reports
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
FDR FLUIDRA S.A.
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Benoit Valleaux
- Steven Gould
Mapfre : Good-quality Q3 2024 numbers overall
>Outperform rating maintained – target price upgraded to € 3.05 (vs € 2.75) - Mapfre posted solid Q3/9M 2024 performances both on the operating front and balance sheet-wise (solvency, etc.), in synch with the new medium-term strategic plan – while it is true that net income fell short of expectations at € 192m (-18% vs cons), the underlying trend remains quite positive with further solid commercial activity, as well as increasingly visible signs of improvement in the ...
- Benoit Valleaux
- Steven Gould
Mapfre : Un T3 2024 globalement de bonne facture
>Opinion Surperformance maintenue – OC réhaussé à 3.05 € (vs 2.75 €) - Mapfre délivre au T3/sur 9M 2024 une performance solide à la fois sur l’opérationnel et sur le plan bilanciel (solvabilité…), en phase avec le nouveau plan stratégique MT. Le RN s’établit certes en deçà des attentes à 192 M€ (-18% vs cons) mais l’évolution underlying reste plutôt favorable avec notamment le maintien d’une solide activité commerciale mais aussi de signes de plus en plus visibles d’a...
- Maria Paz Ojeda
MAPFRE: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Premiums: € 6.477 Bn (+2.3% vs. +3.7% BS(e) and +4.8% consensus); Net Profit: € 192.0 M (+25.0% vs. +54.0% BS(e) and +50.5% consensus); 9M'24 vs. 9M'23 Results Premiums: € 21.622 Bn (+4.6% vs. +5.0% BS(e) and +5.3% consensus); Net Profit: € 654.0 M (+39.0% vs. +48.4% BS(e) and +47.2% consensus);
- Maria Paz Ojeda
MAPFRE: RDOS. 9MESES'24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Primas: 6.477 M euros (+2,3% +3,7% BS(e) y +4,8% consenso); BDI: 192,0 M euros (+25,0% vs +54,0% BS(e) y +50,5% consenso). Rdos. 9meses'24 vs 9meses'23: Primas: 21.622 M euros (+4,6% vs +5,0% BS(e) y +5,3% consenso); BDI: 654,0 M euros (+39,0% vs +48,4% BS(e) y +47,2% consenso).
- Nicolas David
ODDO : Iberian Forum – Day 2
We hosted our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024, virtually. In total, 63 companies were present. In the following note, we provide some initial feedback from the companies on day 2. - >ACS (=): good operating momentum maintained, Abertis and its dividends on the front page - Atresmedia (=): Q3 should be challenging but outlook reiterated - Befesa (=): zinc prices held up well, offsetting the negative impact of maintenance on Q3 volumes - CaixaBank ...
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
CIE CIE AUTOMOTIVE S.A.
NVG NAVIGATOR COMPANY SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
CABK CAIXABANK SA
IBE IBERDROLA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
HOME NEINOR HOMES SA
BFSA BEFESA SA
GRE GRENERGY RENOVABLES
FER FERROVIAL SA
- Research Department
IBERIAN DAILY 12 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, CAIXABANK, CELLNEX, MAPFRE. Caution remains due to risk of US recession in a highly volatile week After the week started out with sharp drops (in view of fears of a recession stemming from the US employment data the week before and the rate hike in Japan), the stock markets began to recover. However, towards the end of the week doubts returned, and on Friday, after rising slightly through mid-session, European stock markets lost almost all the ground gained during the af...
- Research Department
INFORME DIARIO 12 AGOSTO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, CELLNEX, MAPFRE. Persiste la cautela con respecto a una recesión en EE.UU. en una semana con mucha volatilidad Tras un inicio de semana con fuertes correcciones (ante el miedo a la recesión desatado por los datos de empleo americanos de la semana anterior y la subida de tipos en Japón, que llevó a deshacer operaciones de carry trade en todos los mercados), las bolsas fueron recuperándose. No obstante, hacia el final de la semana volvieron...
- Bruno Cavalier
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/29/2024
Questions are mounting for the equity markets on multiple fronts: economic (turbulence or slowdown), monetary (how quickly will central banks cut rates) and geopolitical (France, US, Russia/Ukraine, China). For the rest of the summer, we are maintaining our positive bias on US vs European equities. On European equities, we are returning to a neutral stance between cyclicals and defensives, between value and growth styles, between large caps and small caps, and recommend increasing pos...
LHN HOLCIM AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ENI ENI S.P.A.
CAP CAPGEMINI SE
01913 PRADA S.P.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
MAP MAPFRE SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RMV RIGHTMOVE PLC
8TRA TRATON SE
SHEL SHELL PLC
- Bruno Cavalier
- Oliver Metzger
- Wim Gille
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/07/2024
Les questions s’accumulent pour les marchés actions : sur les plans économique (trou d’air ou ralentissement ?), monétaire (à quel rythme les banques centrales vont-elles baisser les taux) et (géo)politique (France, Etats-Unis, Russie/Ukraine, Chine). Pour le reste de cet été, nous conservons notre biais positif sur les actions américaines vs européennes. Sur les actions européennes, nous revenons à la neutralité entre cycliques et défensives, entre les styles Value et Growth, entre L...
LHN HOLCIM AG
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
MRK MERCK KGAA
KER KERING SA
ENI ENI S.P.A.
CAP CAPGEMINI SE
01913 PRADA S.P.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
MAP MAPFRE SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
RMV RIGHTMOVE PLC
8TRA TRATON SE
SHEL SHELL PLC
- Benoit Valleaux
- Steven Gould
Mapfre : Q2 2024 confirms the positive operational results
>Outperform rating reiterated - Target price lowered to € 2.75 (vs € 2.80) - Mapfre delivered a broadly reassuring Q2 2024 both on the operational front and with regards to the balance (solvency, etc.) and in line with the new medium-term strategic plan - Net profit was therefore € 245m (i.e. +14% vs cons.). The still favourable trend on underlyings notably with maintained solid commercial activity but also increasingly visible signs of improvement in the technical re...
- Benoit Valleaux
- Steven Gould
Mapfre : Le T2 2024 confirme l’orientation positive de l’opérationnel
>Opinion Surperformance réitérée – OC légèrement abaissé à 2.75 € (vs 2.80 €) - Mapfre délivre au T2 2024 une copie globalement rassurante à la fois sur l’opérationnel et l’évolution de son bilan (solvabilité…) et en phase avec le nouveau plan stratégique MT. Le RN s’établit ainsi à 245 M€ (soit +14% vs cons). Trend toujours favorable sur l’underlying avec notamment le maintien d’une solide activité commerciale mais aussi de signes de plus en plus visibles d’améliorat...
- Maria Paz Ojeda
MAPFRE: 1H’24 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'24 vs. 2Q'23 Results Premiums: € 7 Bn (+6.7% vs. +5.4% BS(e) and +6.1% consensus); Operating Result: € 579.4 M (+13.2% vs. +4.1% BS(e) and n/a consensus); Net Profit: € 246.6 M (+29.9% vs. +12.6% BS(e) and +14.1% consensus); 1H'24 vs. 1H'23 Results Premiums: € 15.15 Bn (+5.5% vs. +5.0% BS(e) and +5.3% consensus); Operating Result: € 1.122 Bn (+23.7% vs. +18.6% BS(e) and n/a consensus); Net Profit: € 461.6 M (+45.6% vs. +34.9% BS(e) and +36.0% consensus);
- Maria Paz Ojeda
MAPFRE: RDOS. 1S’24 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'24 vs 2T'23: Primas: 7.002,3 M euros (+6,7% vs +5,4% BS(e) y +6,1% consenso); Rdo. Operativo: 579,4 M euros (+13,2% vs +4,1% BS(e) y n/a consenso); BDI: 246,6 M euros (+29,9% vs +12,6% BS(e) y +14,1% consenso). Rdos. 1S'24 vs 1S'23: Primas: 15.145,1 M euros (+5,5% vs +5,0% BS(e) y +5,3% consenso); Rdo. Operativo: 1.122 M euros (+23,7% vs +18,6% BS(e) y n/a consenso); BDI: 461,6 M euros (+45,6% vs +34,9% BS(e) y +36,0% consenso).
- Bruno Cavalier
- Jerôme Bodin
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
VIV VIVENDI SE
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
SAF SAFRAN S.A.
BOL BOLLORE SA
01913 PRADA S.P.A.
MONC MONCLER SPA
MAP MAPFRE SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
LIVS AUTOLIV INC. SDR
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
8TRA TRATON SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
TEN TENARIS S.A.
- Bruno Cavalier
- Jerôme Bodin
MC LVMH MOET HENNESSY LOUIS VUITTON SE
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
AMUN AMUNDI SA
VIV VIVENDI SE
PHIA KONINKLIJKE PHILIPS N.V.
BRBY BURBERRY GROUP PLC
KER KERING SA
SAF SAFRAN S.A.
BOL BOLLORE SA
01913 PRADA S.P.A.
MONC MONCLER SPA
MAP MAPFRE SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
LIVS AUTOLIV INC. SDR
DHER DELIVERY HERO SE
STM STMICROELECTRONICS NV
DWS DWS GROUP GMBH & CO. KGAA
UMI UMICORE
8TRA TRATON SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SGSN SGS SA
TEN TENARIS S.A.
- Benoit Valleaux
- Steven Gould
Mapfre : Q1 2024 broadly solid and in synch with the new strategic pla...
>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 ...
- Benoit Valleaux
- Steven Gould
Mapfre : T1 2024 globalement solide et en phase avec le nouveau plan s...
>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...
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