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...
- Carole Braudeau
- Carole Braudeau
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit
- Research Department
INFORME DIARIO 17 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, COLONIAL, FCC, MERLIN PROPERTIES, GRIFOLS, OHLA, SECTOR BANCARIO ESPAÑA. EUROPA: PROSUS. Respiro en las bolsas europeas Jornada de pérdidas moderadas en Europa, tras varios días de subidas que han llevado al STOXX 600 a máximos históricos y al Ibex a máximos de 2015, superando los 11.300 puntos. Dentro del STOXX 600, Seguros y R. Básicos mostraron el mejor comportamiento frente a las pérdidas de Autos e Industriales. Desde la macro, en la E...
- James Ratzer
- Jan Frederik Slijkerman
Liberty Global operating companies/1Q24 Earnings: UPCB, TNETBB, ZIGGO ...
The 1Q24 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global were mixed. 1Q24 adj. EBITDA performance was strong at VodafoneZiggo and Sunrise, while it was soft at Telenet and Virgin Media O2. We prefer to own Sunrise and Ziggo, today. Given similar credit profiles and the same (partial) owner at the moment, Liberty Global, we expect limited spread dispersion across the group. The main challenge to this view is our idea that we expect that Liber...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/16/2024
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Carole Braudeau
Credit Morning 05/16/2024
Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
- Carole Braudeau
Morning Crédit 16/05/2024
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
- Ahmed Ben Salem
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/05/2024
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
UBI UBISOFT ENTERTAINMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
AAL ANGLO AMERICAN PLC
GBF BILFINGER SE
ALV ALLIANZ SE
KBC KBC GROUP N.V.
CPG COMPASS GROUP PLC
BRBY BURBERRY GROUP PLC
RF EURAZEO SA
VOE VOESTALPINE AG
EOAN E.ON SE
ENI ENI S.P.A.
RWE RWE AG
EZJ EASYJET PLC
DTE DEUTSCHE TELEKOM AG
TLX TALANX AG
REP REPSOL SA
HLAG HAPAG-LLOYD AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
BP. BP P.L.C.
SHEL SHELL PLC
AGN AEGON N.V.
SYENS SYENSQO
- Stephane Beyazian
Deutsche Telekom : Slow start for FCF in Q1 (+4%) but 2024 guidance co...
>EBITDAaL above (Europe), FCF below (WCR) - Q1 2024 revenues up 0.4% y-o-y at € 27.942bn (consensus € 27.993bn), with an increase of 2.9% for service revenues driven by TMUS (+2%) and Europe (+7%). Q1 EBITDAaL came in 5% higher at € 10.473bn (ahead of cons. of € 10.249bn) or +6% on a comparable basis. FCFaL up 3.6% at € 3.708bn (cons. € 3.879bn), with weaker growth driven by capex down by just 2% and a weaker WCR than expected. However, for 2024, the group confir...
- James Ratzer
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Stephane Beyazian
Deutsche Telekom : Démarrage lent des FCF au T1 (+4%) mais objectif 20...
>EBITDAaL au-dessus (Europe), FCF en-dessous (BFR) - CA du T1 2024 en hausse de 0,4% sur un an à 27 942 M€ (consensus 27 993 M€), dont une hausse de 2,9% sur le CA de services tiré par TMUS (+2%) et l'Europe (+7%). L’EBITDAaL du T1 ressort en hausse de 5% à 10 473 M€ (au-dessus du cons. de 10 249 M€) ou +6% à base comparable. Les FCFaL sont en hausse de 3,6% à 3 708 M€ (cons. 3 879 M€), en croissance plus faible en raison des investissements seulement en baisse de 2% ...
- ING Helpdesk
Benelux Morning Notes
AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...
- James Ratzer
- Alvaro del Pozo
- Research Department
INFORME DIARIO 16 MAYO + RDOS. ESPAÑA 1T’24. PREVIEWS (ANÁLISIS BANCO ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. EUROPA: DEUTSCHE TELEKOM, ENI, 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. 1T’24 que se publicarán en España y Europa en los próximos días. Las bolsas siguen de fiesta Nueva jornada de avances, con el Ibex liderando y consolidando má...
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