>Un résultat supérieur aux attentes - L'EBITDA comparable s'est élevé à 622 M€ (-20 %YoY), au-dessus de nos attentes de 525 M€ et du consensus Vara de 549 M€. L’EBIT comparable s'élève à 530 M€ (-24%) au-dessus de notre prévision et du consensus à 452 M€. Le résultat net a également été meilleur qu'attendu à 430 M€ (-11%) contre 350 M€ attendus (ODDO BHF et consensus). Par division la surprise vient de l’activité génération électrique avec un EBIT de 513 M€ (-29%) con...
>Earnings top estimates - Comparable EBITDA totalled € 622m in Q1 2024 (-20% y-o-y), above our expectations of € 525m and the Vara consensus estimate of € 549m. Comparable EBIT was € 530m (-24%), above our forecast and the consensus of € 452m. Net profit was also better than expected, at € 430m (-11%) against an expected € 350m (ODDO BHF and the consensus). By division, the surprise came from the electricity generation business, which performed better than expected, ...
City of Oceanside and ENGIE Announce a 30-year Comprehensive Energy Project Oceanside, California and Houston, May 01, 2024 (GLOBE NEWSWIRE) -- The City of Oceanside, in collaboration with ENGIE North America (ENGIE), announced plans for a transformative energy initiative aimed at enhancing sustainability, reducing costs and fostering community engagement. This comprehensive 30-year initiative is projected to generate more than $26,000,000 in net savings for the City. It includes significant energy efficiency gains through a series of strategic measures, including: integrating 1.6 mega...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
>Good performance in the Q1 2024… - For the Q1 2024 Comparable EBITDA was € 622m (-20% y-o-y), above our assumptions at € 525m and Vara consensus estimate of € 549m. Comparable operating profit totalled € 530m (-24%) above our forecast and consensus at € 452m. Net income was also better than expected at € 430m (-11%) vs € 350m expected (ODDO BHF and consensus). In spite of lower prices, the drop in earnings was more limited than anticipated in the generation business ...
>Good performance in the Q1 2024… - For the Q1 2024 Comparable EBITDA was € 622m (-20% y-o-y), above our assumptions at € 525m and Vara consensus estimate of € 549m. Comparable operating profit totalled € 530m (-24%) above our forecast and consensus at € 452m. Net income was also better than expected at € 430m (-11%) vs € 350m expected (ODDO BHF and consensus). In spite of lower prices, the drop in earnings was more limited than anticipated in the generation business ...
ENGIE sees continued strong growth in renewables in the U.S. ENGIE ranks #1 globally as corporate clean power seller during record year in industry. HOUSTON, April 22, 2024 (GLOBE NEWSWIRE) -- , a leader in the Net Zero energy transition, envisions continued strong customer demand for its renewables solutions in the U.S. and aims to grow its number of integrated projects substantially. ENGIE was recently named the top corporate seller of clean power purchase agreements (PPAs) globally in what was a record year for PPAs, according to BloombergNEF’s (BNEF) 2023 full year rankings. Accor...
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...
Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...
>Corporate PPA, visibility, renewables, three recurring themes - We organised a road show over several days on the east coast of the US with Engie’s management and investor relations teams. Of course many topics were discussed but three themes largely recurred in conversations. These covered the advantages stemming from the development of corporate PPA, the improvement in visibility on the outlook and opportunities in the renewables sector. One theme came up again and...
>Corporate PPA, visibilité, renouvelable, 3 thèmes récurrents - Nous avons organisé sur plusieurs jours un roadshow côte Est américaine avec le management et les équipes de relation investisseurs d’Engie. De nombreux sujets ont bien sûr été discutés mais de manière générale trois thèmes sont revenus de manière récurrente dans les échanges. Il s’agit des atouts que procurent le développement des corporate PPA, de l’amélioration de la visibilité sur les perspectives et ...
>Good performance in 2023 slightly above our forecast - Verbund achieve a strong business performance in 2023. A shade above our forecast with an EBITDA increase of 42% to € 4,491m vs € 4,361m expected. The reported group result rose by 32% to € 2,266.1m and the group result after adjustment for non-recurring effects was up 49.1% to € 2,616m vs € 2,412m expected. The hydro coefficient was 2 points below the long-term average, but 12 points above FY 2022. Hence, hydro ...
>Good performance in 2023 slightly above our forecast - Verbund achieve a strong business performance in 2023. A shade above our forecast with an EBITDA increase of 42% to € 4,491m vs € 4,361m expected. The reported group result rose by 32% to € 2,266.1m and the group result after adjustment for non-recurring effects was up 49.1% to € 2,616m vs € 2,412m expected. The hydro coefficient was 2 points below the long-term average, but 12 points above FY 2022. Hence, hydro ...
HEADLINES: • Aselsan: quo vadis? New contracts, new products and upcoming transition to inflation accounting POSITIVE • Georgia macro: NBG cuts policy rate by 75bps • CEZ: press reports CEZ has won tender for 55% of GasNet, could weigh on the 2023 dividend payout NEGATIVE • Allegro: 4Q23 results above expectations; guidance for a strong 1Q24E POSITIVE • Verbund: 4Q23 results in line with guidance NEUTRAL • Coca-Cola Icecek: 4Q23 results – in line operationally NEUTRAL • OPAP: 4Q23 results and FY...
EQS-News: VERBUND AG / Schlagwort(e): Jahresergebnis VERBUND AG: Jahresergebnis 2023: VERBUND mit starker Geschäftsentwicklung im Jahr 2023 14.03.2024 / 07:58 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Die strategische und wirtschaftliche Entwicklung des VERBUND-Konzerns im Jahr 2023 war in einem sehr komplexen Umfeld wesentlich von geopolitischen Ereignissen, makro- und mikroökonomischen Faktoren, sektorspezifischen Entwicklungen und regulatorisch/politischen Entscheidungen geprägt. Insgesamt blicken wir auf ein sehr erfolgreich...
EQS-News: VERBUND AG / Key word(s): Annual Results VERBUND AG: 2023 annual results: VERBUND posts encouraging business performance in 2023 14.03.2024 / 07:58 CET/CEST The issuer is solely responsible for the content of this announcement. The VERBUND Group’s strategic and economic development in 2023 took place in a highly complex environment that was impacted in no small measure by geopolitical turmoil and macro- and microeconomic factors, along with sector-specific developments and regulatory/political decisions. Overall, 2023 was a very successful year for our Group, an...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
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