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). - ...
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...
>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...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: MELIÁ, MERLIN, NATURGY. 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. Semana de retrocesos en Europa con la excepción de la periferia El viernes volvió a ser un día de aversión al riesgo por el riesgo geopolítico pero los miedos se fueron d...
NEWS SUMMARY: MELIÁ HOTELS, MERLIN PROPERTIES, NATURGY. 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 week of losses in Europe, except in the periphery Friday was another day of risk aversion due to the geopolitical risk, but fears began to subside throughout the session, although this was not enough to prevent the...
NEWS SUMMARY: ENAGÁS, IAG, MERLIN PROPERTIES. Profit taking on the markets With few drivers, European stock markets lost a bit of ground, despite the drop in debt curves ahead of the release of March’s inflation data and with no clear style dominating. In the STOXX 600, the best-performing sectors were Basic Materials and Telecoms, whereas Insurance and Industrials ended with the biggest drops. On the macro side, in the US, March’s SME confidence index fell slightly more than expected. From the...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGAS, IAG, MERLIN. EUROPA: AIRBUS. Toma de beneficios en mercado Sin grandes novedades en mercados, las bolsas europeas cedieron altura a pesar de la moderación en las curvas de deuda antes de la publicación de los datos de inflación de marzo y sin un estilo claro dominando las cotizaciones. Así, en el STOXX 600 los mejores sectores fueron R. Básicos y Telecomunicaciones mientras que Seguros e Industriales acabaron con las mayores cesiones. Por e...
NEWS SUMMARY: ALMIRALL, ENAGÁS, MERLIN PROPERTIES, TALGO, TELEFÓNICA. Transitional session Awaiting the release of US inflation data, the ECB meeting and the start of the results season, European stock markets ended with slight gains, lacking a clear driver and with cyclicals favoured, along with widening in sovereign debt. In the STOXX 600, the best-performing sectors were Basic Materials and Autos, whereas Household Goods and Media ended with the biggest drops. On the macro side, in Spain Fun...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, ENAGÁS, MERLIN PROPERTIES, TALGO, TELEFÓNICA. Sesión de transición A la espera de la publicación de la inflación estadounidense, la reunión del BCE y el arranque de la temporada de resultados, las bolsas europeas terminaron con ligeras subidas sin un catalizador claro con un claro sesgo a favor de los cíclicos y acompañados de repuntes de rentabilidad en la deuda soberana. En el STOXX 600 los mejores sectores del día fueron R. Básicos y A...
NEWS SUMMARY: BBVA, MERLIN, SACYR, TELEFÓNICA. Stock markets continue to climb European stock exchanges saw new gains, underpinned by the statements made by several ECB members in favour of the commencement of the rate cut cycle. In the STOXX 600, Retail and Financials led gains, whereas cyclical sectors linked to raw materials such as Energy and Basic Resources saw the worst performance. On the macro side, in Spain, the final 4Q’23 GDP confirmed the preliminary 0.6%, ending 2013 with 2.3% gro...
>S&P upgrades credit rating to BBB+ vs BBB, with positive outlook…. - S&P yesterday evening upgraded MERLIN Properties’ credit rating to “BBB+” highlighting the quality of its capital structure and the growth opportunities that could stem from its cash flow. The previous BBB rating had been put on positive watch following the disposal of the BBVA branches for € 2.1bn in June 2022.The agency highlighted the marked improvement in operating performances and credit m...
>Sa notation crédit est relevée par S&P à BBB+ vs BBB, perspective positive…. - S&P a relevé hier soir le rating de Merlin Properties à “BBB+” en mettant en avant la qualité de la structure de son capital ainsi que les opportunités de croissance à venir de son cash-flow. La notation précédemment BBB avait en effet été mise sous perspective positive suite à la cession du portefeuille d’agences bancaires BBVA pour 2.1 Md€ en juin 2022.L'agence souligne la forte amé...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, MERLIN PROPERTIES, SACYR, TELEFÓNICA. La bolsa no frena los ascensos Las bolsas de Europa volvieron a registrar avances, apoyadas en las declaraciones de varios miembros del BCE a favor del inicio del ciclo de recortes de tipos. En el STOXX 600, lideraron las subidas Retail y financieros como Bancos mientras que cíclicos relacionados con las materias primas como Energía y R. Básicos fueron los de peor comportamiento. Por el lado macro, en Es...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
>The direct investment market is still muted today, but we think real estate markets could reignite after seeing the first interest rate cuts - We visited the annual real estate conference MIPIM in Cannes last week. Although the weather was great, the mood in the investment market was still a bit muted. The changes in the real estate market leaves many investor uncertain today. It is still too early to see transactions to go up materially and pricing recovery in the ...
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