ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/06/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/04/2025

IBERIAN DAILY 04 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, ELECTRICITY SECTOR, INDRA, SOLARIA. Sideways markets, awaiting news Except for the IBEX, which saw profit taking (-0.7%), European stock markets rose slightly awaiting progress in trade talks (Xi Jinping and D. Trump would talk next Friday). In the STOXX 600, the best-performing sectors were Energy (leader for the second straight day, with Brent rallying above US$ 65.80) and Technology, whereas Media and Basic Materials suffered the biggest losses. On the macro side, in the e...

Solaria : More questions than answers, but a positive optionality

Solaria : Plus de questions que de réponses, mais une optionnalité pos...

INFORME DIARIO 04 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, INDRA, SECTOR ELÉCTRICO, SOLARIA. EUROPA: CAMBIOS EURO STOXX 50. Mercados laterales a la espera de noticias A excepción del Ibex que recogió beneficios (-0,7%) se vieron tímidas subidas en Europa mientras se esperan avances en las negociaciones comerciales (Xi Jinping y D. Trump hablarían este viernes). En el STOXX 600 los mejores sectores fueron Energía (líder por segunda jornada consecutiva, el Brent recuperó los 65,8 d/b) y Tecnología, mient...

SOLARIA: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results Sales: € 80.98 M (+66.8% vs. and -11.6% consensus); EBITDA: € 73.95 M (+77.0% vs. and -17.8% consensus);

SOLARIA: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'25 vs 1T'24: Ventas: 80,98 M euros (+66,8% vs -11,6% esperado); EBITDA: 73,95 M euros (+77,0% vs -17,8% esperado).

GRUPO SANJOSE: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

La cuenta de resultados consolidada muestra que en el comienzo de año los ingresos y el EBITDA han aumentado un +2% y +1% respectivamente, pero es importante señalar que el periodo comparable de 2024 mostró un crecimiento muy fuerte por lo que la base de partida era difícil de superar.

Morning Crédit 23/05/2025

Carrefour et Ahold Delhaize aurait envisagé un rapprochement, sans succès|Grifols : Moody’s relève le rating corporate de B3/positive à B2/positive|

Credit Morning 05/23/2025

Carrefour and Ahold Delhaize reportedly considered a merger, without success|Grifols: Moody’s raises the corporate rating from B3/positive to B2/positive|

Coffee, Croissants & Credit/BT, Telefonica, AT&T

Telecom - BT reports soft FY25 results. Telefonica sells Uruguay operations. AT&T acquires consumer fibre business of Lumen

IBERIAN DAILY 22 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: RENEWABLES SECTOR, TELEFÓNICA. Market not ready to fall There were slight drops on European stock markets in view of the tension to be generated by the fiscal plan being negotiated by the Trump administration. In a divided STOXX 600, the winning sectors of the day were Telecoms and Technology, whereas Consumer Goods and Retail suffered the biggest losses. On the macro side, in the UK April’s inflation rose unexpectedly to 3.5% YoY (15-month high), as did the core figure, which ros...

INFORME DIARIO 22 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SECTOR RENOVABLES, TELEFÓNICA. El mercado se resiste a bajar Tímidas caídas en las bolsas europeas, ante las tensiones que generará el plan fiscal que está negociando la administración Trump. En un STOXX 600 dividido, los sectores ganadores del día fueron Telecomunicacion y Tecnología, mientras que B. Consumo y Retail sufrieron las mayores correcciones. Por el lado macro, en R. Unido la inflación de abril sorprendió al alza repuntando hasta 3,5% int...

Credit Morning 05/15/2025

Maxeda: solid Q4 results and Q1 expected to be strong. Further bond buybacks.|Ubisoft: sharp decline in 2024/25 earnings, no rebound expected in 2025/26|Forvia is considering selling its spare parts division|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|

Morning Crédit 15/05/2025

Maxeda : de bons résultats T4 et un T1 qui devrait l’être tout autant. Poursuite des rachats de dettes.|Ubisoft : résultats 2024/25 en forte baisse, pas de rebond attendu en 2025/26|Forvia envisagerait la cession de sa division de pièces détachées|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|

Coffee, Croissants & Credit/CEZ, Engie, National Grid, Unibail, Icade,...

Utilities - CEZ: Good 1Q25 but lower FY25 guidance. Engie: 1Q25 results and guidance flat; we remain neutral. National Grid: Yearly results show strong growth

Telefonica (Neutral, €5.0, +14%) Q1 25 - The three things that stand ...

Telefonica is still in a state of flux ahead of the outcome of its strategic review, but we are positively encouraged by the refined FCF guidance and the better-than-expected trends seen in the German mobile market.

Credit Morning 05/14/2025

URW (Investor Day): Focus on growth and shareholder value|Atos unveils ambitious 2028 targets that will be presented during an Investor Day|

TELEFÓNICA: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results Sales: € 9.221 Bn (-2.9% vs. -4.8% BS(e) and -4.2% consensus); EBITDA: € 3.014 Bn (-4.2% vs. -4.2% BS(e) and -4.2% consensus); EBIT: € 1.109 Bn (-1.7% vs. -19.0% BS(e) and -18.9% consensus); Net Profit: € -1.304.0 M (€ 533.0 M in 1Q'24 vs. € -1.349.0 M BS(e) and € -1.319.0 M consensus);