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...
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...
>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...
>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...
>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...
>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...
>Q3 sales of € 105.2m (vs € 105m est.), up 7.5% (+ 8.5% l-f-l) - TFF Group yesterday evening reported Q3 2023-24 sales of € 105.m, right in line with our forecast. In the quarter, business thus expanded by 7.5% (+8.5% l-f-l). Over 9 months, sales came to € 369.5m (vs € 369.2m est.), up 11.8%, with: 1/ a negative forex effect of -3.2% (dollar impact), 2/ a scope effect of 0.5% following the integration of Goulard (6 months) and Biossent (4 months) and 3/ organic growth...
>CA T3 de 105.2 M€ (vs 105 M€e), en croissance de 7.5% (+ 8.5% lfl) - TFF group a publié hier soir un CA T3 2023/24 de 105.2 M€ parfaitement en ligne avec notre attente. Sur le trimestre, l’activité ressort ainsi en progression de 7.5% (+8.5% lfl). Sur 9 mois cumulés, le CA atteint 369.5 M€ (vs 369.2 M€e), en croissance de 11.8% composée : 1/ d’un effet devises négatif de -3.2% (impact dollar), 2/ d’un effet périmètre de 0.5% suite à l’intégration des sociétés Goulard...
>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...
>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...
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 ...
>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...
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