reports
- Andres Bolumburu
CAF: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 838.0 M (-2.3% vs. +9.7% BS(e) and +11.3% consensus); EBIT: € 35.0 M (-18.6% vs. +16.7% BS(e) and +16.3% consensus); Net Profit: € 9.0 M (-52.6% vs. +47.4% BS(e) and +36.8% consensus); 9M'24 vs. 9M'23 Results Sales: € 2.918 Bn (+6.7% vs. +10.5% BS(e) and +11.0% consensus); EBIT: € 137.0 M (+7.0% vs. +18.9% BS(e) and +18.8% consensus); Net Profit: € 61.0 M (+15.1% vs. +50.9% BS(e) and +47.2% consensus);
- Research Department
IBERIAN DAILY 15 NOVEMBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAF, CAIXABANK, COLONIAL, MERLIN. 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. ECB’s target nearly met The Euro STOXX 50 had its best day since late September, while the ECB’s meeting minutes suggested the 2% inflation target will be met earlier than expected, thus cementing t...
Indra Sistemas S.A.: 1 director
A director at Indra Sistemas S.A. sold 25,543 shares at 16.490EUR and the significance rating of the trade was 81/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- 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...
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Virginia Romero
GREENING: APOSTANDO POR LA DIVERSIFICACIÓN (ANÁLISIS BANCO SABADELL)
Apostando por la diversificación. Incrementamos rango de valoración a 6,93 euros/acc. y 9,86 euros/acc. GGR ha batido al sector en Bolsa en 2024 al cumplir guidance en COD&UC y por la estrategia llevada a cabo de diversificación e internacionalización (Norte América y resto de Europa). Actualmente, GGR cuenta con una cartera de 9 GW (268 MW en COD&UC y 783 MW Backlog). Nuestras estimaciones asumen dos escenarios (prudente y base, que implica asumir el 61% del Plan Estratégico) según capacidad CO...
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime
>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...
>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- 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...
- Research Department
IBERIAN DAILY 07 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, AEDAS, AMADEUS, ARCELORMITTAL, INDRA, INMOBILIARIA COLONIAL, ROVI, TELEFÓNICA. 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. European stock markets do not welcome Trump European stock markets saw strong corrections, particularly the Ibex after D. Trump’s victory. On the contra...
- Research Department
INFORME DIARIO 07 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, AEDAS HOMES, AMADEUS, ARCELORMITTAL, COLONIAL, INDRA, ROVI, TELEFÓNICA. EUROPA: MUNICH RE. 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. A la bolsa europea no le sienta bien Trump Jornada de fuertes caídas en Europ...
ANA ACCIONA SA
AMS AMADEUS IT GROUP SA CLASS A
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
COL INMOBILIARIA COLONIAL SOCIMI SA
IDR INDRA SISTEMAS S.A. CLASS A
MTL ARCELORMITTAL
COL SM INMOBILIARIA COLONIAL (COL SM)
COL.SM COLONIAL
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
Indra Wins a Major Contract in the United States to Renew the Air-grou...
MADRID--(BUSINESS WIRE)-- Resulting from a competitive solicitation issued, under which three (3) companies competed, the US Federal Aviation Administration (FAA) has awarded Indra a contract with a total contract value of $244.3M, if all options are exercised, to renew its ground-air communications system, key to air traffic management (ATM) in the country, by replacing its analog radio systems (UHF and VHF) with digital radio equipment capable of analog and VoIP operation. This press release features multimedia. View the full release here: (Photo: Indra) This contract positions Indra as the ...
- Virginia Romero
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Nicolas David
Indra Sistemas : Another very solid quarter and M&A headed in the righ...
>Further very solid results in Q3 2024 - Indra’s Q3 2024 results, reported yesterday morning, again beat expectations (org. growth of 9% vs ODDO BHF: 6.6%e; operating profit 13% ahead of the css and EPS 7% ahead of the css), driven by: i/ defence, up c. 14% y-o-y org, with Eurofighter sales offsetting the fact that FCAS no longer makes a significant contribution to growth y-o-y. ii/ ATM, with org. growth of c. 28% y-o-y (vs ODDO BHF: +7% org and vs 18% org. in H1), th...
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