reports
- 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
- 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...
- Oscar Rodriguez
ARCELORMITTAL: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results EBITDA: US$ 1.58 Bn (-26.5% vs. -32.5% BS(e) and -30.8% consensus); Net Profit: US$ 488 M (-47.5% vs. -55.5% BS(e) and -54.8% consensus); 9M'24 vs. 9M'23 Results EBITDA: US$ 5.4 Bn (-25.9% vs. -27.7% BS(e) and -27.2% consensus); Net Profit: US$ 1.9 Bn (-50.5% vs. -52.5% BS(e) and -52.3% consensus).
- Oscar Rodriguez
ARCELORMITTAL: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: EBITDA: 1.581 M dólares (-26,5% vs -32,5% BS(e) y -30,8% consenso); BDI: 488 M dólares (-47,5% vs -55,5% BS(e) y -54,8% consenso); Rdos. 9meses'24 vs 9meses'23: EBITDA: 5.399 M dólares (-25,9% vs -27,7% BS(e) y -27,2% consenso); BDI: 1.922 M dólares (-50,5% vs -52,5% BS(e) y -52,3% consenso).
- 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
- Research Department
IBERIAN DAILY 01 NOVEMBER + 3Q'24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ELECTRICITY SECTOR. 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. Euro STOXX 50’s 4,820-point level at risk European stock markets fell again amid doubts about the earnings calendar, inflation signs “resisting” more than expected and the imminence of the US elections. In the STOXX 600, all the sector...
- Research Department
INFORME DIARIO 01 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T'24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SECTOR ELÉCTRICO. EUROPA: SECTOR BANCOS ITALIA 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 Euro STOXX 50 pone en riesgo los 4.820 puntos Nuevas caídas en los selectivos de Europa, ante dudas en el calendario de resultados, las señales d...
- 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
- Ignacio Romero
- 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
- Ignacio Romero
- Virginia Romero
REDEIA: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results EBITDA: € 350.0 M (-10.9% vs. -13.0% BS(e) and -9.2% consensus); Net Profit: € 137.0 M (-23.9% vs. -24.4% BS(e) and -23.9% consensus); 9M'24 vs. 9M'23 Results EBITDA: € 1.03 Bn (-12.9% vs. -13.5% BS(e) and -12.3% consensus); Net Profit: € 405.0 M (-24.3% vs. -24.1% BS(e) and -24.1% consensus);
- Jean-François Granjon
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 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,...
ETL EUTELSAT COMMUNICATIONS SA
OUT1V OUTOKUMPU OYJ
ALCLA CLASQUIN SA
TYRES NOKIAN RENKAAT OYJ
ACX ACERINOX SA
TRI TRIGANO SA
NEX NEXANS SA
ROYAL VOPAK NV
MMT METROPOLE TELEVISION SA
CIE CIE AUTOMOTIVE S.A.
AED AEDIFICA SA
MCPHY MCPHY ENERGY SA
SHOT SCANDIC HOTELS GROUP
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
CSM CORBION NV
LFDE LA FRANCAISE DE L'ENERGIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
MVC METROVACESA SA
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
ORP ORPEA
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