reports
- Virginia Romero
- Research Department
IBERIAN DAILY 02 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: AENA, ARCELORMITTAL, METROVACESA, REDEIA. 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. Ibex falls back below 11,000 points European stock markets posted losses ahead of the Fed meeting, where the IBEX was once again the worst performer. Within the STOXX 600 sectors, the biggest gains came in Real Esta...
- Research Department
INFORME DIARIO 02 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ARCELORMITTAL, METROVACESA, REDEIA. EUROPA: AIRBUS, ING. 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 pierde otra vez los 11.000 puntos Jornada de caídas en las bolsas europeas previo a la reunión de la Fed donde el Ibex volvió...
- 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...
- Maria Paz Ojeda
- Research Department
IBERIAN DAILY 26 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, OHLA, REPSOL, TELEFÓNICA. The Ibex near 11,000 points European stock markets continued to gain ground in an increasing session with low trading volume. In the STOXX 600, Energy and Travel&Leisure led gains, whereas Media and Household saw the biggest drops. On the macro side, in Spain, the production price index slowed down to -8.2% vs. -3.9% prev. From the ECB, F. Panetta (Bank of Italy’s governor) admitted that the moderation of inflation brings closer the beginning o...
- Research Department
INFORME DIARIO 26 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, OHLA, REPSOL, TELEFÓNICA. El Ibex testea los 11.000 puntos Las bolsas de Europa continuaron ganando altura en una jornada de menos a más y con bajo nivel de negociación. En el STOXX 600 lideraron las subidas Energía y Viajes&Ocio mientras que Media y Hogar fueron los peores con caídas cercanas al medio punto. Por el lado macro, en España el índice de precios de producción se contrajo hasta el -8,2% vs -3,9% ant. Desde el BCE, F. Panetta...
- 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
- 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
- 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
- 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...
- Baptiste Salaville
- Jerôme Bodin
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 18/03/2024
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
COV COVIVIO SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
DEC JCDECAUX SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WBD WEBUILD S.P.A.
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MDM MAISONS DU MONDE SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Jerôme Bodin
- Steven Boumans
ODDO BHF Small & MIDCAP MORNING NEWS - 03/18/2024 Date Performance sin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
COV COVIVIO SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
DEC JCDECAUX SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WBD WEBUILD S.P.A.
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MDM MAISONS DU MONDE SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Bruno Cavalier
- Gerardo Ibanez
- Steven Boumans
BMW BAYERISCHE MOTOREN WERKE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
01913 PRADA S.P.A.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HLAG HAPAG-LLOYD AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- 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
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
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.