reports
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Benoit Valleaux
- Steven Gould
Grupo Catalana Occidente S.A. : Q1 2024 broadly solid and valuation st...
>Outperform rating maintained – target price raised to € 47.0 (vs € 46.0) - GCO’s Q1 2024 figures broadly underpin our positive stance on the stock, as does the attractive valuation (despite the marked re-rating seen YTD of +16%, +5 pt ahead of the SIXE sector index), given its robust fundamentals and niche profile. We have slightly upgraded our 2024-2026 net income estimates (+2% on average), with a broadly confident stance on momentum for the two businesses (traditi...
- Benoit Valleaux
- Steven Gould
Grupo Catalana Occidente S.A. : T1 2024 globalement solide & valorisat...
>Opinion Surperformance réitérée – OC porté à 47.0 € (vs 46.0 €) - Notre call positif sur GCO est conforté après des chiffres T1 2024 globalement solides, et par une valorisation attractive (malgré le net rerating observé YTD +16%, i.e. +5 pt vs indice sectoriel SIXE) au regard des fondamentaux solides et du profil de niche du groupe. Nous rehaussons légèrement nos estimations de RN sur 2024-26e (+2% en moyenne) avec un biais globalement confiant sur le momentum des 2...
- Maria Paz Ojeda
- Maria Paz Ojeda
- Charlotte Vaisse
FP TOTAL SE
AMS AMS AG
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
BON BONDUELLE SCA
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
CTAC CTAC N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
GCO GRUPO CATALANA OCCIDENTE S.A.
SMHN SUESS MICROTEC AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
ALKAL KALRAY SA
JEN JENOPTIK AG
VK VALLOUREC SA
RWI RENEWI PLC
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Charlotte Vaisse
FP TOTAL SE
AMS AMS AG
O2D TELEFONICA DEUTSCHLAND HOLDING AG
EQNR EQUINOR ASA
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
ORA ORANGE SA
EN BOUYGUES SA
UTDI UNITED INTERNET AG
TNET TELENET GROUP HOLDING NV
GAMA GAMMA COMMUNICATIONS
ELG ELMOS SEMICONDUCTOR SE
TPE PVA TEPLA AG
ENI ENI S.P.A.
BON BONDUELLE SCA
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
SOI SOITEC SA
ASM ASM INTERNATIONAL N.V.
CTAC CTAC N.V.
AIXA AIXTRON SE
PFV PFEIFFER VACUUM TECHNOLOGY AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
WAF SILTRONIC AG
MELE MELEXIS NV
TIT TELECOM ITALIA S.P.A.
GCO GRUPO CATALANA OCCIDENTE S.A.
SMHN SUESS MICROTEC AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
XFAB X-FAB SILICON FOUNDRIES SE
ASML ASML HOLDING NV
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
STM STMICROELECTRONICS NV
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
BESI BE SEMICONDUCTOR INDUSTRIES N.V.
NFN NFON AG
DRI 1&1 DRILLISCH AG
ALKAL KALRAY SA
JEN JENOPTIK AG
VK VALLOUREC SA
RWI RENEWI PLC
SHEL SHELL PLC
ARM ARM HOLDINGS PLC
- Benoit Valleaux
- Steven Gould
Grupo Catalana Occidente S.A. : No notable setbacks in the finish to 2...
>Outperform rating maintained – target price cut to € 46.0 (vs € 48.0) - We remain positive on GCO (Outperform) with our stance confirmed following the Q4/full-year 2023 figures. We still see the valuation as interesting (despite the sharp re-rating seen YTD of +10%) in view of the robust fundamentals and the group’s niche profile (relative underperformance of 5 percentage points vs sector over 1 year). We trim our net income estimates for 2024-2026e (-4% on average) ...
- Benoit Valleaux
- Steven Gould
Grupo Catalana Occidente S.A. : Fin d’exercice 2023 sans accroc notabl...
>Opinion Surperformance maintenue – OC ramené à 46.0 € (vs 48.0 €) - Nous restons positifs sur GCO (opinion Surperformance) ressort confortée post chiffres T4/annuels 2023, considérant toujours intéressante la valorisation (malgré le net re-rating observé YTD +10%) au regard des fondamentaux solides et du profil de niche du groupe (sous-performance relative de 5 pp vs secteur sur 1 an). Nous ajustons légèrement en baisse nos estimations de RN sur 2024-26e (-4% en moye...
- Maria Paz Ojeda
- Maria Paz Ojeda
- Research Department
IBERIAN DAILY 01 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ELECTRICITY SECTOR, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, VISCOFAN. IBEX remains stuck February ended with improved macro indicators (today we will learn euro zone inflation), sharp rises in most European indices (yesterday the gains were moderate) and with the IBEX lagging, staying just above 10,000 points. On the macro side, in Spain February’s inflation fell in line with expectation...
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Research Department
INFORME DIARIO 01 MARZO + RDOS. EUROPA 4T’23. IDEAS DESTACADAS Y PREVI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, SECTOR ELÉCTRICO, VISCOFAN. EUROPA: N/A. 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 con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. El Ibex sigu...
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
ENC ENCE ENERGIA Y CELULOSA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
COL SM INMOBILIARIA COLONIAL (COL SM)
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
- Anthony Dick
- Michael Foundoukidis
PROX PROXIMUS SA DE DROIT PUBLIC
ATO ATOS SE
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
POM PLASTIC OMNIUM SE
STF STEF
ASY ASSYSTEM SA
CGM CEGEDIM SA
VETO VETOQUINOL SA
MTU MANITOU BF SA
FII LISI SA
FNAC FNAC DARTY SA
ATE ALTEN SA
FR VALEO SE
ELIS ELIS SA
AF AIR FRANCE-KLM SA
FAE FAES FARMA S.A.
COFB COFINIMMO SA
MBWS MARIE BRIZARD WINE & SPIRITS SA
TIETO TIETOEVRY OYJ
SESL SES-IMAGOTAG SA
MONT MONTEA SCA
SIGHT GENSIGHT BIOLOGICS SA
ONTEX ONTEX GROUP N.V.
LIGHT SIGNIFY NV
XIL XILAM ANIMATION SA
GCO GRUPO CATALANA OCCIDENTE S.A.
TEC TECHNIPFMC PLC
XFAB X-FAB SILICON FOUNDRIES SE
BFSA BEFESA SA
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
FPE3 FUCHS PETROLUB SE
SPM SAIPEM S.P.A.
- Benoit Valleaux
- Steven Gould
Grupo Catalana Occidente S.A. : Positive outlook for Q3 2023 maintaine...
>Outperform rating confirmed – Target price raised to € 48.0 (vs € 44.0) - Our Outperform rating on GCO is confirmed following the release of the Q3/9M 2023 numbers, as we still consider the valuation to be attractive given the group’s sound fundamentals and niche profile (relative underperformances vs the sector of 4 points YTD and 13 points year on year). We are adjusting up our net profit estimates for 2023-25e (+7% on average), while the momentum in both businesse...
- Benoit Valleaux
- Steven Gould
Grupo Catalana Occidente S.A. : Maintien d’un cap favorable au T3 2023
>Opinion Surperformance réitérée – OC porté à 48.0 € (vs 44.0 €) - Notre opinion Surperformance sur GCO ressort confortée post chiffres T3/9M 2023, considérant toujours intéressante la valorisation au regard des fondamentaux solides et du profil de niche du groupe (sous-performance relative de 4 pp vs secteur YTD & de 13 pp sur 1 an). Nous ajustons en hausse nos estimations de RN sur 2023-25e (+7% en moyenne) alors que le momentum sur les 2 activités (assurance tradit...
- Maria Paz Ojeda
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