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...
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...
Continuará el rerating a base de delivery de Rdos. El rerating ya ha empezado y explica entre el 25-50% del performance reciente del sector y, aunque podremos ver momentos de consolidación/ toma parcial de beneficios, creemos que continuará la subida. La tasa de descuento implícita en las actuales cotizaciones todavía es excesivamente alta: 14,4% (c.300pbs por encima del 11-12% habitual). Nuestra tesis es que las subidas serán a base de delivery de Rdos. en un entorno normalizado de tipos entre ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, GRIFOLS, SECTOR ELÉCTRICO, TELEFÓNICA. EUROPA: ENI. Respiro de las bolsas Tras las subidas de las últimas sesiones y en una jornada de más a menos, las bolsas europeas cedieron en su mayoría tras la sorpresa al alza en los precios de producción en EE.UU. que confirman además que la deflación en bienes habría quedado atrás. Así, en el STOXX 600, la mayoría de los sectores cerraron con pérdidas, lideradas por R. Básicos y Bancos frente a la...
NEWS SUMMARY: CAIXABANK, ELECTRICITY SECTOR, GRIFOLS, TELEFÓNICA. The markets take a breather Following the rallies over the last few sessions, and in a session that ended worse than it began, most European stock markets posted losses after the unexpected rise in US production prices, which also confirm that deflation in good would now be over. In the STOXX 600, most sectors ended with losses, led by Basic Materials and Banks, with the biggest gains coming in Consumer Goods and Media. From the ...
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
>What are the main lessons from Q4/FY 2023 earnings? - Q4 earnings release have confirmed our view on the sector detailed early December. We expected net interest income to be this year relatively flattish in Italy and Spain, to decrease on some names in the Benelux (ING) and to increase for French banks, which is consistent with 2024 outlook given by banks. We therefore did not play a country rotation in favour of North European banks vs South European banks, and we ...
NEWS SUMMARY: BANKINTER, CAIXABANK, GRIFOLS, TELEFÓNICA. ECB meeting spurred markets at the end of the week The ECB’s meeting spurred stock markets at the end of the week to hit new 2024 highs, driven by the expected start to interest rate cuts in June. The IBEX 35 rose around +3% over the week, exceeding 10,300 points, and the EuroSTOXX 50 rose slightly less (around +2%) and the DAX gained less than +1%. In the STOXX 600, Utilities and Technology were the big winners last week, whereas Autos, ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAIXABANK, GRIFOLS, TELEFÓNICA. EUROPA: SAP. La reunión de marzo del BCE animó el cierre semanal de las bolsas La reunión del BCE animó a que las bolsas rompieran al alza los máximos de 2024, empujadas por las esperadas bajadas de tipos de interés en junio. Con todo, el Ibex 35 avanzó durante la semana cerca de +3% superando niveles de 10.300 puntos, el Eurostoxx 50 avanzó de forma más moderada en torno al +2% y las del Dax alemán no lleg...
3 valeurs sortent aujourd’hui de notre liste de Convictions Large Caps européennes. Nous prenons nos profits sur ASML (+ 30% depuis son entrée dans la liste) après sa forte hausse post publication de son T4 2023. Inversement, nous coupons notre position sur RWE (-15% depuis son entrée) après de bons résultats 2023 mais une guidance 2024 revue en baisse. Nous conservons Sodexo dans son nouveau périmètre mais sortons Pluxee. - ...
We are removing three stocks from the ODDO BHF European Large Caps Convictions List today. We are taking our profits on ASML (+30% since its inclusion in the list) after its strong gains since the publication of its Q4 2023 results. Conversely, we are reducing our position on RWE (-15% since its inclusion in the list) following a good set of 2023 results but a downward revision to 2024 guidance. We maintain Sodexo in its new scope in the list but withdraw Pluxee - ...
>Outperform rating reiterated – Target price lifted to € 5.9 (vs € 5.8) - CABK’s full-year 2023 figures confirm the favourable trend at both the operating level, validating the guidance (RoTE >15%), and the balance sheet level (CET1 FL >12%). This robust performance, couple with the adequate diversification of the business model, confirms the share’s place among our Top Picks in the sector in the current challenging context (macro, rates, etc.). Net income just missed...
>Opinion Surperformance réitérée – OC porté à 5.9 € (vs 5.8 €) - Les chiffres annuels 2023 de CABK viennent confirmer la tendance favorable à la fois sur le plan opérationnel validant les guidances (RoTE >15%) et bilanciel (CET1 FL >12%). Cette robustesse, couplée à la diversification adéquate du business model, conforte le titre parmi nos top picks au sein du secteur dans le contexte actuel incertain/challenging (macro, taux…). Le RN ressort légèrement en deçà des at...
CaixaBank looks at MREL redemptions with up to €5bn in senior in the pipeline this year, earnings growth to take a breather in 2024. January shows record supply of EUR benchmark covered bonds. Danske Bank's 4Q earnings supported by strong NII growth, expect strong unsecured supply this year
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