reports
- Carole Braudeau
Credit Morning 05/16/2024
Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
- Carole Braudeau
Morning Crédit 16/05/2024
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
- Research Department
INFORME DIARIO 16 MAYO + RDOS. ESPAÑA 1T’24. PREVIEWS (ANÁLISIS BANCO ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. EUROPA: DEUTSCHE TELEKOM, ENI, SIEMENS. 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. Las bolsas siguen de fiesta Nueva jornada de avances, con el Ibex liderando y consolidando má...
- Research Department
IBERIAN DAILY 16 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
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...
Moody's Ratings upgrades IAG's ratings to Investment Grade (Baa3); out...
Moody's Ratings (Moody's) has today upgraded the senior unsecured ratings of International Consolidated Airlines Group, S.A. (IAG or the company) to Baa3 from Ba2. Concurrently, the rating agency assigned a Baa3 long-term issuer rating to the company and withdrew its Ba1 corporate family rating (CFR...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
Morning Crédit 14/05/2024
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>...
- Carole Braudeau
- Carole Braudeau
- Rafael Bonardell
- Louis Boujard
- CFA
- Philippe Ourpatian
- Louis Boujard
- CFA
- Philippe Ourpatian
- Olfa Taamallah
- Yan Derocles
IAG : A good start to the year
>Q1 2024 slightly above expectations - IAG has just released its Q1 2024 results, slightly above estimates. Operating profit before exceptional items was reported at € 68m (€ 9m in Q1 2023), compared to the consensus (complied by company) estimate of € 48m, on sales of € 6,429m leading to a margin of 1.1% (0.2% in Q1 2024). This performance was mainly driven by passenger unit revenue for the year up 4.4% y-o-y (vs our estimate of +2.1%e) on capacity up 7% including ...
- Olfa Taamallah
- Yan Derocles
IAG : A good start to the year
>Q1 2024 slightly above expectations - IAG has just released its Q1 2024 results, slightly above estimates. Operating profit before exceptional items was reported at € 68m (€ 9m in Q1 2023), compared to the consensus (complied by company) estimate of € 48m, on sales of € 6,429m leading to a margin of 1.1% (0.2% in Q1 2024). This performance was mainly driven by passenger unit revenue for the year up 4.4% y-o-y (vs our estimate of +2.1%e) on capacity up 7% including ...
- Rafael Bonardell
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
AMS AMS AG
APAML APERAM SA
EVT EVOTEC SE
SBS STRATEC SE
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
BVB BORUSSIA DORTMUND GMBH & CO. KGAA
MBB MBB INDUSTRIES SE
PNL POSTNL NV
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
MBWS MARIE BRIZARD WINE & SPIRITS SA
AIXA AIXTRON SE
ECV ENCAVIS AG
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
STM STMICROELECTRONICS NV
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
ALKAL KALRAY SA
JEN JENOPTIK AG
AF AIR FRANCE - KLM
ARM ARM HOLDINGS PLC
- Olfa Taamallah
- Yan Derocles
Air France-KLM : Awaiting tangible signs of CASK back under control
>An improvement in CASK concentrated on Q4 - After a 4% rise in adjusted cost per available seat kilometre (CASK) in Q1 (including c1.6% of exceptional items), Air France-KLM is still forecasting an increase of between 1% and 2% for FY 2024, but with the improvement heavily concentrated in Q4... which entails a degree of risk. In addition to the reduction in costs linked to disruptions (€ 70m in Q4 2023), the improvement in the offer with the delivery of new aircraft ...
- Olfa Taamallah
- Yan Derocles
Air France-KLM : En attendant des signes tangibles de reprise en main ...
>Une amélioration du CASK concentrée sur le T4 - Après une hausse des coûts unitaires ajustés (CASK) de 4% sur le T1 (dont c1.6% d’éléments exceptionnels), Air France-KLM table toujours sur une augmentation comprise entre 1 et 2% sur FY 24 mais avec une amélioration fortement concentrée sur le T4… ce qui comporte un degré de risque. Au-delà de la diminution des coûts liés aux perturbations (70 M€ au T4 2023), la progression de l’offre avec l’arrivée de nouveaux appare...
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