations - The company has just released figures for 2023 lower than expectations. As expected, the group reported an installed capacity of 15,485 MW (MW EBITDA, excluding equity accounting) and 16,555 MW (including equity accounting). Net installed capacity increased by 1,852 MW EBITDA excluding equivalents (an increase of 13.6%) vs 13,633 MW in 2022 due to commissioning in all geographies. EDPR currently has 3,719 MW EBITDA under construction. ...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : 2023 affected by lower resources, declining prices an...
>2023 undershoots expectations - The company has just released figures for 2023 lower than expectations. As expected, the group reported an installed capacity of 15,485 MW (MW EBITDA, excluding equity accounting) and 16,555 MW (including equity accounting). Net installed capacity increased by 1,852 MW EBITDA excluding equivalents (an increase of 13.6%) vs 13,633 MW in 2022 due to commissioning in all geographies. EDPR currently has 3,719 MW EBITDA under construction. ...
EDP Renewables North America Announces Operations Commencement of Shar...
EDP Renewables North America Announces Operations Commencement of Sharp Hills Wind Farm in Alberta, Canada Sharp Hills Wind Farm’s 297 megawatts of installed capacity will aid in investments throughout local communities in Alberta Alberta, Canada, Jan. 22, 2024 (GLOBE NEWSWIRE) -- EDP Renewables North America (), a leading renewable energy developer and a top five renewable energy operator in the United States, alongside EDP Renewables Canada Ltd. (EDPR Canada), celebrates becoming operational near the hamlets of Sedalia and New Bridgen in Alberta, Canada. The energy offtaker for the ...
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/18/2024
2024 is set to be less impressive than 2023 (comparison bases, persistent inflation and tougher price hikes). We continue to play the green Capex theme and remain cautious on the construction segment. After the end-of-year rally, we see more limited re-rating potential. Based on our 2024 guidance scenarios, our Top Picks are Atlas Copco, Schneider Electric and Siemens (green Capex exposure, potential for earning upgrades over the course of the year). We have downgraded Rexel to Neutra...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Un 2024 affecté par El Nino et les décalages solaires...
>Opinion Neutre maintenue et OC ajusté à 18.6 € vs 20.50 € - Les relations investisseurs d’EDP et d’EDPR étaient présentes à notre 27ème Forum. Concernant EDPR, nos discussions avec le groupe nous amènent à maintenir nos estimations 2023, en ligne avec les guidances mais à réviser nos attentes 2024 compte tenu essentiellement de la poursuite d’une moindre ressource éolienne et des mises en services solaires plutôt sur le S2 24 aux Etats-Unis. Notre BPA 2024 est abaiss...
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 18/01/2024
L’année 2024 sera moins flamboyante que 2023 (base de comparaison, inflation persistante et hausses de prix plus difficiles). Nous continuons de privilégier la thématique ‘Green Capex’ et restons prudents sur le segment de la construction. Après le rallye boursier de fin d’année, le potentiel de rerating nous semble plus limité. Sur la base de nos scénarios de guidances 2024, nos top picks sont Atlas Copco, Schneider Electric et Siemens (exposition Green Capex, potentiel de relèvement...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : 2024 affected by El Nino and later solar commissionin...
>Neutral rating maintained and target price adjusted to € 18.6 vs € 20.50 - EDP and EDPR’s investor relations teams were present at our 27th Forum. Regarding EDPR, our discussions with the group prompt us to maintain our 2023 estimates, in line with the guidance but to revise our 2024 expectations mainly to reflect the continuation of reduced wind resources and solar capacity coming on stream more in H2 2024 in the US. We have reduced our 2024 EPS estimates by 29.1%. ...
- MarketLine Department
Iberdrola Renovables Energia SA - Company Profile and SWOT Analysis
Summary Iberdrola Renovables Energia SA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Iberdrola Renovables Energia SA (Iberdrola Renovables), a subsidiary of Iberdrola SA, is an electric power generation company. It generates power by utilizing various renewable energy so...
- MarketLine Department
Iberdrola Ingenieria y Construccion SAU - Company Profile and SWOT Ana...
Summary Iberdrola Ingenieria y Construccion SAU - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Iberdrola Ingenieria y Construccion SAU (Iberdrola Ingenieria), a subsidiary of Iberdrola SA, is an engineering and construction services provider. It provides a wide range of se...
EDP Renewables North America Launches the Close the Loop Program
EDP Renewables North America Launches the Close the Loop Program Effort with SOLARCYCLE and others highlights the need for a circular economy focused on materials recycling in North America Houston, Texas, Dec. 12, 2023 (GLOBE NEWSWIRE) -- EDP Renewables North America (), a leading renewable energy developer and a top five renewable energy owner and operator in the United States, has announced the launch of its Close the Loop Program focused on keeping the environment front and center through more efficient use of resources and materials, promoting solutions that extend product lifecycl...
- Konrad Zomer
EN BOUYGUES SA
WKL WOLTERS KLUWER NV
RAND RANDSTAD NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
ORSTED ORSTED
01913 PRADA S.P.A.
EDW EDP RENOVAVEIS SA
ABI ANHEUSER-BUSCH INBEV SA/NV
UN01 UNIPER SE
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
FER FERROVIAL SA
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