reports
- Nadège Tillier
Enagas/Debt reduction leads to neutral view
Enagas reported 9M24 results last week. Following this, we have changed our opinion on Enagas from negative to neutral. The Spanish utility sold its stake in Tallgrass in July 2024, reducing its indebtedness. Fitch Ratings and Standard & Poor's have upgraded Enagas to BBB+ and Moody's now has the issuer on a positive outlook (rating at Baa2). What restrains us from being positive on Enagas is the coming regulatory review and possibly further lower remuneration on Spanish gas pipelines. We also s...
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/23/2024
Last week, we organised an Expert Access event on multiple sclerosis (MS) with the participation of Dr Géraldine Androdias, a neurologist at Lyon University Hospital. Dr Androdias presented the key points of the ECTRIMS 2024 conference, as well as new trends in treating the illness. We note an unmet need in the primary progressive and secondary progressive forms, a real interest for the BTKi class with the greater penetration of the blood-brain barrier, and expectations for the anti-C...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Benoit Valleaux
- Steven Gould
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/10/2024
Nous avons organisé la semaine dernière un Expert Access autour de la sclérose en plaques (SEP) avec la participation du Dr Géraldine Androdias, médecin neurologue au CHU de Lyon. Le Dr Androdias a présenté les points saillants du congrès de l’ECTRIMS 2024 ainsi que les nouvelles tendances dans la prise en charge de la maladie. Nous retenons un besoin insatisfait dans les formes progressives et secondairement progressives, un vrai intérêt de la classe des BTKi avec le passage accru de...
INFINEON INFINEON TECHNOLOGIES AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
BNP BNP PARIBAS SA CLASS A
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
HO THALES SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
GLE SOCIETE GENERALE S.A. CLASS A
OR L'OREAL SA
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
ASSA B ASSA ABLOY AB CLASS B
ENG ENAGAS SA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
AKZA AKZO NOBEL N.V.
IHG INTERCONTINENTAL HOTELS GROUP PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Luis de Toledo Heras
Enagas : 9M 2024 results slightly above estimates, regulatory visibili...
>9M results slightly above estimates on good cost control and affiliates contribution - Good results, slightly above our estimates (+5% at the EBITDA level with sales in line) reflecting the good cost performance and a sound contribution from affiliates. The EBITDA margin reached 86.2% compared to our conservative 82% estimate. Sales were in line with our estimates with the regulatory impact (€ 33m: reduction in the remuneration of continuity of supply) largely offse...
- Virginia Romero
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Virginia Romero
ENAGÁS: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results EBITDA: € 187.1 M (-6.0% vs. -8.5% BS(e) and -13.6% consensus); Net Profit: € 85.4 M (+4.1% vs. -14.6% BS(e) and -9.8% consensus); 9M'24 vs. 9M'23 Results EBITDA: € 572.8 M (+0.1% vs. -0.7% BS(e) and -2.4% consensus); Net Profit: € 233.5 M (-9.5% vs. -15.5% BS(e) and -14.0% consensus);
- Virginia Romero
ENAGÁS: RDOS. 9MESES’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: EBITDA: 187,1 M euros (-6,0% vs -8,5% BS(e) y -13,6% consenso); BDI: 85,4 M euros (+4,1% vs -14,6% BS(e) y -9,8% consenso). Rdos. 9meses'24 vs 9meses'23: EBITDA: 572,8 M euros (+0,1% vs -0,7% BS(e) y -2,4% consenso); BDI: 233,5 M euros (-9,5% vs -15,5% BS(e) y -14,0% consenso).
- Research Department
IBERIAN DAILY 22 OCTOBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVI...
NEWS SUMMARY: AENA, BANKING SECTOR, ENAGÁS, SACYR. 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 3Q’24 results to be released over the coming days in Spain. Results season takes centre stage A poor start to a week marked by the flood of company earnings in Europe and the US. The proximity of the US presidential election adds uncertainty and puts pressure on US debt. In the ST...
- Research Department
INFORME DIARIO 22 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ENAGÁS, SACYR, SECTOR BANCOS ESPAÑA. 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. 3T’24 que se publicarán en España y Europa en los próximos días. La campaña de resultados toma protagonismo Mal comienzo para una semana marcada por el aluvión de resultados empresariales en Europa y EE.UU...
- Research Department
INFORME DIARIO 07 0CTUBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS, IBERDROLA, SANTANDER, TALGO. La guerra Israel/Irán no da tregua y se suma la campaña de resultados El temor a una escalada de la tensión en Oriente Medio llevó a un fuerte repunte del petróleo y caídas en las principales bolsas europeas que no pudieron ser totalmente revertidas a pesar de los buenos datos macro en EE.UU. Dentro de los sectoriales del STOXX 600, Energía destacó como el mejor sector seguido por Recursos Básicos mientras que Au...
- Research Department
IBERIAN DAILY 07 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS, IBERDROLA, SANTANDER, TALGO. The Israel-Iran war intensifies and joins the results season The fear of escalating tensions in the Middle East led to drops on the main European stock markets that were not fully reversed despite the good macroeconomic data released in the US and a sharp rise in oil prices. Within the STOXX 600 sectors, Energy stood out as the best performer, followed by Basic Materials, whereas Autos, Luxury and Travel & Leisure (dragged down by the geopoliti...
- Nicolas David
ODDO : Iberian Forum – Day 1
We host our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024 virtually. In total, 63 companies will be presenting. In the following note, we provide some initial feedback of the company on day 1. - >Acciona (=) : Confidence in Non-energy business steady, Acciona Energía stake sparks intense scrutiny - Acciona Energia (=/-) : A trajectory beyond 2024 to be explained at the 9 months results - Acerinox (=/-): Softness persists in Europe and US - Amadeus (=/+): sol...
ACX ACERINOX SA
REP REPSOL SA
COR CORTICEIRA AMORIM SGPS SA
BKT BANKINTER SA
ANA ACCIONA SA
FDR FLUIDRA S.A.
AMS AMADEUS IT GROUP SA CLASS A
ENG ENAGAS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
CABK CAIXABANK SA
IDR INDRA SISTEMAS S.A. CLASS A
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ENER GRUPO ECOENER S.A.
- Research Department
INFORME DIARIO 01 AGOSTO + RDOS. ESPAÑA Y EUROPA 2T’24. PREVIEWS (ANÁL...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, CAF, CAIXABANK, ENAGÁS, ENCE, FLUIDRA, MELIÁ. EUROPA: AB INBEV, ASML, BMW, DHL GROUP, ING, SOCIÉTÉ GÉNÉRALE. 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. 2T’24 que se publicarán en España y Europa en los próximos días. El mercado espera que la Fed recorte en septiembre Avances en Europa an...
- Research Department
INFORME DIARIO 30 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ENAGÁS, IBERDROLA, OHLA, UNICAJA. 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. 2T’24 que se publicarán en España y Europa en los próximos días. El Ibex mantiene los 11.100 puntos Arranque de semana mixto en los selectivos europeos a pesar de que se esperan novedades más dovish e...
- Research Department
IBERIAN DAILY 30 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ENAGÁS, IBERDROLA, INDRA, OHLA, 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 2Q’24 results to be released over the coming days in Spain. IBEX remains above 11,100 points The week kicked off with mixed results in European stock markets, despite the fact that more dovish moves are expected in monetary policies from the Fed and B...
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
ADP AEROPORTS DE PARIS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
HO THALES SA
GFC GECINA SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
SW SODEXO SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALO ALSTOM SA
ELE ENDESA S.A.
EZJ EASYJET PLC
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
GAS NATURGY ENERGY GROUP S.A.
ELI ELIA GROUP SA/NV
MOCORP METSO OUTOTEC OYJ
ENG ENAGAS SA
IBE IBERDROLA SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
SGSN SGS SA
- Olfa Taamallah
- Yan Derocles
EQNR EQUINOR ASA
ADP AEROPORTS DE PARIS SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
ORA ORANGE SA
HO THALES SA
GFC GECINA SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
SW SODEXO SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
ALO ALSTOM SA
ELE ENDESA S.A.
EZJ EASYJET PLC
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
GAS NATURGY ENERGY GROUP S.A.
ELI ELIA GROUP SA/NV
MOCORP METSO OUTOTEC OYJ
ENG ENAGAS SA
IBE IBERDROLA SA
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
AM DASSAULT AVIATION
SGSN SGS SA
- Luis de Toledo Heras
Enagas : On track to meet operational and strategic targets
>Strong operating performance on other revenues contribution and cost control - Good results, slightly above our estimates (H1 2024 EBITDA of € 386m, +3.7% y-o-y, +2% vs our estimates) as the regulatory impact (remuneration of continuity of supply) is largely offset by the increase in revenues from COPEX and the Musel E-Hub terminal (€ 80m of annual revenues combined) and operating expenses maintain its favourable trend (-5.2% as a result of the decrease in audited e...
Enagas Sa: 1 director
A director at Enagas Sa bought 7,451 shares at 13.470EUR and the significance rating of the trade was 60/100. 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...
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