NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, 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 1Q’24 results to be released over the coming days in Spain. Stock markets continue to rally It was a new session of gains, with the Ibex standing out and consolidating 2015 highs, and with sovereign yields tightening significantly after the US inflatio...
>2025 targets pro forma for disposals stable versus 2024 - For FY 2025, Vodafone aims for pro forma adjusted EBITDAaL of € 11bn (in line with the consensus at € 10.8bn) and pro forma adjusted FCF of at least € 2.4bn (in line with the consensus forecast of € 2.35bn). These pro forma targets are broadly stable from one year to the next and are adjusted for the sale of Vodafone Italy, Vodafone Spain and forex impacts. The priorities for 2025 are as expected: strateg...
Iliad abonde les obligations Iliad Holding 2031 à hauteur de 150 m EUR et 200 m USD Grifols : S&P confirme le rating corporate B avec une perspective stable (vs. B/cw negative) Delivery Hero : cession de foodpanda à Uber pour 950 m USD + augmentation de capital réservée de 300 m USD>...
>Des objectifs 2025 pro forma des cessions stables versus 2024 - Pour l'exercice 2025, Vodafone vise un EBITDAaL ajusté pro forma de 11 Md€ (en ligne avec un consensus de 10,8 Md€) et un FCF ajusté pro forma d’au moins 2,4 Md€ (en ligne avec un consensus de 2,35 Md€). Ces objectifs pro forma sont globalement stables d'une année sur l'autre et sont ajustés de la vente de Vodafone Italie, de Vodafone Espagne et des impact Forex. Les priorités pour 2025 sont sans su...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, UNICAJA. EUROPA: BAYER. 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. Jornada de transición en las bolsas En una sesión sin referencias macroeconómicas y con la campaña de resultados com...
NEWS SUMMARY: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, SANTANDER, TELEFÓNICA, UNICAJA. 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. A transition session for stock markets In a session without macroeconomic references and with the earnings season being the only catalyst, most European indices (with t...
Vodacom reported a mixed set of results. Service revenue and EBITDA trends were good and came in 2% ahead and 0.4% ahead of consensus respectively. The beat was mainly driven by Egypt, which posted strong trends this quarter. SA and International saw a deceleration in trends. HEPS and DPS came in 10% and 16% below consensus (on an half yearly basis) respectively, and DPS was 12% lower vs. FY23.
Telefonica’s Q1 results leave us feeling more confident about its longer-term growth trajectory and believe that there could be further upside to estimates from the new Digi wholesale agreement and consensus fully factoring in the headcount reduction deal.
1Q'24 vs. 1Q'23 Results Sales: € 10.14 Bn (+0.9% vs. +0.5% BS(e) and +0.2% consensus); EBITDA: € 3.205 Bn (+2.7% vs. +1.7% BS(e) and +1.7% consensus); EBIT: € 1.042 Bn (+7.4% vs. +4.4% BS(e) and +5.7% consensus); Net Profit: € 532.0 M (+78.5% vs. -31.9% BS(e) and +30.2% consensus);
Rdos. 1T'24 vs 1T'23: Ventas: 10.140 M euros (+0,9% vs +0,5% BS(e) y +0,2% consenso); EBITDA: 3.205 M euros (+2,7% vs +1,7% BS(e) y +1,7% consenso); EBIT: 1.042 M euros (+7,4% vs +4,4% BS(e) y +5,7% consenso); BDI: 532,0 M euros (+78,5% vs -31,9% BS(e) y +30,2% consenso).
>Un T1 2024 en ligne avec les attentes - Telefonica publie un CA du T1 2024 en hausse de 2% à 10 140 M€ (1% au-dessus du consensus de 10 057 M€), porté par le Brésil (croissance de 10%). L’EBITDA ressort en hausse de 2% à 3 205 M€ (1% au-dessus du css de 3 174 M€) mais l’EBITDAaL simplement en ligne. Le FCF au T1 2024 ressort en négatif de 44 M€ (vs consensus de gain de 111 M€). Les objectifs 2024 sont confirmés. Pour 2024, Telefonica vise une croissance du CA de...
>Q1 2024 in line with forecasts - Telefonica has published Q1 2024 revenue growth of 2% to € 10,140m (1% above the consensus € 10,057m), driven by Brazil (growth of 10%). EBITDA was up 2% to € 3,205m (1% above the consensus at € 3,174m) but EBITDAaL was simply in line. FCF in Q1 2024 showed a loss of € 44m (vs consensus forecast for a gain of € 111m). The targets for 2024 are confirmed. For 2024, Telefonica is targeting revenue growth of 1%, +1-2% for EBITDA, > +...
NEWS SUMMARY: BANKING SECTOR, CAF, REPSOL, 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 1Q’24 results to be released over the coming days in Spain. Europe continues to rally Another session of gains in Europe (except in Italy, which fell slightly), driven by the results campaign and despite the fact that sovereign debt yields widened after several days of tighte...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, REPSOL, SECTOR BANCARIO, TELEFONICA. 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. Europa sigue al alza Continuaron una jornada más las subidas en Europa (a excepción de Italia que recortó de forma moderada) impulsadas por la campaña de...
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