reports
- Carole Braudeau
Credit Morning 04/30/2024
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>...
- Carole Braudeau
Morning Crédit 30/04/2024
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>...
- Javier Esteban
- Javier Esteban
SANTANDER: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'24 vs. 1Q'23: NII: € 11.983 Bn (+17.7% vs. +11.5% BS(e) and +12.6% consensus); Total Revenues: € 15.380 Bn (+10.4% vs. +8.4% BS(e) and +8.5% consensus); Operating Income: € 8.833 Bn (+13.4% vs. +10.5% BS(e) and +10.8% consensus); Net Profit: € 2.852 Bn (+10.9% vs. +12.2% BS(e) and 12.3% consensus). 1Q'24 vs. 4Q'23: NII: € 11.983 Bn (+7.7% vs. +2.1% BS(e) and +3.1% consensus); Total Revenues: € 15.380 Bn (+5.7% vs. +3.8% BS(e) and +3.9% consensus); Operating Income: € 8.833 Bn (+9.2% vs. +6.4...
- Javier Esteban
SANTANDER: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: M. Intereses: 11.983 M euros (+17,7% vs +11,5% BS(e) y +12,6% consenso); M. Bruto: 15.380 M euros (+10,4% vs +8,4% BS(e) y +8,5% consenso); M. Neto: 8.833 M euros (+13,4% vs +10,5% BS(e) y +10,8% consenso); BDI: 2.852 M euros (+10,9% vs +12,2% BS(e) y 12,3% consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 11.983 M euros (+7,7% vs +2,1% BS(e) y +3,1% consenso); M. Bruto: 15.380 M euros (+5,7% vs +3,8% BS(e) y +3,9% consenso); M. Neto: 8.833M euros (+9,2% vs +6,4% BS(e) y +6,7...
- Research Department
IBERIAN DAILY 30 APRIL + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...
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...
- Research Department
INFORME DIARIO 30 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADA...
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...
- Research Department
IBERIAN DAILY 25 APRIL + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...
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...
- Research Department
INFORME DIARIO 25 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADA...
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...
- Luis Arredondo
ACS: CMD’24 - CRECIMIENTO SIN RIESGO (ANÁLISIS BANCO SABADELL)
CMD’24: Crecimiento sin riesgo. COMPRAR Del CMD’24 celebrado ayer destacamos su previsión de CF Neto Operativo’24-26 ~3.300 M euros, lo que unido a desinversiones (>2.000 M euros) dejaría >2.500 M euros disponibles para adquisición de activos concesionales (brownfield y greenfield) y M&A para acelerar la expansión de Turner (EE.UU). Revisamos estimaciones +5% y +12% en EBITDA/BDI’24-26 (-6% y -7% vs consenso) por mejor evolución operativa (Turner/Cimic) y situamos P.O. en 43,00 euros/acc. (+11% ...
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Maissa Keskes
- Stephane Houri
EDEN EDENRED SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
BN DANONE SA
KPN ROYAL KPN NV
VOLV B VOLVO AB CLASS B
ABB ABB LTD.
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
CAP CAPGEMINI SE
EZJ EASYJET PLC
REP REPSOL SA
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
HLAG HAPAG-LLOYD AG
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
FDJ LA FRANCAISE DES JEUX SA
SHEL SHELL PLC
SGSN SGS SA
- Research Department
INFORME DIARIO 18 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, NATURGY, VISCOFAN. EUROPA: DANONE, NOKIA, 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 rebota Europa se recuperó después de las fuertes caídas del martes con las rentabilidades soberanas estrechando y destacando el Ibex ...
- Research Department
IBERIAN DAILY 18 APRIL + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABAD...
NEWS SUMMARY: ACS, NATURGY, VISCOFAN. 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 rallies Europe recovered ground after the strong corrections seen last Tuesday, with sovereign yields tightening and with the Ibex climbing >1.0% after its worst annual session. In the STOXX 600, most sectors ended with gains...
- Ana Arjona-Martinez
- Antonio Rodriguez Vicens
ACS : A de-risking strategy as a general principle, to result in € 850...
>New targets lead to € 850-1,000m net profit in 2026… - ACS hosted yesterday a CMD in which it 1/ provided a guidance of € 850-1,000m net profit in 2026, revenues of c.€ 43bn (c.€ 48bn if including Thiess) also in 2026 and cumulative FCF of € 3.3-4.0bn in the 2024-2026 period; 2/ forecast accumulated dividends surpassing € 2bn in the 2024-2026 period (from € 0.6bn in 2023); 3/ provided a self-valuation of c.€ 50 per share; and 4/ confirmed being in negotiations to ac...
- Research Department
IBERIAN DAILY 28 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, AENA, VIDRALA. Stock markets continue to gain ground European stock exchanges saw new gains, lacking significant drivers in a session with low trading volume again. In the STOXX 600, Retail and Utilities were the best performers, whereas cyclical sectors linked to raw materials such as Energy and Travel&Leisure saw the biggest drops. On the macro side, in Spain, March’s inflation climbed more than expected to 3.2% whereas the core data moderated more than expected to 3.3%. In...
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus on Construction: a bitter present (2024), a sweeter futur...
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a subst...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GBF BILFINGER SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus construction : un présent amer (2024), un futur plus doux...
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GBF BILFINGER SE
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus on Construction: a bitter present (2024), a sweeter futur...
With the exception of the US, construction markets should continue to shrink in 2024 (-2% in Europe) before rebounding on the back of lower interest rates. Against this backdrop, groups will be differentiated mainly on the basis of their resilience (geographical and price/cost mix), capital allocation (and special situations) and valuation. In this context, we are upgrading our recommendations on KONE (modernisation as an alternative source of growth to China) and Holcim (a subst...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
CRG CRH PLC
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
- Chaima Ferrandon
- Delphine Brault
- Sven Edelfelt
ODDO : Focus construction : un présent amer (2024), un futur plus doux...
Hormis les Etats-Unis, les marchés de la construction devraient continuer à reculer en 2024 (-2% en Europe) avant de rebondir à la faveur d’une baisse des taux. Dans ce contexte, la différenciation entre les groupes se fera essentiellement sur leur capacité de résistance (mix géographique et prix/ coûts), l’allocation du capital (et situations spéciales) et leur valorisation. Face à cet environnement, nous relevons nos recommandations sur KONE (la modernisation comme relais de la...
LR LEGRAND SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
FGR EIFFAGE SA
EN BOUYGUES SA
RXL REXEL SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
HEI HEIDELBERGCEMENT AG
CRG CRH PLC
DOKA DORMAKABA HOLDING AG
AALB AALBERTS N.V.
ASSA B ASSA ABLOY AB CLASS B
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
SIK SIKA AG
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