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...
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);
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,...
>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...
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).
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...
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 ...
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...
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...
>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...
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);
Rdos. 3T'24 vs 3T'23: EBITDA: 187,1 M euros (-6,0% vs -8,5% BS(e) y -13,6% consenso); BDI: 85,4 M euros (+4,1% vs -14,6% BS(e) y -9,8% consenso). Rdos. 9meses'24 vs 9meses'23: EBITDA: 572,8 M euros (+0,1% vs -0,7% BS(e) y -2,4% consenso); BDI: 233,5 M euros (-9,5% vs -15,5% BS(e) y -14,0% consenso).
NEWS SUMMARY: AENA, BANKING SECTOR, ENAGÁS, 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. Results season takes centre stage A poor start to a week marked by the flood of company earnings in Europe and the US. The proximity of the US presidential election adds uncertainty and puts pressure on US debt. In the ST...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ENAGÁS, SACYR, SECTOR BANCOS ESPAÑA. EUROPA: SAP. 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 campaña de resultados toma protagonismo Mal comienzo para una semana marcada por el aluvión de resultados empresariales en Europa y EE.UU...
La prensa italiana ha publicado hoy el resultado de un arbitraje a cargo de un Consejo Consultivo Técnico que enfrentaba al consorcio SIS (49% de SCYR) y a la región de Veneto (Italia). Recordamos que el consorcio SIS opera la autopista Pedemontana-Veneta (~19% del P.O. de SCYR).
NEWS SUMMARY: IAG, NEINOR, SACYR, TALGO. The earnings season kicked off to a good start It was a positive week for most European indices, driven by the earnings release of large banks in the US last Friday, with the Ibex closing above 11,700 points. Thus, in the STOXX 600, most sectors closed with gains (15/20), led by Pharma and Insurance vs. the bigger losses of Basic Resources and consumer Goods. On the macro side, in the US, September’s production prices climbed more than expected and the U...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IAG, NEINOR, SACYR, TALGO. 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 campaña de Rdos. empezó con buen pie Terminó una semana positiva para la mayoría de las bolsas europeas, alentadas el viernes por la presentación de Rdos. de algunos...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, IBERDROLA, NATURGY, SACYR, SECTOR ELÉCTRICO. EUROPA: AIRBUS, PREVIOS RESULTADOS 3T’24, SANOFI. 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 Ibex corta su racha Las ventas se impusieron en Europa, sobre todo en el Ibex, que acumu...
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