reports
- Baptiste Salaville
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
POM PLASTIC OMNIUM SE
MERY MERCIALYS SA
NOKIA NOKIA OYJ
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
COFB COFINIMMO SA
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
CIE CIE AUTOMOTIVE S.A.
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SKF B SKF AB CLASS B
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
RIO RIO TINTO PLC
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
GEST GESTAMP AUTOMOCION S.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SHUR SHURGARD SELF STORAGE LIMITED
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Baptiste Salaville
- Bruno Cavalier
- Maissa Keskes
- Stephane Houri
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
RNO RENAULT SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
POM PLASTIC OMNIUM SE
MERY MERCIALYS SA
NOKIA NOKIA OYJ
TYRES NOKIAN RENKAAT OYJ
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
REE RED ELECTRICA CORP. SA
FR VALEO SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
VOW3 VOLKSWAGEN AG PREF
ICAD ICADE SA
01913 PRADA S.P.A.
COFB COFINIMMO SA
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
CIE CIE AUTOMOTIVE S.A.
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SKF B SKF AB CLASS B
ARG ARGAN SA
CABK CAIXABANK SA
IBE IBERDROLA SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
RACE FERRARI NV
DKG DEUTSCHE KONSUM REIT-AG
RIO RIO TINTO PLC
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
PIRC PIRELLI & C. S.P.A.
STM STMICROELECTRONICS NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
DWS DWS GROUP GMBH & CO. KGAA
GEST GESTAMP AUTOMOCION S.A.
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
SHUR SHURGARD SELF STORAGE LIMITED
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
- Benoit Valleaux
- Steven Gould
- Benoit Valleaux
- Steven Gould
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Deutsche Bank issuance plan and AT1, January senior supply...
Deutsche Bank to rely on NPS this year, the risk of an AT1 extension looks high. January senior unsecured supply higher than 2024 YTD total. BAWAG comes with a new Tier 2, preparing for a call later this year. de Volksbank‘s two fines with limited financial consequences. CaixaBank looks for new revenue drivers for 2025
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
Bank Brunch/Deutsche Bank issuance plan and AT1, January senior supply...
Deutsche Bank to rely on NPS this year, the risk of an AT1 extension looks high. January senior unsecured supply higher than 2024 YTD total. BAWAG comes with a new Tier 2, preparing for a call later this year. de Volksbank‘s two fines with limited financial consequences. CaixaBank looks for new revenue drivers for 2025
- Carole Braudeau
- Carole Braudeau
- Javier Esteban
CAIXABANK: 4Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'24 vs. 4Q'23 Results NII: € 2.74 Bn (-0.3% vs. -1.8% BS(e) and -1.3% consensus); Total Revenues: € 4.08 Bn (+15.2% vs. +10.5% BS(e) and +12.6% consensus); Operating Income: € 2.54 Bn (+21% vs. +11.9% BS(e) and +17.0% consensus); Net Profit pre AT1: € 1.54 Bn (+33% vs. +16.4% BS(e) and +22.2% consensus). 4Q'24 vs. 3Q'24 Results NII: € 2.74 Bn (-1.9% vs. -3.4% BS(e) and -2.9% consensus); Total Revenues: € 4.08 Bn (-0.3% vs. -4.4% BS(e) and -2.5% consensus); Operating Income: € 2.54 Bn (-0.9% vs...
- Javier Esteban
CAIXABANK: RDOS. 4T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'24 vs 4T'23: M. Intereses: 2.741 M euros (-0,3% vs -1,8% BS(e) y -1,3% consenso); M. Bruto: 4.080 M euros (+15,2% vs +10,5% BS(e) y +12,6% consenso); M. Neto: 2.535 M euros (++21% vs +11,9% BS(e) y +17,0% consenso); BDI pre AT1: 1.539 M euros (+33% vs +16,4% BS(e) y +22,2% consenso). Rdos. 4T'24 vs 3T'24: M. Intereses: 2.741 M euros (-1,9% vs -3,4% BS(e) y -2,9% consenso); M. Bruto: 4.080 M euros (-0,3% vs -4,4% BS(e) y -2,5% consenso); M. Neto: 2.535 M euros (-0,9% vs -8,3% BS(e) y -4,...
- Research Department
IBERIAN DAILY 30 JANUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...
NEWS SUMMARY: CAIXABANK, OHLA. 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 4Q’24 results to be released over the coming days in Spain. Results spur buying ahead of Fed Except for the slight drop in the CAC, European stock markets posted gains ahead of the Fed meeting, which kept rates in the range of 4.25%-4.50%, as expected. In the STOXX 600, the gains were led by Technolo...
- Research Department
INFORME DIARIO 30 ENERO + RDOS. ESPAÑA Y EUROPA 4T’24. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, OHLA. EUROPA: NOKIA, SANOFI. 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. 4T’24 que se publicarán en España y Europa en los próximos días. Los resultados impulsan las compras antes de la Fed A excepción de la ligera caída del CAC las bolsas europeas se decantaron por subidas antes de la decisió...
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Javier Esteban
INFORME SECTORIAL BANCOS EUROPA: POCO MOMENTUM SECTORIAL HASTA RDOS. 4...
Poco momentum hasta que publiquen guidance 2025 en Rdos. 4T’24. A la espera del guidance’25 en Rdos. 4T’24 reina la cautela y un apetito limitado por el sector a la espera de que se descarten escenarios muy negativos, en nuestra opinión injustificados. Nosotros esperamos una caída media de ingresos de -3,3% en 2025 (vs -1% consenso) y -10% en BDI (vs -3% consenso) para un EURIBOR de 2,18%. Creemos que queda valor en un sector holgado de capital (13,3% CET1 medio) con una yield por dividendo de ~...
- Research Department
IBERIAN DAILY 08 JANUARY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR. Rising debt yields once again pressure stock markets European stock markets rose early in the session but ended up reeling in part of those initial gains after a bearish opening for US markets. The main driver was the rising sovereign debt yields following the release of better US macro data and in view of investors selling bond to make room for the US treasury’s 10Y bond auction. In the STOXX 600, the best-performing sectors were once again Energy and those linked...
- Research Department
INFORME DIARIO 08 ENERO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SECTOR BANCOS. La escalada de la rentabilidad de la deuda vuelve a presionar las bolsas Las bolsas europeas, que subían por la mañana, acabaron cediendo parte de sus ganancias al cierre tras una apertura bajista del mercado americano. El principal catalizador fue la escalada en la rentabilidad de la deuda soberana a largo plazo, tras la publicación de unos mejores datos macro en EE.UU. y ante las ventas de bonos por parte de los inversores para ha...
- Research Department
IBERIAN DAILY 05 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CAIXABANK, CHANGES IBEX, FERROVIAL, TALGO. IBEX on the verge of 12,000 points European stock markets’ bullish streak in December continued with gains of around +1.0% and despite the political crises in France and South Korea. In the STOXX 600, the best-performing sectors were Retail (leading the pack for the third straight day) and Technology, with Pharma and Energy posting the biggest losses. On the macro side, the OECD presented its new forecasts, where we highlight the gro...
- Research Department
INFORME DIARIO 05 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, CAIXABANK, CAMBIOS IBEX 35, FERROVIAL, TALGO. EUROPA: ALLIANZ. El Ibex al borde de los 12.000 puntos Continuó la racha alcista que llevan los índices europeos en diciembre con subidas cercanas al +1,0% y a pesar de las crisis políticas desatadas en Francia y Corea del Sur. En el STOXX 600, los mejores sectores fueron Retail (que repite al frente por tercer día consecutivo) y Tecnología frente a Farma y Energía que fueron los que más cayeron. Po...
- Carole Braudeau
Credit Morning 11/20/2024
Grifols: the board considers that Brookfield’s indicative price undervalues the company Teva: S&P upgrades the rating to BB/positive from BB/positiveElior: Results recovered in 2023-24, exceeding expectations. Debt reduction is making headway as planned.Tereos: Sharp decline in EBITDA in Q2 24/25. The financial position is stable thanks to the generation of FCF.>...
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