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Dave Nicoski ... (+2)
  • Dave Nicoski
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Buy the Pullback in MSCI ACWI and S&P 500 Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&P 500 holding above their respective bases at $117 and 5650-5670. We have discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the S&P 500 (the U.S. remains our only country overweight) as an opportunity to add exposure, and that we see a high probability of significant upside going into year-end and the early part of 2025. This remain...

Research Department
  • 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
  • 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 ... (+3)
  • 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...

Martin Marandon-Carlhian ... (+3)
  • 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 ...

Luis Arredondo
  • 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...

Virginia Romero
  • Virginia Romero

GREENING: APOSTANDO POR LA DIVERSIFICACIÓN (ANÁLISIS BANCO SABADELL)

Apostando por la diversificación. Incrementamos rango de valoración a 6,93 euros/acc. y 9,86 euros/acc. GGR ha batido al sector en Bolsa en 2024 al cumplir guidance en COD&UC y por la estrategia llevada a cabo de diversificación e internacionalización (Norte América y resto de Europa). Actualmente, GGR cuenta con una cartera de 9 GW (268 MW en COD&UC y 783 MW Backlog). Nuestras estimaciones asumen dos escenarios (prudente y base, que implica asumir el 61% del Plan Estratégico) según capacidad CO...

Luis Arredondo
  • 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
  • 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
  • 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
  • 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...

Juan Ros-Padilla
  • Juan Ros-Padilla

Almirall SA : Q3 results in line. FY 2024 guidance reiterated. Uninspi...

>Sales gain some momentum, but margins deteriorate on launch costs - Sales reached € 231m (+10% y-o-y vs +7% in Q2 2024 and +7% in Q1 2024), broadly in line with our estimates and the consensus. As regards its recent product launches: Ilumetri posted strong double-digit growth, even slightly accelerating q-o-q, despite facing a hard comp (+24% in Q3 vs +22% in Q2 2024 and +36% in Q3 2023), Ebglyss’ contribution to sales was € 10m equating to a +178% q-o-q growth. The ...

Luis Arredondo
  • Luis Arredondo

ALMIRALL: MENSAJES DE LA CONFERENCE CALL RDOS. 3T’24 (ANÁLISIS BANCO S...

De la conference call de Rdos. 3T’24, destacamos los siguientes mensajes:  Klisyri y Efinaconazole: Respecto al lanzamiento de la versión Large field de Klisyri en EE.UU.

Luis Arredondo
  • Luis Arredondo

ALMIRALL: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results Sales: € 230.4 M (+10.5% vs. +10.3% BS(e) and +10.3% consensus); EBITDA: € 37.7 M (+1.9% vs. +1.6% BS(e) and +2.2% consensus); EBIT: € 2.6 M (-56% vs. -56% BS(e) and -31% consensus); Net Profit: € -5.5 M (vs. € 0 M BS(e) and € 0 M consensus); 9M'24 vs. 9M'23 Results Sales: € 727.6 M (+7.9% vs. +7.8% BS(e) and +7.8% consensus); EBITDA: € 142.2 M (+2.8% vs. +2.7% BS(e) and +3.0% consensus); EBIT: € 38.5 M (-13.3% vs. -13.3% BS(e) and -9.9% consensus); Net Profit: € 9.9 M (-...

Luis Arredondo
  • Luis Arredondo

ALMIRALL: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'24 vs 3T'23: Ventas: 230,4 M euros (+10,5% vs +10,3% BS(e) y +10,3% consenso); EBITDA: 37,7 M euros (+1,9% vs 1,6% BS(e) y +2,2% consenso); EBIT: 2,6 M euros (-56% vs -56% BS(e) y -31% consenso); BDI: -5,5 M euros (vs 0 M euros BS(e) y 0 M euros consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 727,6 M euros (+7,9% vs +7,8% BS(e) y +7,8% consenso); EBITDA: 142,2 M euros (+2,8% vs +2,7% BS(e) y +3,0% consenso); EBIT: 38,5 M euros (-13,3% vs -13,3% BS(e) y -9,9% consenso); BDI: 9,9 M euros...

 PRESS RELEASE

Almirall’s Nine-Month 2024 Results: Almirall Reports Strong Performanc...

BARCELONA, Spain--(BUSINESS WIRE)-- , a global biopharmaceutical company based in Barcelona, today announced its year to date financial results at the third quarter of 2024. Almirall continued to deliver strong sales growth in the first nine months of 2024 which were driven by the dermatology business, and especially the biologics portfolio in Europe. Net Sales increased by 7.9% YoY to a total of €727.6 MM, EBITDA was €142.2 MM (increase of 2.9% YoY) driven by higher sales growth, with a gross margin of 64,8%. Dermatology sales in Europe increased by 21.9% to a total of €355.2 MM. Almirall re-...

Research Department
  • Research Department

INFORME DIARIO 11 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, CELLNEX, GRIFOLS, GRUPO SAN JOSE. 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. Trump lleva a los índices americanos a nuevos máximos históricos Semana marcada por las elecciones en EE.UU., las reuniones sin sorpresas de la Fed ...

Research Department
  • Research Department

IBERIAN DAILY 11 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ALMIRALL, CELLNEX, ELECTRICITY SECTOR, GRIFOLS, GRUPO SANJOSE. 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. Trump leads US indices to all-time highs The week was marked by the US election, the meetings (with no surprises) from the Fed and BoS and Friday’s disappointment due to the lack of fiscal stimul...

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