reports
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2024
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. Some med...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024
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 les pr...
- Luis de Toledo Heras
Enagas : Q1 2024 results slightly above our estimates
>Operating results in line, slight beat in net profit towards FY 2024 objectives - Good results supported by resilient sales despite the impact of the regulatory effect (loss of continuity of supply revenues in the 2021-2026 period: c.€ 35m estimated impact in 2024e) thanks to the contribution of COPEX and the revenues from the El Musel terminal (E-Hub). Costs remain stable compared to last year (+0.2%) highlighting the focus on efficiency while the contribution of eq...
- Virginia Romero
- Virginia Romero
- Research Department
INFORME DIARIO 23 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS, ENCE, IAG, NATURGY, TALGO. EUROPA: SAP. 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. Rebota el mercado Las bolsas europeas recuperaron parte de las pérdidas de la semana pasada y el oro registró su mayor bajada en un año, siguiendo ...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/16/2024
We are initiating coverage of the mining equipment segment with Metso on Outperform, Sandvik on Neutral and Epiroc on Underperform. We have adopted a cautious scenario with demand stable or slightly up in the short term (mining business sales up +3% on average between 2024 and 2026), pending positive signals indicating a rebound in greenfield investments (not before 2027, in our view). In this scenario, we think that Metso should confirm the progress achieved in 2023 (margin improveme...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/04/2024
Nous initions le segment des équipementiers miniers avec Metso à Surperformance, Sandvik à Neutre et Epiroc à Sous-performance. Nous adoptons un scénario prudent avec une demande stable ou en légère hausse à court terme (CA des activités minières en hausse moyenne de 3% entre 2024 et 2026), dans l’attente de signaux positifs indiquant un rebond des investissements greenfield (pas avant 2027 selon nous). Dans ce scénario, nous estimons que Metso devrait confirmer les progrès réalisés e...
- Luis de Toledo Heras
Enagas : Q1 2024 earnings preview: operating calm, strategic dynamism
>Regulatory framework weighing on results - Enagas will release Q1 2024 results on April 23rd. Our estimates consider the continued decline in regulatory revenues given the 2021-2026 framework (continuity of supply), partially offset by the increase in other regulated revenues, strong activity at the regasification plants, El Musel plant start-up and COPEX adjustments. We expect flattish adjusted EBITDA level considering more stability in recurring costs (after last y...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Research Department
IBERIAN DAILY 10 APRIL (ANÁLISIS BANCO SABADELL)
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...
- Research Department
INFORME DIARIO 10 ABRIL (ANÁLISIS BANCO SABADELL)
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...
- Research Department
IBERIAN DAILY 09 APRIL (ANÁLISIS BANCO SABADELL)
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...
- Research Department
INFORME DIARIO 09 ABRIL (ANÁLISIS BANCO SABADELL)
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...
- Research Department
INFORME DIARIO 22 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, ENAGAS, FLUIDRA, GRIFOLS, IBERDROLA, SANTANDER, SECTOR BANCARIO. EUROPA: AIRBUS. Nuevos máximos anuales Europa recibió con ganancias la decisión de la Fed de mantener los 3 recortes de tipos para 2024, mejorando las previsiones de crecimiento e inflación, pero también festejó la decisión de recortar tipos del Banco de Suiza y el mensaje del Banco de Inglaterra abriendo la puerta a recortar 3 veces en 2024. En el STOXX 600 los mejores sectores d...
Enagas Sa: 1 director
A director at Enagas Sa bought 2,700 shares at 14.880EUR and the significance rating of the trade was 54/100. 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 last two years clearly show...
- Luis de Toledo Heras
Enagas : Adjusting dividend policy to hydrogen development opportunity
>Adjusting dividend policy to investment road map - Enagas’ FY 2023 results conference call brought an important announcement regarding a 42% dividend cut in DPS for 2024-2026 to € 1.0/year compared to the previous reference of € 1.74 to adapt its policy to the hydrogen investment plan (€ 3.2bn investments from 2026). The new proposed dividend accounts for 90% of the average adjusted net profit (compared to previous 150%) and 40% of the FFO (vs previous 80%) over the ...
- Jerôme Bodin
MT ARCELORMITTAL SA
CA CARREFOUR SA
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
RAND RANDSTAD NV
G ASSICURAZIONI GENERALI S.P.A.
FRE FRESENIUS SE & CO. KGAA
BA. BAE SYSTEMS PLC
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ENG ENAGAS SA
RIO RIO TINTO PLC
IHG INTERCONTINENTAL HOTELS GROUP PLC
JDEP JDE PEET'S NV
- Jerôme Bodin
MT ARCELORMITTAL SA
CA CARREFOUR SA
VIV VIVENDI SE
WKL WOLTERS KLUWER NV
RAND RANDSTAD NV
G ASSICURAZIONI GENERALI S.P.A.
FRE FRESENIUS SE & CO. KGAA
BA. BAE SYSTEMS PLC
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ENG ENAGAS SA
RIO RIO TINTO PLC
IHG INTERCONTINENTAL HOTELS GROUP PLC
JDEP JDE PEET'S NV
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/20/2024
Campari shares are starting to show signs of flagging against the backdrop of a weaker-than-expected Q3 2023, a controversial acquisition in cognac, and dilution following the January capital increase. In addition, as the group diversifies, its profile increasingly resembles that of a pure player such as Pernod Ricard and Diageo, for which long-term growth and valuation levels are lower. By revising down our long-term growth estimates for Campari, we are lowering our target price to €...
AI AIR LIQUIDE SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BAYN BAYER AG
01913 PRADA S.P.A.
MONC MONCLER SPA
ENG ENAGAS SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BHP BHP GROUP LTD
IHG INTERCONTINENTAL HOTELS GROUP PLC
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