reports
- 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
- Luis de Toledo Heras
REN : Operating results in line, improving value proposition
>Good operating performance, positive surprise at bottom level - REN results were broadly in line with our estimates at the operating level with H1 2023 EBITDA at € 265m (+1.5% above our estimates, +11% y-o-y) driven by domestic business performance (mainly due to the increase in assets and opex remuneration but also supported by other revenues and lower core opex reflecting the decrease in electricity prices) and the positive contribution from its Chilean activities....
- Emira Sagaama
- Jean Danjou
- Oliver Metzger
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
OSE OSE IMMUNOTHERAPEUTICS SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
ASY ASSYSTEM SA
CGM CEGEDIM SA
RIN VILMORIN & CIE SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
PGS PGS ASA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
COFB COFINIMMO SA
SAVE SAVENCIA SA
FIE FIELMANN AG
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
RENE REDES ENERGETICAS NACIONAIS SA
SPIE SPIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
XFAB X-FAB SILICON FOUNDRIES SE
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
WAVE WAVESTONE SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
ALHRS HYDROGEN REFUELING SOLUTIONS
BLV BELIEVE SA
- Emira Sagaama
- Jean Danjou
- Oliver Metzger
SOP SOPRA STERIA GROUP SA
ATO ATOS SE
OSE OSE IMMUNOTHERAPEUTICS SA
MF WENDEL SE
TFI TELEVISION FRANCAISE 1 SA
SBS STRATEC SE
ASY ASSYSTEM SA
CGM CEGEDIM SA
RIN VILMORIN & CIE SA
FII LISI SA
LSS LECTRA SA
GOE GROUPE GORGE SA
ALTA ALTAREA SCA
PGS PGS ASA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
COFB COFINIMMO SA
SAVE SAVENCIA SA
FIE FIELMANN AG
MBWS MARIE BRIZARD WINE & SPIRITS SA
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
ROYAL VOPAK NV
SESL SES-IMAGOTAG SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
RENE REDES ENERGETICAS NACIONAIS SA
SPIE SPIE SA
IBG IBERPAPEL GESTION S.A.
IDR INDRA SISTEMAS S.A. CLASS A
XFAB X-FAB SILICON FOUNDRIES SE
VOS VOSSLOH AG
SAB BANCO DE SABADELL SA
WAVE WAVESTONE SA
ZEL PHARMA MAR SA
TCH TECHNICOLOR SA
ALHRS HYDROGEN REFUELING SOLUTIONS
BLV BELIEVE SA
- Luis de Toledo Heras
REN : Good start of the year on higher rates of return and Opex remune...
>Good results with positive progress across the board - Good results with EBITDA of € 132m, +c.10% vs our estimates and +11% y-o-y, driven by assets and Opex remuneration in domestic activities as well as positive international performance (c.5% of EBITDA). The higher Portuguese bond yields continue to support an increase in return on RAB rates (5.3% at Electricity, 5.7% at Gas Transportation and 5.9% at Gas Distribution). RAB stands at € 3,549m (-2% y-o-y) reflecting...
- Anis Zgaya
- Louis Boujard
- CFA
- Anis Zgaya
- Louis Boujard
- CFA
- Luis de Toledo Heras
REN : Delivering on all its 2022 targets
>Delivering on all its targets - REN FY 2022 results came broadly in line with our estimates (+2.4% above both at EBITDA and net profit) with strong EBITDA margins (62%) offsetting the lower level of revenues from the construction of concession assets. EBITDA rose to € 487m (+5.7% y-o-y) with a strong performance both from the domestic (+4.6%: driven by asset growth and opex remuneration) and international businesses (>40%). The three domestic regulated activities in ...
- Baptiste Salaville
- Jean Danjou
- Oliver Metzger
FIE FIELMANN AG
WIE WIENERBERGER AG
GREEN GREENYARD NV
ROYAL VOPAK NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SAX STROEER SE & CO. KGAA
GCO GRUPO CATALANA OCCIDENTE S.A.
RENE REDES ENERGETICAS NACIONAIS SA
TLGO TALGO SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
CLA CLARANOVA SE
TITC TITAN CEMENT INTERNATIONAL N.V.
KTA KNAUS TABBERT
MRX MISTER SPEX SE
RWI RENEWI PLC
HGEA HGEARS AG
STM STABILUS SE
- Baptiste Salaville
- Jean Danjou
- Oliver Metzger
FIE FIELMANN AG
WIE WIENERBERGER AG
GREEN GREENYARD NV
ROYAL VOPAK NV
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SAX STROEER SE & CO. KGAA
GCO GRUPO CATALANA OCCIDENTE S.A.
RENE REDES ENERGETICAS NACIONAIS SA
TLGO TALGO SA
ALM ALMIRALL SA
JUN3 JUNGHEINRICH AG PREF
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
JEN JENOPTIK AG
CLA CLARANOVA SE
TITC TITAN CEMENT INTERNATIONAL N.V.
KTA KNAUS TABBERT
MRX MISTER SPEX SE
RWI RENEWI PLC
HGEA HGEARS AG
STM STABILUS SE
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