We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...
>Outperform rating confirmed – target price lifted to € 6.4 (vs € 5.9) - The Q1 2024 figures for CABK confirm the favourable trend, both on the operating front, confirming and even improving guidance (RoTE now expected >16%), and on the balance sheet front (CET1 FL >12%) in 2024. This robustness, coupled with the adequate diversification of the business model, confirms the stock as one of our Top Picks in the sector in the uncertain/challenging current context (macro,...
>Opinion Surperformance confortée – OC porté à 6.4 € (vs 5.9 €) - Les chiffres T1 2024 de CABK viennent confirmer la tendance favorable à la fois sur le plan opérationnel validant voire améliorant les guidances (RoTE dorénavant attendu >16%) et bilanciel (CET1 FL >12%) en 2024. Cette robustesse, couplée à la diversification adéquate du business model, conforte le titre parmi nos top picks au sein du secteur dans le contexte actuel incertain/challenging (macro, taux…)....
Iliad Holding plans to issue new bonds to fund the investment in Tele2 and a tender on Iliad Holding 2026 notesIsabel Marant: well preserved liquidity but further deep fall in the wholesale order bookVerisure markets new bonds with two special covenants linked to a potential IPOBUT/Mobilux: new bond offering with the inclusion of Conforama into the scope>...
Isabel Marant : liquidité supérieure aux attentes mais nouvelle chute du carnet de commandesBUT/Mobilux : Nouvelle émission obligataire avec intégration de Conforama dans le périmètreIliad Holding compte émettre des de nouvelles obligations pour financer l’investissement dans Tele2 et un tender sur la souche Iliad Holding 2026Verisure commercialise des nouvelles obligations avec deux covenants spéciaux liés à une potentielle IPO>...
1Q'24 vs. 1Q'23 Results N.I.I.: € 2.781 Bn (+27.5% vs. +23.7% BS(e) and +24.0% consensus); Total Revenues: € 3.496 Bn (+12.7% vs. +8.3% BS(e) and +12.0% consensus); Operating Profit: € 1.988 Bn (+19.8% vs. +11.1% BS(e) and +18.4% consensus); Net Profit: € 1.004 Bn (+17.4% vs. +8.1% BS(e) and +17.3% consensus); 1Q'24 vs. 4Q'23 Results N.I.I.: € 2.781 Bn (+1.2% vs. -1.8% BS(e) and -1.6% consensus); Total Revenues: € 3.496 Bn (-1.3% vs. -5.2% BS(e) and -2.0% consensus); Operating Profit: € 1.988 Bn...
Rdos. 1T'24 vs 1T'23: M. Intereses: 2.781 M euros (+27,5% vs +23,7% BS(e) y +24,0% consenso); M. Bruto: 3.496 M euros (+12,7% vs +8,3% BS(e) y +12,0% consenso); M. Neto: 1.988 M euros (+19,8% vs +11,1% BS(e) y +18,4% consenso); BDI: 1.004 M euros (+17,4% vs +8,1% BS(e) y +17,3% consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 2.781 M euros (+1,2% vs -1,8% BS(e) y -1,6% consenso); M. Bruto: 3.496 M euros (-1,3% vs -5,2% BS(e) y -2,0% consenso); M. Neto: 1.988 M euros (-5,1% vs -12,0% BS(e) y -6,2% ...
NEWS SUMMARY: CAIXABANK, 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 1Q’24 results to be released over the coming days in Spain. The Ibex is far from highs European stock exchanges kicked off the Fed’s week (Wednesday) with slight corrections and with sovereign yields tightening. Within the STOXX 600 sectors, Basic Resources and Real Estate saw the biggest gains...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, SANTANDER. EUROPA: ADIDAS, MERCEDES BENZ GROUP, VINCI. 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. El Ibex se aleja de máximos Las bolsas europeas comenzaron la semana de la Fed (miércoles) con ligeras pérdidas y caídas de las re...
>Outperform rating maintained – target price raised to € 2.8 (vs € 2.7) - Mapfre turned in another broadly solid set of performances in Q1 2024, both operationally and balance sheet-wise (solvency, etc.) and in synch with the new medium-term strategic plan recently unveiled (March 2024) – net income came in at € 216m (+2% vs consensus), with good-quality performances from its two businesses (non-life +63% vs cons thanks to the financial result, life +7% vs cons). The ...
NEWS SUMMARY: BBVA, CAF, IAG, NATURGY, 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. The Ibex hits new annual highs Friday’s gains, driven by the good earnings season on both sides of the Atlantic and some widening in sovereign yields led stock exchanges to end in positive territory, particul...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, CAF, IAG, NATURGY, TELEFÓNICA, UNICAJA. EUROPA: PHILIPS. 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. El Ibex logra nuevos máximos de 2024 Los avances del viernes, impulsados por la buena campaña de resultados a ambos lados del Atlánti...
>Opinion Surperformance maintenue – OC porté à 2.8 € (vs 2.7 €) - Mapfre délivre au T1 2024 une performance de nouveau globalement solide à la fois sur l’opérationnel et l’évolution de son bilan (solvabilité…) et en phase avec le nouveau plan stratégique MT récemment dévoilé (mars 2024). Le RN s’établit ainsi à 216 M€ (soit +2% vs cons) avec une performance de bonne facture des 2 activités (Non-vie +63% vs cons grâce notamment au résultat financier, Vie +7% vs css). L...
NEWS SUMMARY: ACS, AEDAS HOMES, CELLNEX, EBRO FOODS, 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 1Q’24 results to be released over the coming days in Spain. Stock markets deflate European stock markets started the session off well but began to deflate, eventually closing with losses after US stock markets opened in the red and following a new rise in sovereign de...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AEDAS, CELLNEX, EBRO FOODS, IBERDROLA. EUROPA: BASF, BNP, PERNOD RICARD, SANOFI, SCHNEIDER. 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 más a menos Las bolsas europeas comenzaron bien la jornada, pero fueron perdiendo fuelle...
NEWS SUMMARY: GLOBAL DOMINION, GRIFOLS, NATURGY, TALGO. 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. Markets continue to climb European stock markets celebrated the easing tensions in the Middle East and the start of the 1Q’24 results season. In the STOXX 600 almost all sectors posted gains, led by Technology (SAP r...
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