ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/03/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/04/2025

SAP : Set for another robust quarter in Q1 but fewer triggers thereaft...

SAP : Vers un T1 une nouvelle fois solide mais moins de catalyseurs en...

TMT hybrids offer good value/Look for quality in the belly of the curv...

In this report we evaluate spreads in the TMT hybrids space. As the credit space still looks relatively well bid, TMT hybrid yields offer an attractive opportunity with yields above 3.5%. Higher quality TMT hybrids or lower duration TMT hybrids look most attractive from a relative value standpoint, such as the Telia, Orange and KPN hybrids. The risk/return perspective of the Infineon hybrid note looks unattractive.

GRUPO C. OCCIDENTE: OPA VOLUNTARIA PARA EXCLUSIÓN DE COTIZACIÓN (ANÁLI...

OPA voluntaria para exclusión de cotización. ACEPTAR OPA

IBERIAN DAILY 28 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: FLUIDRA, GRUPO CATALANA OCCIDENTE, ELECTRICITY SECTOR, IAG, METROVACESA, NATURGY, OHLA, REPSOL. Tariffs remain in the spotlight European stock markets fell once again (except the peripheral indices IBEX and Italian Mib, which closed with minimal gains), marked by Trump’s announcement of 25% tariffs on imported cars. Thus, in the STOXX 600, Retail and Utilities posted the biggest gains, with Autos and Construction leading the drops. On the macro side, in the euro zone February’s M...

INFORME DIARIO 28 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FLUIDRA, GRUPO CATALANA OCCIDENTE, IAG, METROVACESA, NATURGY, OHLA, REPSOL, SECTOR ELÉCTRICO. Los aranceles no ceden el protagonismo Nueva jornada de caídas en las bolsas europeas (a excepción del Ibex y MIB italiano que cerraron planos) y marcada por el anuncio de D. Trump de aranceles del 25% a los coches importados. Así, en el STOXX 600, Retail y Utilites tuvieron las mayores ganancias, frente a Autos y Construcción que lideraron las caídas. Por...

IBERIAN DAILY 27 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENDESA, OHLA, REPSOL, SANTANDER. IBEX unable to break through 13,500 points It was a cautious session with profit taking in Europe, where the geopolitical (Middle East and Ukraine) and tariff situation (they would go into force next week) curbed the advances. In the STOXX 600, most sectors (13 of 20) closed with losses, led by Autos and Technology vs. Energy and Utilities, which were the biggest winners. On the macro side, in the UK both general (2.8% YoY) and core inflation (3.5...

INFORME DIARIO 27 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENDESA, OHLA, REPSOL, SANTANDER. EUROPA: SECTOR AUTOS. El Ibex no consigue perforar los 13.500 Jornada de cautela con recogida de beneficios en Europa, donde la situación geopolítica (Oriente Medio y Ucrania) y los aranceles (entrarían en vigor la semana que viene penalizaron los avances). En el STOXX 600, la mayoría de los sectores (13 de 20) cerraron con pérdidas, liderados por Autos y Tecnología frente a Energía y Utilities que presentaron las m...

ENDESA: HORA DE INVERTIR Y… CRECER (ANÁLISIS BANCO SABADELL)

Hora de invertir... y de crecer. Elevamos P.O. SOBREPONDERAR Hemos revisado al alza estimaciones de EBITDA’25e (+6% vs anterior) y hasta 2027e (+8% promedio anual) que implicará crecer a TACC 24-27e de +2,0% BS(e) (como consenso y vs +3,7% guidance) por fortaleza en Generación y CX y Redes (más capex y actualización por inflación). A pesar del esfuerzo inversor, el apalancamiento es bajo (1,9x DFN/EBITDA) lo que permite una retribución atractiva (yield media 6/6,5% o BS(e) 1,4-1,44 de DPA vs 1,5...

IBERIAN DAILY 26 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENDESA, NATURGY, OHLA, ROVI, TALGO. IBEX close to 13,500 Boosted by the good start to the week in the US and with no new scares on the tariff front, European stock markets rallied, with the IBEX once again leading the way. In the STOXX 600, all the sectors except Retail, Food and Chemicals posted gains, led by Banks and Travel & Leisure. On the macro side, in Germany March’s IFO rose in line with expectations, with better performance in the expectations component. In the US, Marc...

INFORME DIARIO 26 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENDESA, NATURGY, OHLA, ROVI, TALGO. El Ibex acaricia los 13.500 Impulsadas por el buen comienzo de semana en EE.UU. y sin nuevos sobresaltos en materia arancelaria, las bolsas europeas retomaron las subidas, con el Ibex nuevamente liderando las mismas. En el STOXX 600, todos los sectores menos Retail, Alimentación y Químicas tuvieron ganancias, lideradas por Bancos y Viajes & Ocio. Por el lado macro, en Alemania el IFO de marzo avanzó en línea con ...

ARC-AGI-2: Pushing the measure of intelligence beyond test-time comput...

The ARC team has announced ARC-AGI-2 and published initial benchmarking results, after ARC-AGI-1 got saturated by o3. The race to AGI is reset. Fascinating. ​​​​​For what all investors need to understand about the most important benchmark of the industry, summarized on a single slide, see the attached article.

Bankinter S.A.: 2 directors

A director at Bankinter S.A. sold 12,733 shares at 10.500EUR 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 ...

INFORME DIARIO 25 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, ENDESA, NATURGY, REPSOL. EUROPA: AIR LIQUIDE. Los aranceles siguen marcando la actualidad Jornada de tímidas caídas en Europa frente a las subidas de los índices en EE.UU., impulsados por rumores de menores aranceles por parte de la Administración Trump. En el STOXX 600, las mayores subidas fueron para R Básicos y Tecnología frente a Inmobiliario y Alimentación, que lideraron las caídas. Por el lado macro, en la Eurozona datos mixtos en los ...

IBERIAN DAILY 25 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS HOMES, ENDESA, NATURGY, REPSOL. Tariffs continue to set the pace It was a session of slight drops in Europe vs. the gains in US indices, boosted by rumours of lower tariffs by the Trump Administrations. In the STOXX 600, the biggest gains came in Basic Materials and Technology, with Real Estate and Food leading the drops. On the macro side, in the euro zone March’s PMI data was mixed, with the manufacturing index rallying more than expected and the services index falling un...

A-rated TMT credit investments/Better credits at similar spreads

This report updates credit investors on opportunities in the single-A TMT space. We argue that the notes of Relx, Swisscom, and ASML look attractive. The notes of SAP and Telenor look to trade at fair value. We provide a summary of our general findings, followed by company descriptions.