reports
- Delphine Brault
- Quentin Borie
Siemens AG : Un T4 légèrement meilleur qu’attendu, la guidance 2025, e...
>T4 2023/24 : commandes +10%, industrial profit 4% au-dessus des attentes - Les commandes T4 2023/24 progressent de 10% en comparable (consensus à 1.2%), à 22.9 Md€. Le book-to-bill atteint 1.1. Le chiffre d'affaires progresse de 2% en comparable à 20.8 Md€ (consensus à 1.4%) et l’EBITA industrial ajusté atteint 3 120 M€, soit une marge de 15.5% (vs 14.9% attendus par le consensus). L’industrial profit s’établit ainsi 4% au-dessus des attentes du consensus. Le BPA pre...
- Delphine Brault
- Quentin Borie
Siemens AG : Q4 slightly better than expected, 2025 guidance in line a...
>Q4 2023-24: orders +10%, industrial profit 4% above forecasts - Q4 2023-24 orders are up 10% l-f-l (consensus at 1.2%) at € 22.9bn. The book-to-bill was 1.1. Sales were up 2% l-f-l to € 20.8bn (consensus at 1.4%) and industrial EBITA was € 3,120m, i.e. a margin of 15.5% (vs 14.9% anticipated by the consensus). Industrial profit was thus 4% above consensus expectations. Pre-PPA EPS was € 2.57 (consensus at € 2.49).By division, DI (digital industries) saw its orde...
- Research Department
INFORME DIARIO 18 NOVIEMBRE + RDOS. ESPAÑA 3T’24. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI. EUROPA: PROSUS. 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. 3T’24 que se publicarán en España y Europa en los próximos días. Mercados en fase post-electoral Durante la semana pasada los índices mundiales entraron en la fase post elect...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024
Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Andres Bolumburu
CAF: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 838.0 M (-2.3% vs. +9.7% BS(e) and +11.3% consensus); EBIT: € 35.0 M (-18.6% vs. +16.7% BS(e) and +16.3% consensus); Net Profit: € 9.0 M (-52.6% vs. +47.4% BS(e) and +36.8% consensus); 9M'24 vs. 9M'23 Results Sales: € 2.918 Bn (+6.7% vs. +10.5% BS(e) and +11.0% consensus); EBIT: € 137.0 M (+7.0% vs. +18.9% BS(e) and +18.8% consensus); Net Profit: € 61.0 M (+15.1% vs. +50.9% BS(e) and +47.2% consensus);
- Delphine Brault
- Quentin Borie
Siemens AG : Approaching normalisation for DI and momentum is continui...
>Q4 2023-24 is reassuring on orders and FCF, EBITA is 4% > css - Order intake in Q4 2024 was € 21.9bn, +10% l-f-l (consensus at 1.2%). Digital Industries (DI) delivered a positive surprise, with orders down 6% (vs -12% for the consensus). The book-to-bill stood at 1.1x. Sales were up 2% l-f-l to € 21.8bn (consensus at 1.4%) and industrial profit was € 3,120m (3.9% > the consensus), i.e. a margin of 15.5% (vs 14.9% for the consensus). EPS before PPA was € 2.57 and...
- Research Department
IBERIAN DAILY 15 NOVEMBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAF, CAIXABANK, COLONIAL, MERLIN. 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 3Q’24 results to be released over the coming days in Spain. ECB’s target nearly met The Euro STOXX 50 had its best day since late September, while the ECB’s meeting minutes suggested the 2% inflation target will be met earlier than expected, thus cementing t...
- Delphine Brault
- Quentin Borie
Siemens AG : La normalisation approche pour DI et la dynamique se pour...
>Le T4 2023/24 rassure sur les commandes et le FCF, l’EBITA est 4% > au css - Les commandes au T4 2024 ont atteint 22.9 Md€, +10% en comparable (consensus à 1.2%). Digital Industries (DI) a surpris positivement, avec des commandes en recul de 6% (vs css -12%). Le book-to-bill atteint 1.1x. Le CA progresse de 2% en comparable à 20.8 Md€ (css à 1.4%) et l’industrial profit atteint 3 120 M€ (3.9% > au css), soit une marge de 15.5% (vs 14.9% pour le consensus). Le BP...
- Alfonso Mariategui
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Alfonso Mariategui
SIEMENS: RDOS. 4T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'24 vs 4T'23: Ventas: 20.811 M euros (+0,9% vs +2,7% BS(e) y +0,8% consenso); EBITA industrial ajustado: 3.122 M euros (-7,2% vs -11,6% BS(e) y -10,7% consenso); BDI: 2.115 M euros (+11,2% vs +2,7% BS(e) y +3,3% consenso); Rdos. 2024 vs 2023: Ventas: 75.930 M euros (+1,4% vs +1,9% BS(e) y +1,3% consenso); EBITA industrial ajustado: 11.390 M euros (+0,7% vs -0,6% BS(e) y -0,4% consenso); BDI: 8.992 M euros (+5,4% vs +3,5% BS(e) y +3,6% consenso).
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’24. IDEAS DESTACADAS Y P...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRIFOLS, IBERDROLA. EUROPA: ASML, DEUTSCHE TELEKOM, PROSUS, 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. 3T’24 que se publicarán en España y Europa en los próximos días. La inflación estadounidense sigue el camino esperado Las bolsas europeas terminaron con caídas, aunque el dato de i...
- Alvaro del Pozo
- Research Department
INFORME DIARIO 13 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T'24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AENA, CAF, GREENING, NEINOR HOMES, SACYR, SECTOR INMOBILIARIO - SOCIMI. EUROPA: ALLIANZ, PROSUS. 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. 3T’24 que se publicarán en España y Europa en los próximos días. Alemania celebrará elecciones en febrero El contagio desde Asia junto con el incremento en...
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Luis de Toledo Heras
Fluidra : Management meeting reflects growth ambitions already reflect...
>Neutral stance reiterated, adjusting estimates and valuation to recent developments - We reiterate our Neutral stance on Fluidra as we believe the group’s strong fundamentals are fairly reflected in its valuation multiples (>12x EV/ EBITDA 2025e, c.5.5% FCF yield) and that the gradual normalisation of results is factored into the company’s financial guidance and consensus estimates. We are slightly lowering our 2024 estimates (adjusted EBITDA -5%) to reflect some one...
- Research Department
INFORME DIARIO 06 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, SANTANDER. EUROPA: AHOLD DELHAIZE, BMW, SIEMENS, UNICREDIT. 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. 3T’24 que se publicarán en España y Europa en los próximos días. Trump gana las elecciones A la espera de conocer el desenlace oficial, todo parece indicar que Trump habría ganado las...
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