reports
- Rafael Bonardell
AENA: FONDO DE ARMARIO CON YIELD INTERESANTE (ANÁLISIS BANCO SABADELL)
Fondo de armario con yield interesante. SOBREPONDERAR A pesar de la buena evolución que lleva el valor en 2024 (+26% en absoluto; +8% vs Ibex 35 y vs -7%/-10% de sus comparables ADP y Fraport) la debilidad reciente tras los Rdos. 9meses’24 (-4% en absoluto; -1% vs Ibex 35) ha incrementado el potencial que se ve impulsado con la fortaleza del tráfico de pasajeros, donde no se atisba ningún cambio de tendencia. Ante esa sólida evolución (+9,4% hasta octubre’24) y unas buenas perspectivas hemos rev...
- Research Department
INFORME DIARIO 13 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T'24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AENA, CAF, GREENING, NEINOR HOMES, SACYR, SECTOR INMOBILIARIO - SOCIMI. EUROPA: ALLIANZ, PROSUS. 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. Alemania celebrará elecciones en febrero El contagio desde Asia junto con el incremento en...
- Research Department
IBERIAN DAILY 13 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACS, AENA, CAF, GREENING, NEINOR HOMES, REAL ESTATE SECTOR, SACYR. 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. Germany to hold elections in February The contagion from Asia, along with the increased geopolitical risk, dragged down European stock markets. In the STOXX 600, only Technology ended in gree...
- Luis Arredondo
- Nadège Tillier
Enagas/Debt reduction leads to neutral view
Enagas reported 9M24 results last week. Following this, we have changed our opinion on Enagas from negative to neutral. The Spanish utility sold its stake in Tallgrass in July 2024, reducing its indebtedness. Fitch Ratings and Standard & Poor's have upgraded Enagas to BBB+ and Moody's now has the issuer on a positive outlook (rating at Baa2). What restrains us from being positive on Enagas is the coming regulatory review and possibly further lower remuneration on Spanish gas pipelines. We also s...
- Luis Arredondo
SACYR: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 1.143 Bn (+5.8% vs. -0.7% BS(e) and +0.9% consensus); EBITDA: € 290.8 M (-13.2% vs. -10.8% BS(e) and -11.1% consensus); EBIT: € 270.35 M (+1.3% vs. -0.9% BS(e) and -6.7% consensus); Net Profit: € 22.0 M (-21.4% vs. -12.7% BS(e) and -25.0% consensus); 9M'24 vs. 9M'23 Results Sales: € 3.262 Bn (+0.6% vs. -1.6% BS(e) and -1.1% consensus); EBITDA: € 947.8 M (-3.3% vs. -2.5% BS(e) and -2.6% consensus); EBIT: € 870.0 M (+2.8% vs. +2.2% BS(e) and +0.3% consensus); Net P...
- Luis Arredondo
SACYR: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 1.143 M euros (+5,8% vs -0,7% BS(e) y +0,9% consenso); EBITDA: 290,8 M euros (-13,2% vs -10,8% BS(e) y -11,1% consenso); EBIT: 270,35 M euros (+1,3% vs -0,9% BS(e) y -6,7% consenso); BDI: 22,0 M euros (-21,4% vs -12,7% BS(e) y -25,0% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 3.262 M euros (+0,6% vs -1,6% BS(e) y -1,1% consenso); EBITDA: 947,8 M euros (-3,3% vs -2,5% BS(e) y -2,6% consenso); EBIT: 870,0 M euros (+2,8% vs +2,2% BS(e) y +0,3% consenso); BDI: 74,...
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Rafael Bonardell
AENA: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 1.65 Bn (+14.1% vs. +14.0% BS(e) and +14.5% consensus); EBITDA: € 1.108 Bn (+17.4% vs. +16.4% BS(e) and +17.6% consensus); 9M'24 vs. 9M'23 Results Sales: € 4.397 Bn (+16.3% vs. +16.3% BS(e) and +16.5% consensus); EBITDA: € 2.663 Bn (+26.0% vs. +25.5% BS(e) and +26.1% consensus);
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Ana Arjona-Martinez
- Yan Derocles
AENA : Q3 results showing no surprises; target price increase on the b...
>Results completely in line... - Aena reported Q3 2024 results in line with both our estimates and the consensus: revenues and EBITDA were 0.8% and 1.0% (or € 13m and € 11m) ahead of our estimates and 0.6% or 0.2% below the company-compiled consensus. The Spanish network main divisions reported results in line (€ 23m or 1.6% and € 13m or 1.3% above revenues and EBITDA respectively), with the minimum beat driven by the aviation (€ 6m above at EBITDA level) and the comm...
- Rafael Bonardell
AENA: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 1.650 M euros (+14,1% vs +14,0% BS(e) y +14,5% consenso); EBITDA: 1.108 M euros (+17,4% vs +16,4% BS(e) y +17,6% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 4.397 M euros (+16,3% vs +16,3% BS(e) y +16,5% consenso); EBITDA: 2.663 M euros (+26,0% vs +25,5% BS(e) y +26,1% consenso).
- Research Department
IBERIAN DAILY 30 OCTOBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...
NEWS SUMMARY: AENA, ENCE, ENDESA, FERROVIAL, GREENING, INDRA, METROVACESA, PUIG BRANDS, REDEIA, UNICAJA. 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. Market moved by earnings releases European stock markets closed with slight drops, highly conditioned by the business results calendar and penalised by the new rise in...
- Research Department
INFORME DIARIO 30 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ENCE, ENDESA, FERROVIAL, GREENING, INDRA, METROVACESA, PUIG BRANDS, REDEIA, UNICAJA. EUROPA: BASF, KERING, SCHNEIDER ELECTRIC, VOLKSWAGEN. 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. El mercado al son de los beneficios empresariales ...
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Luis de Toledo Heras
Enagas : 9M 2024 results slightly above estimates, regulatory visibili...
>9M results slightly above estimates on good cost control and affiliates contribution - Good results, slightly above our estimates (+5% at the EBITDA level with sales in line) reflecting the good cost performance and a sound contribution from affiliates. The EBITDA margin reached 86.2% compared to our conservative 82% estimate. Sales were in line with our estimates with the regulatory impact (€ 33m: reduction in the remuneration of continuity of supply) largely offse...
- Virginia Romero
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Virginia Romero
ENAGÁS: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results EBITDA: € 187.1 M (-6.0% vs. -8.5% BS(e) and -13.6% consensus); Net Profit: € 85.4 M (+4.1% vs. -14.6% BS(e) and -9.8% consensus); 9M'24 vs. 9M'23 Results EBITDA: € 572.8 M (+0.1% vs. -0.7% BS(e) and -2.4% consensus); Net Profit: € 233.5 M (-9.5% vs. -15.5% BS(e) and -14.0% consensus);
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