The long financial duration that Cellnex enjoys implies high sensitivity of the valuation to discount rates. After a long challenging two-year period, we now see a more favourable economic environment ahead. Factors such as the potential for interest rate cuts and inflation nearing Cellnex’s sweet spot, coupled with a strong organic performance and newly implemented strategic measures—particularly deleveraging and further efficiencies on both Opex and Capex—create a positive back...
A director at Neinor Homes S.A. sold 20,000 shares at 14.960EUR and the significance rating of the trade was 72/100. 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 clear...
We hosted our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024, virtually. In total, 63 companies were present. In the following note, we provide some initial feedback from the companies on day 2. - >ACS (=): good operating momentum maintained, Abertis and its dividends on the front page - Atresmedia (=): Q3 should be challenging but outlook reiterated - Befesa (=): zinc prices held up well, offsetting the negative impact of maintenance on Q3 volumes - CaixaBank ...
The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...
La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...
We host our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024 virtually. In total, 63 companies will be presenting. In the following note, we provide some initial feedback of the company on day 1. - >Acciona (=) : Confidence in Non-energy business steady, Acciona Energía stake sparks intense scrutiny - Acciona Energia (=/-) : A trajectory beyond 2024 to be explained at the 9 months results - Acerinox (=/-): Softness persists in Europe and US - Amadeus (=/+): sol...
NEWS SUMMARY: CELLNEX, INDRA, SOLARIA. Political noise and Automobiles continue to add pressure on the Euro STOXX European equity markets dropped, dragged down by the risks of more aggressive taxation to large French companies and by the profit warnings battery in the Automobile sector. In the STOXX 600, Energy and Consumer Goods were the only sectors ending in positive territory whereas Automobiles and Travel&Leisure saw the biggest drops. On the macro side, in Germany, September’s preliminary...
COMPAÑÍAS QUE APARECEN EN EL INFORME: EUROPA: CELLNEX, INDRA, SOLARIA. El ruido geopolítico y los autos siguen presionando al Euro STOXX Caídas en la renta variable europea, lastradas por los riesgos de una tributación más agresiva a las grandes empresas de Francia y por la ola de profit warnings del sector Autos. En el STOXX 600 sólo Energía y R. Básicos se mantuvieron al margen de las caídas mientras que Autos y Viajes&Ocio sufrieron las mayores pérdidas. Por el lado macro, en Alemania la inf...
‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In the U...
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffrent ma...
tonies is a pioneer in the children’s audio entertainment and educational industry, offering a screen-free and interactive listening experience (stories and music) through its Toniebox and Tonies figurines. With a proven track record of rapid international growth, portfolio expansion and strong brand recognition mainly in the DACH region (Germany, Austria and Switzerland) and North America, we see in the coming years: 1/ further strong revenue increases (CAGR 2024-2026e of 25%) with a...
>More consumers are looking to change provider in France, Italy and UK - The Oliver Wyman consultancy published yesterday a survey with 7,000 consumers in five countries (see page 2). These studies are not indisputable but offer additional indicators.Mobile market: according to the survey, the desire to switch operator within 24 months is up sharply in Italy (27%, +9pp), the UK (31%, +6pp) and France (27%, +4pp). No major shifts in Germany (26%, +2pp) or Spain (2...
>Les consommateurs veulent plus bouger en France, Italie et Royaume-Uni - La cabinet Oliver Wyman a publié hier un sondage auprès de 7 000 consommateurs dans 5 pays (Cf. page 2). Ces études ne sont pas incontestables mais offrent des indicateurs de plus.Marché mobile : selon l’étude, la volonté de changer d’opérateur d’ici 24 mois est en nette hausse en Italie (27%, +9pp), au R-U (31%, +6pp) et en France (27%, +4pp). Pas de grand changement en Allemagne (26%, +2p...
NEWS SUMMARY: NEINOR HOMES, OHLA, SOLARIA. IBEX on the cusp of 11,800 points The session in Europe was driven in part by the positive opening in the US, which continues its record trend and seeks to hit a new record high. In the STOXX 600, and after strong sector rotation during the session, Autos and Retail rose the most, with Pharma and Banks being the worst relative performers. On the macro side, in Spain the Govt. will raise GDP’24 growth to 2.7% from the previous 2.4%, in line with the 2.8...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NEINOR HOMES, OHLA, SOLARIA. EUROPA: BNP PARIBAS, DHL GROUP, UNICREDIT. El Ibex se queda a las puertas de los 11.800 puntos Jornada europea de menos a más, impulsada en parte por la apertura positiva en EE.UU. que continúa su tendencia de récord y busca renovar máximos históricos. Así en el STOXX 600, y tras bastante rotación sectorial durante la sesión, Autos y Retail fueron los sectores que más subieron, frente a Farma y Bancos que tuvieron el pe...
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