IBERIAN DAILY 28 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, AENA, VIDRALA. Stock markets continue to gain ground European stock exchanges saw new gains, lacking significant drivers in a session with low trading volume again. In the STOXX 600, Retail and Utilities were the best performers, whereas cyclical sectors linked to raw materials such as Energy and Travel&Leisure saw the biggest drops. On the macro side, in Spain, March’s inflation climbed more than expected to 3.2% whereas the core data moderated more than expected to 3.3%. In...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/08/2024

We host our 8th ODDO BHF TMT Forum virtually in 07th and 08th March 2024. In total, 46 companies will be presenting during the forum. In the following note, we provide some initial feedback of companies on day 1. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 08/03/2024

We host our 8th ODDO BHF TMT Forum virtually in 07th and 08th March 2024. In total, 46 companies will be presenting during the forum. In the following note, we provide some initial feedback of companies on day 1. - ...

AENA : 2022-2026 strategic update: No big announcements, as expected, ...

>Targets a touch above our numbers, mainly due to higher traffic at the mid-point - Yesterday, Aena held an Investors’ Day in Madrid, in which it mainly announced, as expected, an upward revision of its main targets, with the main highlights being: 1/ Traffic at the central scenario: 294m, 300m and 308m passengers expected in 2024, 2025 and 2026 respectively, implying a recovery rate of 107%, 109% or 112% vs 2019 level. 2/ Commercial: revenues +48% 2026-19,...

AENA: PRIMERAS IMPRESIONES DE LA REVISIÓN DEL PLAN ESTRATÉGICO 2026 (A...

Los principales objetivos aportados por AENA en la revisión de su plan estratégico’22-26 son los siguientes:  La compañía adelanta un año el objetivo de tráfico’26.

AENA: FY2023 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BA...

4Q'23 vs. 4Q'22 Results Sales: € 1.363 Bn (+25.6% vs. +7.3% BS(e) and +12.6% consensus); EBITDA: € 909.0 M (+63.3% vs. +13.3% BS(e) and +23.0% consensus); Net Profit: € 494.9 M; FY2023 vs. FY2022 Results Sales: € 5.142 Bn (+21.3% vs. +16.7% BS(e) and +18.0% consensus); EBITDA: € 3.023 Bn (+45.4% vs. +32.0% BS(e) and +34.6% consensus); Net Profit: € 1.645 Bn;

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/28/2024

Double materiality, climate transition plan, the value chain: the CSDR is set to revolutionise ESG reporting as of 2025. It should accelerate the sustainable transformation of the most committed companies and act as a weapon against greenwashing for the most reticent. The audit requirements guarantee a level of quality for data, but it will take several years before investors begin to reap all of the benefits. - ...

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. - ...

AENA : Strong Q4 results, mainly on the Spanish network, and waiting f...

>Q4 results ahead of both our estimates and those of the consensus… - Aena´s Q4 2023 results were ahead of both our estimates and those to the consensus: revenue and EBITDA at the Spanish network (once adjusted for non-recurring effects) was 6.6% and 9.5% (or € 69m and € 58m) ahead of our estimates, respectively (6% vs consensus). The outperformance was driven by both the commercial division, which reported a higher-than expected retail spend per passenger that fed th...

AENA: RDOS. 2023 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANCO SABA...

Rdos. 4T'23 vs 4T'22: Ventas: 1.363 M euros (+25,6% vs +7,3% BS(e) y +12,6% consenso); EBITDA: 909,0 M euros (+63,3% vs +13,3% BS(e) y +23,0% consenso); BDI: 494,9 M euros. Rdos. 2023 vs 2022: Ventas: 5.142 M euros (+21,3% vs +16,7% BS(e) y +18,0% consenso); EBITDA: 3.023 M euros (+45,4% vs +32,0% BS(e) y +34,6% consenso); BDI: 1.645 M euros.

INFORME DIARIO 28 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, AENA, AMADEUS, CAF, ENDESA, FERROVIAL, GLOBAL DOMINION, METROVACESA. EUROPA: LINDE. 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 con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. El Ibex se descuelga Los índices europeos retomaron las subidas a excepción del Ibex, ...

IBERIAN DAILY 28 FEBRUARY + 4Q’23 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ACCIONA ENERGÍA, AENA, AMADEUS, CAF, ENDESA, FERROVIAL, GLOBAL DOMINION, METROVACESA. 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 4Q’23 results to be released over the coming days in Spain. IBEX falls back European indices were back on the upward track except the IBEX which, penalised by the results campaign, was on the verge of falling below 10,100 points. In...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/02/2024

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ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/26/2024

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AENA : Good Q4 results expected but spotlight on the 2026 strategic up...

>Q4 2023 results to continue the strong performance of previous quarters… - We expect Q4 results (to be published on 28 February) to show strong revenue growth: total revenues +11.8% y-o-y, with the Spanish main divisions growing at +13.1%, following the strong traffic growth reported in the quarter (+11.9% y-o-y or +8.6% vs 2019). More in detail, we are estimating a c.15% growth in the aviation division (excl. Covid costs) as, despite the flat tariffs in the quarter,...

IBERIAN DAILY 11 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, ELECTRICITY SECTOR, GRIFOLS. Stability on the market In a session lacking big drivers, European stock markets remained stable on a day of little volatility. In the IBEX 35, news focused on the rally by Grifols after the company announced it will take legal action and after it was learned that Gotham City closed its short positions. In the STOXX 600, the best-performing sectors on the day were Media and Real Estate, whereas cyclicals like Basic Materials and Travel & Leisure...

INFORME DIARIO 11 ENERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, GRIFOLS, SECTOR ELÉCTRICO. EUROPA: SAP. Estabilidad en el mercado En una sesión sin grandes catalizadores, las bolsas europeas se mantuvieron estables en una jornada de poca volatilidad. En el Ibex 35, la actualidad estuvo centrada en el rebote de Grifols tras anunciar acciones legales y conocerse el cierre de las posiciones cortas del fondo de inversión Gotham City. En el STOXX 600 los mejores sectores del día en positivo fueron Media e Inmob...

ODDO : A worsening environment but it needs to be put into perspective

Uncertainty remains over the macroeconomic situation, which is the main driver of traffic growth in the short-term. Additionally, inflationary pressure on both opex and capex are likely to put pressure on tariffs, testing the leeway from the regulators. We have adopted what we currently consider to be a reasonably cautious stance on the three airports under our coverage and conclude that Aena offers the most attractive risk/reward profile, followed by Fraport, while regulatory un...

AENA: MENSAJES DE LA CONFERENCE CALL RDOS. 3T’23 (ANÁLISIS BANCO SABAD...

De la conference call de Rdos. 3T’23, destacamos los siguientes puntos:

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