View 
FILTERS (0)
* Not connected to ResearchPool

MORE FILTERS

  
reports
Anthony Dick ... (+3)
  • Anthony Dick
  • Michael Foundoukidis
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/20/2024

We are upgrading the energy sector to Overweight vs Neutral (excluding Oil Services, already on Overweight). The recent rebound in oil prices is set to continue, driven by short, medium and long-term factors: value, cyclical, little debt and good shareholder returns. Technical analysis reveals a strong trend that is only just beginning. GALP enters our Large Caps list; CellNex exits it. - ...

Anthony Dick ... (+3)
  • Anthony Dick
  • Michael Foundoukidis
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/03/2024

Nous upgradons le secteur énergie à Surpondérer vs Neutre (hors Oil Services déjà à Surpondérer). Le rebond récent des prix du pétrole va se poursuivre, soutenu par des facteurs à court, moyen et long terme. Le secteur dispose en outre de 4 atouts dans la configuration de marché actuelle : value, cyclique, peu endetté et bon retour à l’actionnaire. L’analyse technique révèle une tendance forte qui ne fait que commencer. GALP fait son entrée dans notre liste Large Caps ; CellNex en so...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

Mapfre : A strategy with continuity…

>Outperform rating maintained - Target price raised to € 2.7 (vs € 2.6) - After the recent publication of Q4/FY 2023 results supported the relatively robust trends on the operational/balance sheet fronts, Mapfre presented its new medium-term strategic plan to shareholders at the AGM on 15 March 2023. Whilst the new plan contains no real surprises/new elements, it at least has the merit of ensuring welcomed continuity and is broadly reassuring on the group’s outlook. W...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

Mapfre : Une stratégie dans la continuité…

>Opinion Surperformance maintenue – OC porté à 2.7 € (vs 2.6 €) - Après la publication récente de résultats T4/annuels 2023 venant conforter l’évolution plutôt solide sur les plans opérationnel et bilanciel, Mapfre a présenté son nouveau plan stratégique MT à ses actionnaires lors de l’AGM tenue le 15 mars dernier. Si le nouvel opus stratégique n’apporte pas de réelle surprise/nouveauté, il a pour le moins le mérite d’assurer une continuité bienvenue et de rassurer su...

Maria Paz Ojeda
  • Maria Paz Ojeda

MAPFRE: NUEVOS OBJETIVOS 2024-2026 (ANÁLISIS BANCO SABADELL)

Objetivos a 2026. Yield atractiva. Potencial de revisión al alza. En La JGA del pasado viernes MAP anunció los ejes de su plan y objetivos financieros para estos 3 próximos en los que estiman una TACC’23-26 de primas del +6% (vs +9,8% en 2023 y +3,6% consenso en 2023-2025e). ROE promedio de entre el 10 y 11%, con la meta de llegar al 11% en 2026 (vs 10% en 2023 y promedio 2023-2025e de 10,3% de consenso con un BDI’25 de c.900 M euros). De acuerdo a nuestras estimaciones, alcanzar un ROE’26 del 1...

Research Department
  • Research Department

IBERIAN DAILY 18 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS, CAF, MAPFRE. The Ibex above 10,600 points It was a new week of gains for European stock markets despite the disappointing US inflation data although with the market betting on the beginning of rate cuts in June by the ECB. In the STOXX 600, Retail (after Inditex’s rally following its results) and Banks were the best-performing sectors whereas Real Estate and Technology ended with the biggest drops in view of the rally of sovereign debt curves. On the macro side, G. Makhlou...

Research Department
  • Research Department

INFORME DIARIO 18 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, CAF, MAPFRE. EUROPA: VINCI. El Ibex rompe los 10.600 puntos Nueva semana de subidas en las bolsas Europeas a pesar de las decepciones en los datos de inflación americanos pero con el mercado apostando por el inicio de recortes de tipos en junio por parte del BCE. En el STOXX 600 los mejores sectores de la semana fueron Retail (euforia en Inditex tras los resultados) y Bancos mientras que Inmobiliario y Tecnología terminaron con las may...

Research Department
  • Research Department

IBERIAN DAILY 14 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ALMIRALL, FERROVIAL, MAPFRE. The IBEX takes flight European stock markets ignored the surprise rise in US inflation and increased their gains, still convinced that rates will begin to fall starting in June. The IBEX rose more than +1.6%, approaching 10,600 points, driven by the rally by Inditex (+7.7%). In the STOXX 600, most sectors closed with gains, led by Retail and Basic Materials, with the biggest losses in Autos and Technology. On the macro side, in the euro zone January’s ...

Research Department
  • Research Department

INFORME DIARIO 14 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, FERROVIAL, MAPFRE. EUROPA: AB INBEV, VINCI. El Ibex vuela Las bolsas europeas obviaron la sorpresa al alza en la inflación de Estados Unidos y aceleraron las ganancias una jornada más mientras permanece el convencimiento de que los tipos bajarán a partir de junio. El Ibex subió más de un 1,6% acercándose a los 10.600 puntos impulsado por el repunte de Inditex (+7,7%). Así, en el STOXX 600, la mayoría de los sectores cerraron con ganancias,...

Research Department
  • Research Department

INFORME DIARIO 26 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, CIE AUTOMOTIVE, IBERDROLA, MAPFRE, SANTANDER, TELEFÓNICA. EUROPA: AXA. 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. Los resultados impulsaron las bolsas a nuevos máximos A excepción del FTSE 100, las bolsas cerraron la semana ...

Research Department
  • Research Department

IBERIAN DAILY 26 FEBRUARY + 4Q’23 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: CAF, CIE AUTOMOTIVE, IBERDROLA, MAPFRE, SANTANDER, TELEFÓNICA. 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 4Q’23 results to be released over the coming days in Spain. Results drove stock markets to highs With the exception of the FTSE 100, European stock markets ended the week with gains, and many of the main global indices hit new record highs, thanks in part...

Konrad Zomer
  • Konrad Zomer

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/15/2024

GALP, TotalEnergies and Shell have discovered vast oil deposits off the coast of Namibia. Oil services companies see this as a new Eldorado. FPSO-type solutions seem to be favoured, making SBM Offshore a key player, not forgetting subsea companies such as TechnipFMC. The whole sector could help local economic development... and/or have major negative impacts on local communities, biodiversity or the fight against corruption. Not to mention the carbon lock-in. We would therefore urge i...

Konrad Zomer
  • Konrad Zomer

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/02/2024

GALP, TotalEnergies ou Shell ont découvert de colossaux gisements de pétrole au large des côtes namibiennes. Les sociétés de services y voient un nouvel eldorado. Les solutions de type FPSO semblent être privilégiées, mettant ainsi SBM Offshore en position d’acteur incontournable, sans oublier ceux liés au subsea comme TechnipFMC. Tout le secteur pourrait aider au développement économique local… et/ou avoir des impacts négatifs importants sur les communautés locales, la biodiversité o...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

Mapfre : Q4/FY 2023 not brilliant but no missteps either…attractive va...

>Outperform recommendation reiterated - Target price unchanged at € 2.60 - The operational/balance sheet trend was neither brilliant nor marred by missteps at the publication of Mapfre's Q4/FY 2023 results with underlying net profit of € 221m (i.e. in line vs the consensus) – the copy is more mixed in terms of the performance delivered by the two activities (non-life came in below expectations while the life insurance activity fared better) but largely reinforced on t...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

Mapfre : T4/annuels 2023 sans éclat ni fausse note… valorisation intér...

>Opinion Surperformance réitérée – OC inchangé à 2.60 € - L’évolution sur les plans opérationnel/bilanciel ressort sans éclat ni réelle fausse note après la publication des résultats T4/annuels 2023 de Mapfre avec un RN underlying s’établissant à 221 M€ (soit en ligne vs css). La copie ressort plus mitigée quant aux performances des 2 activités (Non-vie en deçà des attentes alors que la Vie ressort mieux) mais l’essentiel est conforté sur l’underlying avec notamment l...

Maria Paz Ojeda
  • Maria Paz Ojeda

MAPFRE: FY2023 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'23 vs. 4Q'22 Results Premiums: € 6.238 Bn (+5.8% vs. +5.8% BS(e) and +5.8% consensus); Net Profit: € 221.4 M (+44.0% vs. +8.3% BS(e) and +42.1% consensus); FY2023 vs. FY2022 Results Premiums: € 26.917 Bn (+9.7% vs. +9.7% BS(e) and +9.7% consensus); Net Profit: € 692.0 M (+7.8% vs. -0.8% BS(e) and +7.3% consensus);

Maria Paz Ojeda
  • Maria Paz Ojeda

MAPFRE: RDOS. 2023 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'23 vs 4T'22: Primas: 6.238 M euros (+5,8% vs +5,8% BS(e) y +5,8% consenso); BDI: 221,4 M euros (+44,0% vs +8,3% BS(e) y +42,1% consenso). Rdos. 2023 vs 2022: Primas: 26.917 M euros (+9,7% vs +9,7% BS(e) y +9,7% consenso); BDI: 692,0 M euros (+7,8% vs -0,8% BS(e) y +7,3% consenso).

Research Department
  • Research Department

IBERIAN DAILY 16 JANUARY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENAGÁS, GRIFOLS, MAPFRE, NATURGY, OHLA. IBEX holding on to 10,000 points The week kicked off with moderate drops in Europe and with the US closed for Martin Luther King Day. Thus, and with no significant macro data releases, the session had lower trading levels than normal. In the STOXX 600, except for Travel & Leisure, Telecoms and Insurance, all the sectors were in the red, led by Consumer Goods and Basic Materials. In the euro zone, November’s industrial output fell more than ...

Research Department
  • Research Department

INFORME DIARIO 16 ENERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGAS, GRIFOLS, MAPFRE, NATURGY, OHLA. El Ibex resiste los 10.000 puntos Comenzó la semana con descensos moderados en Europa y con EE.UU. cerrado por el día de “Martin Luther King”. Así, y sin datos macro significativos, la jornada tuvo cifras de negociación más bajas a las habituales. En el STOXX 600, salvo Viajes&Ocio, Telecomunicaciones y Seguros, todos los sectores cayeron, liderados por B. de Consumo y R. Básicos. En la Eurozona, la producción...

Loading...
New interest

Save your current filters as a new Interest

Please enter a name for this interest

Email alerts

Would you like to receive real-time email alerts when a new report is published under this interest?

Save This Search

These search results will show up under 'Saved searches' in the left panel

Please enter a name for this saved search

ResearchPool Subscriptions

Get the most out of your insights

Get in touch