reports
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 30/04/2024 Date Performance dep...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Jean Danjou
- Oliver Metzger
ODDO BHF Small & MIDCAP MORNING NEWS - 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
CRI CHARGEURS SA
VCT VICAT-CIMENTS VICAT SA
FLY SOCIETE FONCIERE LYONNAISE SA
TYRES NOKIAN RENKAAT OYJ
VETO VETOQUINOL SA
BAMNB KONINKLIJKE BAM GROEP NV
BIG BIGBEN INTERACTIVE SA
GMM GRAMMER AG
FIE FIELMANN AG
DEZ DEUTZ AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
ARCAD ARCADIS NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
ROYAL VOPAK NV
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
FTG111 FLATEXDEGIRO AG
UNI UNICAJA BANCO S.A.
MOR MORPHOSYS AG
NFN NFON AG
WAVE WAVESTONE SA
NACON NACON SASU
ALHRS HYDROGEN REFUELING SOLUTIONS
ANTIN ANTIN INFRASTRUCTURE PARTNERS
FPE3 FUCHS PETROLUB SE
EXN EXCLUSIVE NETWORKS SA
WAGA WAGA ENERGY SA
- Luis Arredondo
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
FCC : Solid results continue throughout the different divisions
>Good results maintain a positive trend, as has been the case over the last few quarters - FCC’s Q1 results were in line with the consensus and with our estimates at the P&L: revenues amounted to € 2,186m (€ 37m or 2% above our estimates and in line with the € 2,178m expected by consensus, just € 7m or 0.3% above) and EBITDA to € 355m (€ 7m or 2% above our estimates). The operating margins in Water and Environmental Services, the most relevant ones for valuation pur...
- Luis Arredondo
FCC: FY2023 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Sales: € 2.366 Bn (+9.3% vs. +9.8% BS(e)); EBITDA: € 398.3 M (+7.2% vs. +9.1% BS(e)); Net Profit: € 189.6 M (€ -43.1 M in FY2022 vs. € 140.49 M BS(e) and n/a consensus). FY2023 vs. FY2022 Results Sales: € 9.026 Bn (+17.1% vs. +17.3% BS(e)); EBITDA: € 1.53 Bn (+16.6% vs. +17.2% BS(e)); Net Profit: € 591.0 M (+87.5% vs. +71.9% BS(e)).
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
FCC : Visibility on deteriorating working capital is needed despite P&...
>The cruising speed at the P&L overshadowed by a € 691m working capital consumption - FCC’s 2023 results were in line with the consensus and with our estimates at the P&L: revenues amounted to € 9,026m (€ 104m or 4% below consensus and € 355m or 4% above ODDO BHFe) and EBITDA to € 1,530m (€ 11m or 1% above consensus and € 28m or 2% above ODDO BHFe). The operating margins in Water and Environmental Services, the most relevant ones for valuation purposes, performed wel...
- Luis Arredondo
FCC: RDOS. 4T’23 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ventas: 2.366 M euros (+9,3% vs +9,8% BS(e)); EBITDA: 398,3 M euros (+7,2% vs +9,1% BS(e)); BDI: 189,6 M euros (-43,1 M euros en 2022 vs 140,49 M euros BS(e)). Rdos. 2023 vs 2022: Ventas: 9.026 M euros (+17,1% vs +17,3% BS(e)); EBITDA: 1.530 M euros (+16,6% vs +17,2% BS(e)); BDI: 591,0 M euros (+87,5% vs +71,9% BS(e)).
- Research Department
IBERIAN DAILY 01 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ELECTRICITY SECTOR, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, VISCOFAN. IBEX remains stuck February ended with improved macro indicators (today we will learn euro zone inflation), sharp rises in most European indices (yesterday the gains were moderate) and with the IBEX lagging, staying just above 10,000 points. On the macro side, in Spain February’s inflation fell in line with expectation...
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Research Department
INFORME DIARIO 01 MARZO + RDOS. EUROPA 4T’23. IDEAS DESTACADAS Y PREVI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, SECTOR ELÉCTRICO, VISCOFAN. EUROPA: N/A. 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 con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. El Ibex sigu...
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
ENC ENCE ENERGIA Y CELULOSA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
COL SM INMOBILIARIA COLONIAL (COL SM)
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Research Department
IBERIAN DAILY 20 FEBRUARY + 4Q'23 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ENAGÁS, FCC, MELIÁ HOTELS, METROVACESA, SANTANDER. At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain. Near January’21 highs With the US holiday European stock markets remained stable, awaiting new drivers such as Nvidia’s results tomorrow, February’s PMI and the Fed minutes. Thus, in the STOXX 600, defensive sectors such as Pharma (the promising test...
- Research Department
INFORME DIARIO 20 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGAS, FCC, MELIÁ HOTELS, METROVACESA, SANTANDER. EUROPA: AIR LIQUIDE, BAYER. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. Cerca de los máximos desde enero de 2021 Con el festivo en EE.UU, las bolsas europeas se mantuvieron estables a la espera de nuevos catalizadores como ocurrirá el m...
- Research Department
IBERIAN DAILY 28 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING AND UTILITIES SECTOR, FCC, RENEWABLE SECTOR. Stock markets manage to remain near highs, underpinned by rate cut expectations It was a transition session without practically any macroeconomic references or newsflow and with low trading volume. Thus, the optimism from the last few sessions is apparently even higher amid expectations that central banks will end up being much more aggressive than suggested with rate cuts in 2024. Thus, in the STOXX 600, the best-performing se...
- Research Department
INFORME DIARIO 28 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FCC, SECTOR BANCARIO, SECTOR ELÉCTRICO, SECTOR RENOVABLE. Las bolsas logran mantenerse cerca de máximos apoyadas en las expectativas de bajadas de tipos Sesión de transición sin apenas referencias macro o noticias y escaso volumen, pero con las rentabilidades soberanas a la baja apoyando el movimiento al alza de las bolsas. Con todo, el mercado parece aumentar aún más el optimismo de las últimas semanas ante la expectativa de que los bancos centr...
- Research Department
IBERIAN DAILY 20 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FCC, TELEFÓNICA. Gains return to the Ibex and Europe Following Monday’s doubts, the bullish pattern continued in Europe in a session of new tightening of sovereign debt despite the strong recovery of the residential sector data in the US. In the STOXX 600, most sectors ended with gains, led by Travel&Leisure and Basic Resources vs. Automobiles, Telecoms, Food and Energy that were the only segments ending in negative territory. On the macro side, in the euro zone, November’s final ...
- Research Department
INFORME DIARIO 20 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FCC, TELEFÓNICA. El Ibex y Europa retoman las ganancias Tras el lunes de dudas, Europa continuó la senda ascendente en una nueva jornada de estrechamientos en las rentabilidades de deuda soberana y a pesar de unos datos macro del sector residencial en EE.UU. que se recuperaron con fuerza. En el STOXX 600 la mayoría de los sectores terminaron con subidas, lideradas por Viajes&Ocio y R. Básicos frente a Autos, Telecos, Alimentación y Energía que fuer...
Fomento De Construcciones Y Contratas: 2 directors
Two Directors at Fomento De Construcciones Y Contratas sold 20,429 shares at 12.500EUR. The significance rating of the trade was 63/100. 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 ...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Jean-François Granjon
- Louis Boujard
- CFA
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 12/15/2023
MBB SE is an investment holding company that engages in the management and acquisition of small and medium-sized enterprises in Germany. It operates via the following business segments: Service & Infrastructure, Technological Applications, and Consumer Goods. On the back of growing revenues (CAGR of +7.6%, 2022 to 2025e) and adjusted EBITDA margins (+70bp to 11.0% in 2025e vs 2022) and a solid balance sheet (equity ratio > 65%, average net cash position of ca. € 415m, 2023e to 2025e),...
CRI CHARGEURS SA
ALFOC FOCUS HOME INTERACTIVE SA
ZIL2 ELRINGKLINGER AG
ITP INTERPARFUMS
AF AIR FRANCE-KLM SA
COK CANCOM SE
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
CARM CARMILA SAS
MCPHY MCPHY ENERGY SA
ALBFR SIDETRADE SA
CSM CORBION NV
AEIN ALLGEIER HOLDING AG
TMV TEAMVIEWER AG
ALAFY AFYREN
ALHAF HAFFNER ENERGY SA
STM STABILUS SE
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Jean-François Granjon
- Louis Boujard
- CFA
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 15/12/2023
MBB SE is an investment holding company that engages in the management and acquisition of small and medium-sized enterprises in Germany. It operates via the following business segments: Service & Infrastructure, Technological Applications, and Consumer Goods. On the back of growing revenues (CAGR of +7.6%, 2022 to 2025e) and adjusted EBITDA margins (+70bp to 11.0% in 2025e vs 2022) and a solid balance sheet (equity ratio > 65%, average net cash position of ca. € 415m, 2023e to 2025e),...
CRI CHARGEURS SA
ALFOC FOCUS HOME INTERACTIVE SA
ZIL2 ELRINGKLINGER AG
ITP INTERPARFUMS
AF AIR FRANCE-KLM SA
COK CANCOM SE
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
CARM CARMILA SAS
MCPHY MCPHY ENERGY SA
ALBFR SIDETRADE SA
CSM CORBION NV
AEIN ALLGEIER HOLDING AG
TMV TEAMVIEWER AG
ALAFY AFYREN
ALHAF HAFFNER ENERGY SA
STM STABILUS SE
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