reports
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Martial Descoutures
- Oussema Denguir
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DKSH DKSH HOLDING AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
F3C SFC ENERGY AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
GREEN GREENYARD NV
MONC MONCLER SPA
EDR EDREAMS ODIGEO SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
VOS VOSSLOH AG
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
AELIS AELIS FARMA SA
NCH2 THYSSENKRUPP NUCERA AG & CO.
SPG SPRINGER NATURE AG & CO. KGAA
- Rafael Bonardell
- Anis Zgaya
- Philippe Ourpatian
Solaria : 9M 2024 recurring income and guidance validated, leaving the...
>Outperform rating and target price of € 20.50 maintained - Following the publication of 9M 2024 results which on a reported basis came in a shade above our forecasts, but in line excluding capital gains from divestments, we confirm our Outperform rating and our target price of € 20.5 based on DCF (€ 16.5) and a sum-of-the-parts approach (€ 24.4). The group has confirmed its guidance for 2024 and 2025 EBITDA, likewise its target for 3 GW of operational capacity at th...
- Rafael Bonardell
- Anis Zgaya
- Philippe Ourpatian
Solaria : 9M 24 récurrent et guidances validés, reste la trajectoire d...
>Opinion Surperformance et OC à 20.50 € maintenus - A l’issue de la publication des résultats du 9M 24, qui sont ressortis, en publié, un peu au-dessus de nos attentes, mais hors plus-value de cession, en ligne avec nos estimations, nous confirmons notre opinion Surperformance, et notre objectif de cours de 20.5 €, sur la base d’un DCF (16.5 €) et d’une somme des parties (24.4 €). Le groupe a confirmé ses guidances d’EBITDA 2024 et 2025, de même que l’attente de 3 GW ...
- Research Department
IBERIAN DAILY 19 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, POSSIBLE TAX CHANGES, SOLARIA. Awaiting drivers European stock markets managed to recover ground at the end of the session, ending mixed, with the Ibex and FTSE MIB being the best relative performers. Thus, in the STOXX 600, Basic Resources and Telecoms were the best relative performers vs. the bigger drops of Real Estate and Retail. From the ECB, De Guindos insisted that concerns about inflation have now shifted to growth. On the macro side, in the US November’s NAHB r...
- Research Department
INFORME DIARIO 19 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, IMPUESTOS ESPAÑA, SOLARIA. A la espera de catalizadores Las bolsas europeas lograron recuperarse hacia el final de la sesión y cerraron con signo mixtos donde destacó el buen comportamiento relativo del Ibex y el del FTSE MIB en negativo. Así, dentro del STOXX 600, Recursos Básicos y Telecos mostraron el mejor comportamiento relativo, frente a las mayores caídas de Inmobiliario y Retail. Desde el BCE, De Guindos insistió en que la preocup...
- Research Department
IBERIAN DAILY 14 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: FERROVIAL, GRIFOLS, IBERDROLA. 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 3Q’24 results to be released over the coming days in Spain. US inflation continues to follow the script European stock markets ended with drops, although the US inflation data helped distance them from daily lows. In the STOXX 600 the best-performing sectors were Energy and Consumer Goo...
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’24. IDEAS DESTACADAS Y P...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRIFOLS, IBERDROLA. EUROPA: ASML, DEUTSCHE TELEKOM, PROSUS, SIEMENS. 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. 3T’24 que se publicarán en España y Europa en los próximos días. La inflación estadounidense sigue el camino esperado Las bolsas europeas terminaron con caídas, aunque el dato de i...
- Fehmi Ben Naamane
Melia : Q3 results in line, annual guidance confirmed
>Q3 figures in line with estimates - Melia Hotels has published Q3 results that are broadly in line with expectations. Group revenues came in at € 584.1 million (ODDO BHF: € 587.3m; Visible Alpha consensus: € 596.8m), representing growth of 3.3% y-o-y. RevPAR rose by 10.7% y-o-y, thanks to a 10.3% y-o-y increase in average prices while occupancy rates were virtually flat at +0.3 pt. By region, RevPAR rose sharply in Europe (up 15.1% y-o-y, of which +14.5% in Germany a...
- Fehmi Ben Naamane
Melia : Q3 results in line, annual guidance confirmed
>Q3 figures in line with estimates - Melia Hotels has published Q3 results that are broadly in line with expectations. Group revenues came in at € 584.1 million (ODDO BHF: € 587.3m; Visible Alpha consensus: € 596.8m), representing growth of 3.3% y-o-y. RevPAR rose by 10.7% y-o-y, thanks to a 10.3% y-o-y increase in average prices while occupancy rates were virtually flat at +0.3 pt. By region, RevPAR rose sharply in Europe (up 15.1% y-o-y, of which +14.5% in Germany a...
- Rafael Bonardell
MELIÁ HOTELS: 3Q’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 584.1 M (+2.7% vs. +3.9% BS(e) and +3.0% consensus); EBITDA: € 188.3 M (+11.8% vs. +9.3% BS(e) and +8.8% consensus). 9M'24 vs. 9M'23 Results Sales: € 1.544 Bn (+4.5% vs. +4.7% BS(e) and +4.4% consensus); EBITDA: € 428.6 M (+10.8% vs. +9.0% BS(e) and +8.8% consensus).
- Rafael Bonardell
MELIÁ HOTELS: RDOS. 3T’24 Y CAMBIO DE P.O. AL ALZA (ANÁLISIS BANCO SAB...
Rdos. 3T'24 vs 3T'23: Ventas: 584,1 M euros (+2,7% vs +3,9% BS(e) y +3,0% consenso); EBITDA: 188,3 M euros (+11,8% vs +9,3% BS(e) y +8,8% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 1.544 M euros (+4,5% vs +4,7% BS(e) y +4,4% consenso); EBITDA: 428,6 M euros (+10,8% vs +9,0% BS(e) y +8,8% consenso).
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Nicolas David
- Yan Derocles
Amadeus IT Group : Good Air Distribution performance offsets temporary...
>Q3 revenues in line despite Payments activities - Amadeus yesterday reported Q3 revenues of € 1,548m, up 11% y-o-y, in line with the consensus thanks to Air Distribution revenues that were 2% higher than expected, thanks to very solid bookings: growth of 4.4% y-o-y vs css at c. +3%. Excluding the impact of the Direct Connect push and the unfavourable calendar effect in North America, growth would have been 7.9% y-o-y. This good performance was offset by weaker-than-e...
- Nicolas David
- Yan Derocles
Amadeus IT Group : La bonne performance d’Air Distribution permet de c...
>CA T3 en ligne malgré les activités de Paiements - Amadeus a publié hier un CA T3 de 1548 M€, en croissance de 11% y/y, en ligne avec les attentes du consensus grâce à des revenus Air Distribution 2% au-dessus des attentes, et ce, grâce à des bookings très solides : croissance de 4.4% y/y vs Css : c. +3%. Hors impact du push Direct Connect et de l’effet calendaire défavorable en Amérique du Nord, la croissance aurait été de 7.9% y/y. Cette bonne performance est compe...
- Alvaro del Pozo
AMADEUS: 3Q’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 1.548 Bn (+11.0% vs. +11.4% BS(e) and +11.4% consensus); EBITDA: € 603.0 M (+10.1% vs. +9.7% BS(e) and +9.0% consensus); Net Profit: € 344.0 M (+9.0% vs. +8.7% BS(e) and +5.9% consensus); 9M'24 vs. 9M'23 Results Sales: € 4.6 Bn (+12.6% vs. +12.7% BS(e) and +12.7% consensus); EBITDA: € 1.806 Bn (+13.3% vs. +13.2% BS(e) and +13.0% consensus); Net Profit: € 1.026 Bn (+18.4% vs. +18.3% BS(e) and +17.2% consensus);
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
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