reports
- Amira Manai
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
EVT EVOTEC SE
GBF BILFINGER SE
SCR SCOR SE
BLC BASTIDE LE CONFORT MEDICAL SA
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
XIOR XIOR STUDENT HOUSING N.V.
REP REPSOL SA
ERG ERG S.P.A.
CARM CARMILA SAS
LTA ALTAMIR ACT PORTEUR
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
DMP DERMAPHARM HOLDING SE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
VK VALLOUREC SA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
CO CASINO GUICHARD-PERRACHON
- Amira Manai
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
EVT EVOTEC SE
GBF BILFINGER SE
SCR SCOR SE
BLC BASTIDE LE CONFORT MEDICAL SA
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
XIOR XIOR STUDENT HOUSING N.V.
REP REPSOL SA
ERG ERG S.P.A.
CARM CARMILA SAS
LTA ALTAMIR ACT PORTEUR
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
DMP DERMAPHARM HOLDING SE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
VK VALLOUREC SA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
CO CASINO GUICHARD-PERRACHON
- Luis de Toledo Heras
REN : 9M results broadly in line with estimates on sound electricity t...
>Sound EBITDA performance on electricity transmission contribution - Positive results, slightly above our estimates (EBITDA of € 388m, +2.2%), but still reflecting a slight decline compared with previous year levels (-1.8%) on lower domestic (-€ 2.5m: decrease in assets and opex remuneration and increase in core opex) and international (-€ 4.4m: one-off revenue in Chile in 9M 2023) results. Activity in Portugal was impacted by the anticipated negative effect of new re...
- Olfa Taamallah
- Yan Derocles
BFIT BASIC-FIT NV
RHK RHON-KLINIKUM AG
BLC BASTIDE LE CONFORT MEDICAL SA
ERA ERAMET SA
PAT PATRIZIA AG
GCO GRUPO CATALANA OCCIDENTE S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
CASH PROSEGUR CASH SA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
VK VALLOUREC SA
STM STABILUS SE
ORP ORPEA
- Olfa Taamallah
- Yan Derocles
BFIT BASIC-FIT NV
RHK RHON-KLINIKUM AG
BLC BASTIDE LE CONFORT MEDICAL SA
ERA ERAMET SA
PAT PATRIZIA AG
GCO GRUPO CATALANA OCCIDENTE S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LRE LAR ESPANA REAL ESTATE SOCIMI SA
CASH PROSEGUR CASH SA
MDM MAISONS DU MONDE SA
HAG HENSOLDT AG
VK VALLOUREC SA
STM STABILUS SE
ORP ORPEA
- Luis de Toledo Heras
REN : Reiterating Neutral stance on persistent regulatory uncertaintie...
>Lower gas and international contribution and higher financial cost impact results - REN’s H1 2024 results came in broadly in line with our estimates (EBITDA € 258m, -2.7% y-o-y) reflecting lower operational performance in both domestic (-€ 2.4m) and international (-€ 4.7m) businesses. Electricity (70% of total EBITDA) recorded a +7% growth in EBITDA thanks to solar agreement revenues, higher assets and opex remuneration, regulatory incentive and other revenues. Howe...
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Luis de Toledo Heras
REN : Financial costs cloud operating performance
>Operating results in line, higher financial costs weigh on net profits - Results are in line with our estimates (EBITDA -2.3% y-o-y) reflecting a lower contribution from the domestic business due to the decrease in assets and opex remuneration and an increase in opex (core opex +1.6% y-o-y) and stable performance from the international business. Net results are additionally affected by higher financial expenses (2.8% vs 2.4% in Q1 2023) and unfavourable exchange rate...
- Jerôme Bodin
PBB DEUTSCHE PFANDBRIEFBANK AG
STF STEF
DEC JCDECAUX SA
SWP SWORD GROUP SE
PSM PROSIEBENSAT.1 MEDIA SE
ALLAN LANSON-BCC
SAVE SAVENCIA SA
MCPHY MCPHY ENERGY SA
ARG ARGAN SA
RENE REDES ENERGETICAS NACIONAIS SA
SPIE SPIE SA
RUI RUBIS SCA
AEIN ALLGEIER HOLDING AG
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Jerôme Bodin
PBB DEUTSCHE PFANDBRIEFBANK AG
STF STEF
DEC JCDECAUX SA
SWP SWORD GROUP SE
PSM PROSIEBENSAT.1 MEDIA SE
ALLAN LANSON-BCC
SAVE SAVENCIA SA
MCPHY MCPHY ENERGY SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
ARG ARGAN SA
RENE REDES ENERGETICAS NACIONAIS SA
SPIE SPIE SA
RUI RUBIS SCA
AEIN ALLGEIER HOLDING AG
FLE PEGASUS ENTREPRENEURIAL ACQUISITION CO EURO BV
- Luis de Toledo Heras
REN : Lower taxes drive profit beat but working capital boosts debt
>Operating results in line, fiscal effects drive bottom line beat - 2023 EBITDA was in line with estimates supported by strong domestic performance (particularly in Gas Transportation activities) on higher assets and opex remuneration and reduced electricity costs at the LNG terminal and the positive contribution from the international business (higher revenues at Transemel in Chile). Core opex grew by +1.3% reflecting the group’s efficient cost performance in 2023. G...
- Jean-François Granjon
- Louis Boujard
- CFA
PUB PUBLICIS GROUPE SA
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
PBB DEUTSCHE PFANDBRIEFBANK AG
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
LPE LAURENT-PERRIER SA
ISP INTESA SANPAOLO S.P.A.
WPP WPP PLC
SOC SUBSEA 7 S.A.
ARCAD ARCADIS NV
GNFT GENFIT SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
RENE REDES ENERGETICAS NACIONAIS SA
COPN COSMO PHARMACEUTICALS NV
VK VALLOUREC SA
ALHAF HAFFNER ENERGY SA
- Jean-François Granjon
- Louis Boujard
- CFA
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
PBB DEUTSCHE PFANDBRIEFBANK AG
BLC BASTIDE LE CONFORT MEDICAL SA
ALTR ALTRI SGPS SA
LPE LAURENT-PERRIER SA
ISP INTESA SANPAOLO S.P.A.
SOC SUBSEA 7 S.A.
ARCAD ARCADIS NV
GNFT GENFIT SA
UCG UNICREDIT S.P.A.
EDR EDREAMS ODIGEO SA
RENE REDES ENERGETICAS NACIONAIS SA
COPN COSMO PHARMACEUTICALS NV
VK VALLOUREC SA
ALHAF HAFFNER ENERGY SA
- Luis de Toledo Heras
REN : Analyst Day: Towards the high-end of the guidance range
>Analyst Day: No major headlines, earnings to beat average guidance range - REN held yesterday an investor's meeting in Lisbon hosted by the CEO, COO and CFO which included a private visit to the regulator (ERSE), a tour to the main control centre and demonstrations of some of the group's latest innovative solutions. The latter included an interesting solution for electric vehicle charging directly from the very high voltage transmission grid aimed for mid-sized fleet...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 11/13/2023
We are adding CaixaBank and Deutsche Börse to the ODDO BHF European Large Caps List. At the same time, we are removing Accor (market scepticism on the hotel sector, valuation drivers behind us) and Ryanair (same market scepticism on travel, very good Q3 results having already helped the stock rally). We are also downgrading the Travel & Leisure sector from Overweight to Market Weight. Since its creation, the ODDO BHF European Large Caps List has recorded a total return of +8.5% compar...
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 13/11/2023
Nous faisons entrer CaixaBank et Deutsche Börse dans notre liste de Valeurs recommandées Large Caps. Inversement, nous faisons sortir Accor (scepticisme du marché sur le secteur de l’hôtellerie, catalyseurs derrière nous) et Ryanair (même scepticisme du marché sur les voyages, les très bons résultats T3 ont permis le rebond du titre). Nous dégradons également le secteur du Travel & Leisure de Surpondérer à Neutre. Depuis sa création, notre liste enregistre un total return de +8,5% vs ...
- Luis de Toledo Heras
REN : Strong operating performance not reflected in cash flow generati...
>Strong results on higher opex revenues and lower core expenses - Strong results, slightly above our estimates at the operating level with 9M EBITDA growing by +10% on good performance at the Gas Transportation activities (EBITDA 9M 2023 +20%) on higher opex revenues and lower external supplies and a sound contribution from electricity (+4.8%) on higher assets and opex remuneration and lower core opex (due to lower electricity prices) expenses. Electricity accounted f...
- Juan Ros-Padilla
ALFOC FOCUS HOME INTERACTIVE SA
FLY SOCIETE FONCIERE LYONNAISE SA
BIO BB BIOTECH AG
STF STEF
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
GBT GUERBET SA
GLO GL EVENTS SA
PGS PGS ASA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LFDE LA FRANCAISE DE L'ENERGIE SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
AEDAS AEDAS HOMES SA
TMV TEAMVIEWER AG
- Juan Ros-Padilla
ALFOC FOCUS HOME INTERACTIVE SA
FLY SOCIETE FONCIERE LYONNAISE SA
BIO BB BIOTECH AG
STF STEF
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
GBT GUERBET SA
GLO GL EVENTS SA
PGS PGS ASA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
RENE REDES ENERGETICAS NACIONAIS SA
LFDE LA FRANCAISE DE L'ENERGIE SA
RBO ROCHE BOBOIS INTERNATIONAL SAS
AEDAS AEDAS HOMES SA
TMV TEAMVIEWER AG
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