reports
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
EDP-Energias DE Portugal S.A: 1 director
A director at EDP-Energias DE Portugal S.A bought 57,000 shares at 3.555EUR and the significance rating of the trade was 70/100. 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...
- 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 : Roadshow confirms resilience of integrated model
>Outperform rating and € 6.0 target price maintained - Following a roadshow which we organised with the CFO and the IR teams in Paris, we confirm our Outperform rating on the stock. The group’s message remains reassuring in terms of its capacity to offset EDPR’s trajectory thanks to its flexible generation (hydroelectricity) and its regulated operations. The group is maintaining its 2024 guidance for net income of € 1.3bn and the trajectory set out in the framework of...
- 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 : Un roadshow qui confirme la résilience du modèle intégré
>Opinion Surperformance et OC 6.0 € maintenus - A l’issue d’un roadshow que nous avons organisé à Paris avec le directeur financier et les équipes de relations-investisseurs, nous confirmons notre opinion Surperformance sur le titre. Le message du groupe demeure rassurant dans sa capacité à compenser la trajectoire d’EDPR grâce à sa génération flexible (hydroélectricité) et ses activités régulées. Le groupe maintient sa guidance 2024 d’un résultat net de 1.3 Md€ et la...
- 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...
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Jean-Baptiste Rouphael
- Louis Boujard
- CFA
- Marc Lavaud
- Philippe Ourpatian
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
PUM PUMA SE
GRF GRIFOLS S.A. CLASS A
CRG CRH PLC
SIX2 SIXT SE
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FDR FLUIDRA S.A.
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
INX IMCD N.V.
CLNX CELLNEX TELECOM S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
RMV RIGHTMOVE PLC
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
DTG DAIMLER TRUCK
AGN AEGON N.V.
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : It’s better to be integrated!
>Outperform rating and target price maintained - Adjusted for non-recurrent items, EDP’s 2023 results were broadly in line with our expectations but slightly lower than those of the consensus. Business was buoyed by the return to a more normal situation in terms of hydroelectricity in the Iberian Peninsula and the resilience of regulated networks. Ahead of today’s conference call, we maintain our Outperform rating in view of the group’s strategy, which is comparable i...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : C’est mieux d’être intégré !
>Opinion Surperformance et OC maintenus - Sur une base retraitée des éléments non récurrents, les résultats du 2023 sont ressortis globalement en ligne avec nos attentes mais un peu inférieurs à celles du consensus. L’activité a été portée par le retour à une situation plus normale en termes d’hydroélectricité sur la péninsule ibérique et la résilience des réseaux régulés. En amont de la conférence téléphonique de ce jour, nous maintenons notre opinion Surperformance...
- Nadège Tillier
EDP/2023 credit ratios in line but a risky 2024 ahead
EDP reported YE23 results in a context of a sharp equity price drop for the company (-20% YTD) with investors doubting EDP's growth story due to increased costs for building renewables. 2023 earnings missed estimates but showed progression compared with 2022. According to our preliminary credit metrics calculations, ratios are in line with last year. Worries for 2024 reside in a further deterioration of power prices alongside high capex which would put pressure on credit metrics. We are neutral ...
- 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. ...
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