reports
- Research Department
IBERIAN DAILY 14 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: FERROVIAL, GRIFOLS, IBERDROLA. 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. US inflation continues to follow the script European stock markets ended with drops, although the US inflation data helped distance them from daily lows. In the STOXX 600 the best-performing sectors were Energy and Consumer Goo...
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’24. IDEAS DESTACADAS Y P...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRIFOLS, IBERDROLA. EUROPA: ASML, DEUTSCHE TELEKOM, PROSUS, 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. 3T’24 que se publicarán en España y Europa en los próximos días. La inflación estadounidense sigue el camino esperado Las bolsas europeas terminaron con caídas, aunque el dato de i...
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Martin Marandon-Carlhian
- Stephane Houri
- Steven Boumans
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Luis Arredondo
ACS: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 10.953 Bn (+17.0% vs. +15.5% BS(e) and +15.2% consensus); EBITDA: € 522.0 M (+6.3% vs. +11.3% BS(e) and +27.6% consensus); EBIT: € 272.0 M (-11.4% vs. -8.7% BS(e) and -0.4% consensus); Net Profit: € 189.0 M (-1.0% vs. -82.3% BS(e) and -16.8% consensus); 9M'24 vs. 9M'23 Results Sales: € 29.702 Bn (+12.5% vs. +12.0% BS(e) and +11.9% consensus); EBITDA: € 1.679 Bn (+17.8% vs. +19.5% BS(e) and +25.2% consensus); EBIT: € 1.079 Bn (+11.0% vs. +11.9% BS(e) and +14.5% co...
- Luis Arredondo
ACS: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 10.953 M euros (+17,0% vs +15,5% BS(e) y +15,2% consenso); EBITDA: 522,0 M euros (+6,3% vs +11,3% BS(e) y +27,6% consenso); EBIT: 272,0 M euros (-11,4% vs -8,7% BS(e) y -0,4% consenso); BDI: 189,0 M euros (-1,0% vs -82,3% BS(e) y -16,8% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 29.702 M euros (+12,5% vs +12,0% BS(e) y +11,9% consenso); EBITDA: 1.679 M euros (+17,8% vs +19,5% BS(e) y +25,2% consenso); EBIT: 1.079 M euros (+11,0% vs +11,9% BS(e) y +14,5% consen...
- Research Department
INFORME DIARIO 13 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T'24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AENA, CAF, GREENING, NEINOR HOMES, SACYR, SECTOR INMOBILIARIO - SOCIMI. EUROPA: ALLIANZ, PROSUS. 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. Alemania celebrará elecciones en febrero El contagio desde Asia junto con el incremento en...
- Research Department
IBERIAN DAILY 13 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACS, AENA, CAF, GREENING, NEINOR HOMES, REAL ESTATE SECTOR, 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. Germany to hold elections in February The contagion from Asia, along with the increased geopolitical risk, dragged down European stock markets. In the STOXX 600, only Technology ended in gree...
- Ana Arjona-Martinez
ACS : In line results both on P&L and cash flow
>Good operating performance… - ACS’s Q3 2024 operating results were in line with our estimates: revenues 1% or € 155m above our estimates and EBITDA € 521m vs € 519m ODDO BHFe (i.e. 1% or € 3m above). More importantly, once excluding the Hochtief results already reported, Dragados, the main operating division outside Hochtief, posted EBITDA slightly ahead of our estimates. The beat, was the result of the strong margin reported in the division that more than offset the...
- Luis Arredondo
- Luis Arredondo
FERROVIAL: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 2.376 Bn (+4.2% vs. +7.5% BS(e) and +6.4% consensus); EBITDA: € 405.0 M (+35.5% vs. +27.2% BS(e) and +25.8% consensus); EBIT: € 282.0 M (+46.1% vs. +35.4% BS(e) and +50.3% consensus); 9M'24 vs. 9M'23 Results Sales: € 6.643 Bn (+6.8% vs. +8.0% BS(e) and +7.6% consensus); EBITDA: € 1.008 Bn (+44.0% vs. +40.5% BS(e) and +39.9% consensus); EBIT: € 833.0 M (+112.0% vs. +106.7% BS(e) and +114.0% consensus);
- Luis Arredondo
FERROVIAL: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 2.376 M euros (+4,2% vs +7,5% BS(e) y +6,4% consenso); EBITDA: 405,0 M euros (+35,5% vs +27,2% BS(e) y +25,8% consenso); EBIT: 282,0 M euros (+46,1% vs +35,4% BS(e) y +50,3% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 6.643 M euros (+6,8% vs +8,0% BS(e) y +7,6% consenso); EBITDA: 1.008 M euros (+44,0% vs +40,5% BS(e) y +39,9% consenso); EBIT: 833,0 M euros (+112,0% vs +106,7% BS(e) y +114,0% consenso).
- Research Department
IBERIAN DAILY 30 OCTOBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...
NEWS SUMMARY: AENA, ENCE, ENDESA, FERROVIAL, GREENING, INDRA, METROVACESA, PUIG BRANDS, REDEIA, 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 3Q’24 results to be released over the coming days in Spain. Market moved by earnings releases European stock markets closed with slight drops, highly conditioned by the business results calendar and penalised by the new rise in...
- Research Department
INFORME DIARIO 30 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ENCE, ENDESA, FERROVIAL, GREENING, INDRA, METROVACESA, PUIG BRANDS, REDEIA, UNICAJA. EUROPA: BASF, KERING, SCHNEIDER ELECTRIC, VOLKSWAGEN. 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. El mercado al son de los beneficios empresariales ...
- Research Department
INFORME DIARIO 29 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANCO SANTANDER, ECOENER, FERROVIAL. EUROPA: ADIDAS, LINDE. 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. El Ibex reconquista los 11.900 puntos La semana previa a las elecciones en EE.UU. cuando publicarán resultados las “7 magníficas” arran...
- Research Department
IBERIAN DAILY 29 OCTOBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVI...
NEWS SUMMARY: ECOENER, FERROVIAL, SANTANDER. 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. IBEX back above 11,900 points The week before the US election in which the “Magnificent 7” will release their earnings kicked off with moderate gains in Europe, where the falling oil prices spurred consumer goods companies and ...
- Luis Arredondo
- Luis Arredondo
GLOBAL DOMINION: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 284.9 M (+1.7% vs. +3.6% BS(e) and +2.0% consensus); EBITDA: € 36.2 M (+24.0% vs. +23.2% BS(e) and +19.2% consensus); EBIT: € 18.0 M (+30.4% vs. +44.8% BS(e) and +31.9% consensus); Net Profit: € 3.8 M (-5.0% vs. +49.6% BS(e) and +22.5% consensus); 9M'24 vs. 9M'23 Results Sales: € 856.3 M (+0.6% vs. +1.3% BS(e) and +0.7% consensus); EBITDA: € 107.5 M (+7.1% vs. +6.9% BS(e) and +5.7% consensus); EBIT: € 58.6 M (+8.7% vs. +12.4% BS(e) and +9.1% consensus); Net Profi...
- Luis Arredondo
GLOBAL DOMINION: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 284,9 M euros (+1,7% vs +3,6% BS(e) y +2,0% consenso); EBITDA: 36,2 M euros (+24,0% vs +23,2% BS(e) y +19,2% consenso); EBIT: 18,0 M euros (+30,4% vs +44,8% BS(e) y +31,9% consenso); BDI: 3,8 M euros (-5,0% vs +49,6% BS(e) y +22,5% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 856,3 M euros (+0,6% vs +1,3% BS(e) y +0,7% consenso); EBITDA: 107,5 M euros (+7,1% vs +6,9% BS(e) y +5,7% consenso); EBIT: 58,6 M euros (+8,7% vs +12,4% BS(e) y +9,1% consenso); BDI: 20,1 ...
- Research Department
IBERIAN DAILY 23 OCTOBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVI...
NEWS SUMMARY: ENERGY SECTOR, GLOBAL DOMINION, IBERDROLA. 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. Debt cools the markets European stock markets ended flat in a session marked by the doubts surrounding the sustainability of sovereign debt. In the STOXX 600, Technology led the gains, with Utilities and Insurance p...
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