>Good results at Frankfurt airport; international below once adjusted for one-offs - Fraport’s Q1 2024 results, once adjusted for one-offs (+€ 28m in Greece), were in line with our estimates, with a beat at Frankfurt airport driven by the aviation division offset by an underperformance in the international division: total adj. EBITDA of € 185m vs € 185m ODDO BHFe and € 186m for the consensus. But results at Frankfurt airport, more important from a valuation perspectiv...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, AMADEUS, ENDESA, FERROVIAL, FLUIDRA, NATURGY, ROVI, TALGO. EUROPA: AB INVEB, BMW, 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. 1T’24 que se publicarán en España y Europa en los próximos días. Continúa el rebote en Europa Las bolsas europeas continuaron con el rebote de comienzos de seman...
NEWS SUMMARY: AENA, AMADEUS, ENDESA, FERROVIAL, FLUIDRA, NATURGY, ROVI, TALGO. 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 1Q’24 results to be released over the coming days in Spain. The rally in Europe continues European stock markets continued to rally at the start of the week while sovereign debt yields continued to fall, bringing the IBEX back above 11,000 points. With...
>Moderate start of the year in Frankfurt after traffic impacted by strikes… - Frankfurt airport handled 12.5m passengers during the first quarter of 2024, up +10.4% and a recovery to just 84.7% vs the 2019 level (March 82.4%; February 84.6%, January 87.4%).The first quarter was impacted by several days of strikes and bad weather conditions that affected airport operations and led to the cancellations of flights, according to the company, these resulted in the loss of ...
We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...
NEWS SUMMARY: AENA, ARCELORMITTAL, METROVACESA, REDEIA. 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 1Q’24 results to be released over the coming days in Spain. Ibex falls back below 11,000 points European stock markets posted losses ahead of the Fed meeting, where the IBEX was once again the worst performer. Within the STOXX 600 sectors, the biggest gains came in Real Esta...
>Solid Q1 results, in line with our estimates… - Aena´s Q1 2024 results were in line with our estimates: revenue and EBITDA were +1.2% and +1.4%, ahead of our estimates, respectively, with the Spanish network +1.8% and +3.1% above (or € 18m and € 16m). The positive note of the results, in our view, came from the good Opex management at the Spanish network as, despite the continued upward trend already anticipated by the company, Opex grew below the traffic growth in ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ARCELORMITTAL, METROVACESA, REDEIA. EUROPA: AIRBUS, ING. 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. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex pierde otra vez los 11.000 puntos Jornada de caídas en las bolsas europeas previo a la reunión de la Fed donde el Ibex volvió...
>Good start of the year after a strong retail development - ADP reported Q1 2024 revenues ahead of both our estimates and the consensus: € 1,324m vs € 1,265m ODDO BHFe (i.e. 4.7% or € 59m above) and € 1,284m consensus estimate (i.e. 3.1% or € 40m above). The outperformance came from 1/ a strong increase in the retail spend per passenger, with Extime SPP reaching € 32.7 (+7.8% y-o-y), clearly ahead of the +3% we were expecting ; and 2/ a better-than-expected performan...
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Som...
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être l...
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