reports
- Research Department
IBERIAN DAILY 20 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, IBERDROLA, TALGO, TELEFÓNICA. Strong week for European peripheral nations and the US European peripheral nation indices rose up to +2.0% over the week and the S&P 500 hit a new 2024 high, benefiting from the disappointing macro data and the falling debt yields. Within the STOXX 600, Telecoms and Real Estate led the gains last week, whereas Energy and Travel & Leisure ended with the biggest losses. On the macro side, in the euro zone the 2.4% YoY growth from April’s gene...
- Research Department
INFORME DIARIO 20 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, IBERDROLA, TALGO, TELEFÓNICA. EUROPA: ASML. Buena semana para la periferia europea y EE.UU. Semana de avances de hasta el +2,0% en la periferia europea y de nuevos máximos anuales en el S&P 500, beneficiadas por la decepción en los datos macro y el recorte en la rentabilidad de la deuda. Dentro del STOXX 600, lideraron las ganancias semanales los sectores Telecos e Inmobiliario (c. +3,0%) mientras que Energía y Viajes&Ocio terminaron con l...
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2024
With 71% of the companies in the Stoxx 600 having released their Q1 2024 results, the picture at this stage is encouraging, with 58% of positive surprises on results. Materials and financials were the sectors that delivered the most positive surprises. If the Q4 2023 earnings season put an end to a downward revision of EPS, the Q1 2024 earnings season has triggered the start of an upward EPS revision, more markedly in the US than in Europe. In terms of sectors, re-rating effects conti...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Julian Dobrovolschi
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2024
Alors que 71% des sociétés du Stoxx 600 ont publié, le bilan est à ce stade positif avec 58% de surprises positives sur les résultats. Matériaux et Financières sont les secteurs ayant apporté le plus de surprises positives. Le consensus – qui avait stoppé sa baisse durant les publications T4-23, est désormais reparti à la hausse, plus nettement aux Etats-Unis qu’en Europe. Sectoriellement, les effets de rerating ont continué de dominer les révisions de BPA. - ...
VIE VEOLIA ENVIRONNEMENT SA
TKA THYSSENKRUPP AG
FGR EIFFAGE SA
HNR1 HANNOVER RUECK SE
GBF BILFINGER SE
CPG COMPASS GROUP PLC
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
GRF GRIFOLS S.A. CLASS A
RWE RWE AG
LEG LEG IMMOBILIEN AG
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
WLN WORLDLINE SA
GRF.P GRIFOLS S.A. PREF CLASS B
HLAG HAPAG-LLOYD AG
REY REPLY S.P.A.
NEXI NEXI S.P.A.
AZE AZELIS GROUP NV
NCH2 THYSSENKRUPP NUCERA AG & CO.
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
ACS : Results and cash flow, both evolving largely as expected
>Results in line with our estimates, both at the P&L and the cash flow generation - The company’s Q1 2024 results were largely in line with our estimates once excluding the Hochtief results, already reported: Dragados, the main operating division outside Hochtief, and now part of the E&C division, showed EBITDA 1% ahead of our estimates, whilst the differences in net financial expenses, equity method, taxes and minorities were negligible and largely offsetting themse...
- Luis Arredondo
ACS: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'24 vs. 1Q'23 Results Sales: € 8.706 Bn (+7.3% vs. +4.0% BS(e) and +5.4% consensus); EBITDA: € 461.0 M (-0.2% vs. +0.7% BS(e) and +1.7% consensus); EBIT: € 327.0 M (-0.3% vs. +0.1% BS(e) and +1.5% consensus); Net Profit: € 177.0 M (+8.6% vs. -4.2% BS(e) and +1.2% consensus);
- Luis Arredondo
ACS: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: Ventas: 8.706 M euros (+7,3% vs +4,0% BS(e) y +5,4% consenso); EBITDA: 461,0 M euros (-0,2% vs +0,7% BS(e) y +1,7% consenso); EBIT: 327,0 M euros (-0,3% vs +0,1% BS(e) y +1,5% consenso); BDI: 177,0 M euros (+8,6% vs -4,2% BS(e) y +1,2% consenso).
- Research Department
INFORME DIARIO 14 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLIS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, UNICAJA. EUROPA: BAYER. 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. Jornada de transición en las bolsas En una sesión sin referencias macroeconómicas y con la campaña de resultados com...
- Research Department
IBERIAN DAILY 14 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
NEWS SUMMARY: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, SANTANDER, TELEFÓNICA, 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 1Q’24 results to be released over the coming days in Spain. A transition session for stock markets In a session without macroeconomic references and with the earnings season being the only catalyst, most European indices (with t...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Q1 2024 in line and 2024 trajectory confirmed
>Outperform recommendation reiterated and target price of € 25.3 unchanged - Q1 2024 results were broadly in line with our forecasts and those of the consensus. Restated for elements relative to the energy tax in Spain, the performance was in line with the strategic trajectory delivered during the last strategic plan delivered in November 2023, covering the 2024-2026 period. The group confirmed its 2024 guidance. The wait-and-see position on the 2026 coverage of its e...
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Un T1 24 en ligne et une trajectoire 2024 confirmée
>Opinion Surperformance réitérée et OC 25.3 € inchangé - Les résultats du T1 24 publiés sont ressortis globalement en ligne avec nos attentes et celles du consensus. Retraité des éléments relatifs à la fiscalité énergétique espagnole, la performance ressort en ligne avec la trajectoire stratégique délivrée lors du dernier opus stratégique de novembre 2023, couvrant la période 2024-2026. Le groupe a confirmé sa guidance 2024. La position d’attente sur sa couverture 202...
- Virginia Romero
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Virginia Romero
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Q1 2024 almost in line and 2024 guidance reiterated
>Q1 24 figures almost in line vs expectations - The company just released its Q1 2024 figures which are in line than our expectations and the consensus. On a recurring base (EBITDA € 1.08bn or -26%), figures are almost in line with our forecasts. Operating performance has been affected by the generation and supply business suffering from lower margins due to a tough basis of comparison vs 2023 despite better hydro conditions. Network still continues to deliver resilie...
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Q1 2024 almost in line and 2024 guidance reiterated
>Q1 24 figures almost in line vs expectations - The company just released its Q1 2024 figures which are in line than our expectations and the consensus. On a recurring base (EBITDA € 1.08bn or -26%), figures are almost in line with our forecasts. Operating performance has been affected by the generation and supply business suffering from lower margins due to a tough basis of comparison vs 2023 despite better hydro conditions. Network still continues to deliver resilie...
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