reports
- Research Department
IBERIAN DAILY 12 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, CAF, CHANGES IBEX, NEINOR HOMES. IBEX close to 11,300 points It was a positive session in Europe, with the US inflation data showing no surprises and where the IBEX led the gains following Inditex’s solid results. Thus, in the STOXX 600 Retail (driven by Inditex’s results) and Technology posted the biggest gains, whereas Real Estate (the second-best sector over the past three months) and Consumer Goods were the worst performers. On the macro side, in the US August’s g...
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : H1 results that seem in line with expectations overall but whic...
>Outperform rating maintained after a chaotic start - Outperform rating maintained with a target price adjusted to € 26.1. Despite a chaotic first results publication, which was largely punished by the market (-14% on Friday), PUIG retains its growth potential and also its re-rating potential based on a P/E 2025e now close to 20x. The organic growth of 8.2% in H1 points this way despite the undeniable disappointment in make-up that could have been partly avoided wit...
- Bruno Cavalier
- Louis Boujard
- CFA
- Philippe Ourpatian
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2024
At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
FORTUM FORTUM OYJ
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
EOAN E.ON SE
ELE ENDESA S.A.
ORSTED ORSTED
SAN SANOFI
VER VERBUND AG CLASS A
ENEL ENEL SPA
01913 PRADA S.P.A.
GAS NATURGY ENERGY GROUP S.A.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
IBE IBERDROLA SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VWS VESTAS WIND SYSTEMS
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
UN0 UNIPER SE
PUIG PUIG BRANDS
- Christophe-Raphaël Ganet
- Pierre Tegner
PUIG : Un S1 qui semble conforme aux attentes au global mais qui crée ...
>Surperformance maintenue après un début chaotique - Surperformance maintenue avec un OC ajusté à 26.1 €. Malgré une 1ère publication chaotique, laquelle a été largement sanctionnée (-14% vendredi), PUIG conserve son potentiel de croissance mais aussi de rerating suite à un PE 25e désormais proche de 20x. La croissance organique de 8.2% au S1 va dans ce sens malgré la déception indéniable du maquillage qui aurait pu être en partie évitée par une meilleure communicati...
- Arancha Pineiro
- Research Department
IBERIAN DAILY 06 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENCE, PUIG BRANDS. All eyes on the US job market European stock markets saw slight corrections, with the market dynamics remaining practically unchanged. Thus, the STOXX 600 saw significant dispersion, with Utilities and Real Estate being the best-performing sectors whereas Consumer Goods (the luxury segment remains highly punished by China) and Pharma posted the biggest drops. On the macro side, in the euro zone, retail sales rose in line with expectations. In France, E. Macron a...
- Research Department
INFORME DIARIO 06 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENCE. A la espera de nuevos datos del mercado laboral estadounidense Ligeras caídas en la bolsa Europa y sin grandes cambios en la dinámica del mercado. Mucha dispersión en el STOXX 600 donde los mejores sectores fueron Utilities e Inmobiliario mientras que B. Consumo (el lujo sigue muy castigada por China) y Farma terminaron con las mayores correcciones. Por el lado macro, en la Eurozona las ventas al por menor avanzaron en línea con lo previsto. ...
- Research Department
INFORME DIARIO 05 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, FCC, GRIFOLS, INDRA, SACYR. Se mantiene el castigo en Europa Las bolsas europeas sufrieron una nueva sesión de caídas, contagiadas por el mercado estadounidense y las dudas sobre el crecimiento. En el STOXX 600 sobresalieron las ganancias de Inmobiliario y Telecomunicaciones frente a Tecnología (contagiado por las caídas de NVIDIA) y B. Consumo (tras los débiles datos del manufacturero chino), que sufrieron las mayores pérdidas. Por el lado...
Ence Energia Y Celulosa SA: 1 director
A director at Ence Energia Y Celulosa SA bought 3,180,000 shares at 3.146EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...
- Research Department
IBERIAN DAILY 01 AUGUST + 2Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABA...
NEWS SUMMARY: CAIXABANK, CAF, ENAGÁS, ENCE, FLUIDRA, MELIÁ HOTELS. 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 2Q’24 results to be released over the coming days in Spain. The market expects a rate cut from the Fed in September European markets saw gains ahead of the Fed meeting. In the STOXX 600, Technology and Basic Resources were the best performing sectors, whereas Retai...
- Research Department
INFORME DIARIO 01 AGOSTO + RDOS. ESPAÑA Y EUROPA 2T’24. PREVIEWS (ANÁL...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, CAF, CAIXABANK, ENAGÁS, ENCE, FLUIDRA, MELIÁ. EUROPA: AB INBEV, ASML, BMW, DHL GROUP, ING, SOCIÉTÉ GÉNÉRALE. 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. 2T’24 que se publicarán en España y Europa en los próximos días. El mercado espera que la Fed recorte en septiembre Avances en Europa an...
- Andres Bolumburu
ENCE: 1H’24 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'24 vs. 2Q'23 Results Sales: € 244.8 M (+64.6% vs. +57.4% BS(e) and +57.9% consensus); EBITDA: € 65.5 M (€ 12.4 M in 1H'23 vs. € 63.8 M BS(e) and € 62.4 M consensus); EBIT: € 35.7 M (€ -68.2 M in 1H'23 vs. € 38.8 M BS(e) and € 41.0 M consensus); Net Profit: € 23.1 M (€ -45.1 M in 1H'23 vs. € 18.2 M BS(e) and € 20.1 M consensus); 1H'24 vs. 1H'23 Results Sales: € 448.5 M (-2.2% vs. -2.4% BS(e) and -2.3% consensus); EBITDA: € 100.9 M (+54.3% vs. +66.2% BS(e) and +71.1% consensus); EBIT: € 45.0 M ...
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
ATE ALTEN SA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
- Luis de Toledo Heras
Ence : On track to profitability and cash flow normalisation
>Significant profitability improvement on record pulp prices, supporting volumes and lower operating costs - Good results (EBITDA Q2 2024 of € 65.5m, +1% vs ODDO BHFe and 5x Q2 2023 levels), largely in line with our estimates both at the group and segment level, driven by higher pulp prices (€ 728/t effective selling price: +26% y-o-y, +21% q-o-q; 42% implied commercial discount), higher pulp selling volumes (255kt: +4.5% y-o-y, +5.4% q-o-q, with a higher share of Enc...
- Andres Bolumburu
ENCE: RDOS. 1S'24 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'24 vs 2T'23: Ventas: 244,8 M euros (+64,6% vs +57,4% BS(e) y +57,9% consenso); EBITDA: 65,5 M euros (12,4 M euros en 2T'23 vs 63,8 M euros BS(e) y 62,4 M euros consenso); EBIT: 35,7 M euros (-68,2 M euros en 2T'23 vs 38,8 M euros BS(e) y 41,0 M euros consenso); BDI: 23,1 M euros (-45,1 M euros en 2T'23 vs 18,2 M euros BS(e) y 20,1 M euros consenso). Rdos. 1S'24 vs 1S'23: Ventas: 448,5 M euros (-2,2% vs -2,4% BS(e) y -2,3% consenso); EBITDA: 100,9 M euros (+54,3% vs +66,2% BS(e) y +71,1%...
- Research Department
INFORME DIARIO 31 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, COLONIAL, ENCE, FERROVIAL, GRIFOLS, OHLA, RED ELÉCTRICA, ROVI, TALGO, TELEFÓNICA, VISCOFAN. EUROPA: ADIDAS, AIRBUS, DANONE, L'ORÉAL, SAFRAN, SCHNEIDER. 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. 2T’24 que se publicarán en España y Europa en los próximos días. Rebote entre resultados empresar...
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
OR L'OREAL SA
SAF SAFRAN S.A.
AIR AIRBUS SE
OHL OBRASCON HUARTE LAIN SA
VIS VISCOFAN S.A.
ENC ENCE ENERGIA Y CELULOSA SA
CABK CAIXABANK SA
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
TLGO TALGO SA
FER FERROVIAL S.A.
TEF TELEFONICA SA
RE21 RED ELECTRICA CORP. S.A.
COL SM INMOBILIARIA COLONIAL (COL SM)
GRF SM GRIFOLS (GRF SM)
LUND-B L E LUNDBERGFORETAGEN AB
- Research Department
IBERIAN DAILY 31 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: CAIXABANK, COLONIAL, ENCE, FERROVIAL, GRIFOLS, OHLA, REDEIA, ROVI, TALGO, TELEFÓNICA, VISCOFAN. 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 2Q’24 results to be released over the coming days in Spain. Rally amid business results There was a slight rally on the marked, marked more by the results presentations than by the cycle. In the STOXX 600, the best-perform...
- Amira Manai
- Jeremy Garnier
ALFOC FOCUS HOME INTERACTIVE SA
SOP SOPRA STERIA GROUP SA
STF STEF
SWP SWORD GROUP SE
VRAP VRANKEN-POMMERY MONOPOLE SA
GLO GL EVENTS SA
BON BONDUELLE SCA
FTON FEINTOOL INTERNATIONAL HOLDING AG
ROYAL VOPAK NV
XIL XILAM ANIMATION SA
ENC ENCE ENERGIA Y CELULOSA SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
- Amira Manai
- Jeremy Garnier
ALFOC FOCUS HOME INTERACTIVE SA
SOP SOPRA STERIA GROUP SA
STF STEF
SWP SWORD GROUP SE
VRAP VRANKEN-POMMERY MONOPOLE SA
GLO GL EVENTS SA
BON BONDUELLE SCA
FTON FEINTOOL INTERNATIONAL HOLDING AG
ROYAL VOPAK NV
XIL XILAM ANIMATION SA
ENC ENCE ENERGIA Y CELULOSA SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
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