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Carole Braudeau
  • Carole Braudeau

Credit Morning 11/01/2024

European banks: results predominantly better than expected>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 01/11/2024

Banques européennes : des résultats majoritairement supérieurs aux attentes.>...

Geoffroy Michalet
  • Geoffroy Michalet

Casino : Q3 earnings: sales still down, very weak on the margin and ca...

>Sales down 1.8% l-f-l: momentum still tough - For its Q3, Casino reported sales of € 2.1bn, down 5.1% on a reported basis, of which -1.8% l-f-l Despite a slight sequential improvement l-f-l (Q2 -3.1%), the quarter remains negative, also impact by an unfavourable scope effect (network -3%).Convenience brands posted a decline of 0.7% (vs -0.5% in Q2) while Carrefour convenience is at +1.5% l-f-l (and growing).In detail, l-f-l growth stands at 0.9% for Monopr...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

Intesa Sanpaolo : Q3/9M 2024: still just as convincing!

>Outperform opinion maintained – Target price raised to € 4.9 (vs € 4.6) - Q3/9M 2024 results support our Outperform opinion, providing reassurance about key operating points (topline, costs and CoR) and, ultimately, capital and shareholder returns, with ISP further upgrading net income guidance for 2025. Diversification of the business model (focus on long-term savings) should continue to benefit ISP within the sector in the new interest-rate environment. We are rais...

Benoit Valleaux ... (+2)
  • Benoit Valleaux
  • Steven Gould

Intesa Sanpaolo : T3/9M 2024 : toujours aussi convaincant !

>Opinion Surperformance confortée – OC porté à 4.9 € (vs 4.6 €) - Le T3/9M 2024 conforte notre opinion Surperformance, rassurant sur les points clés opérationnels (topline, coûts & CdR), et in fine sur le capital/retour à l’actionnaire (avec ISP améliorant encore sa guidance de RN pour 2025). La diversification du business model (focus épargne LT) devrait continuer de favoriser ISP au sein du secteur dans le nouveau contexte de taux. Nous rehaussons de 3% en moyenne n...

Geoffroy Michalet
  • Geoffroy Michalet

Casino : Résultats T3 : encore en baisse sur le CA, très faible sur la...

>CA en baisse de 1.8% en LFL : une dynamique toujours compliquée - Au titre de son T3, Casino publie un CA de 2.1 Md€, en repli de 5.1% en publié, dont -1.8% en LFL (-3.1% LFL au T2). Malgré une légère amélioration séquentielle en comparable (T2 -3.1%), le trimestre reste négatif, impacté également par un effet périmètre défavorable (parc -3%).Les marques de proximité affichent une baisse de 0.7% (vs -0.5% au T2) alors que Carrefour proximité est à +1.5% LFL (et ...

Javier Esteban
  • Javier Esteban

INTESA SANPAOLO: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'24 vs 3T'23: M. Intereses: 3.942 M euros (+3,4% vs +2% BS(e) y +0,3% consenso); M. Bruto: 6.802 M euros (+6,8% vs +3,5% BS(e) y +3,4% consenso); M. Neto: 4.066 M euros (+9,4% vs +3,8% BS(e) y n.a. consenso); BDI: 2.401 M euros (+26,4% vs +19,4% BS(e) y +19,3% consenso). Rdos. 3T'24 vs 2T'24: M. Intereses: 3.942 M euros (-1,8% vs -3,1% BS(e) y -4,7% consenso); M. Bruto: 6.802 M euros (-0,8% vs -3,9% BS(e) y -4,0% consenso); M. Neto: 4.066 M euros (-3,6% vs -8,6% BS(e) y n.a. consenso); B...

Carole Braudeau
  • Carole Braudeau

Credit Morning 10/31/2024

Ubisoft: weak H1 2024-25 results, FY targets confirmed, the company reiterates that it is reviewing all its strategic optionsWorldline: Q3 2024 sales a touch below forecasts, disposal of non-core assets are being considered>...

Carole Braudeau
  • Carole Braudeau

Morning Crédit 31/10/2024

Ubisoft : faibles résultats au S1 2024/25, guidance annuelle confirmée, la société réitère qu’elle examine toutes ses options stratégiquesWorldline : CA au T3 2024 légèrement inférieur aux attentes, cessions d’actifs envisagées>...

Javier Esteban
  • Javier Esteban

CAIXABANK: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results NII: € 2.79 Bn (+2% vs. -1.2% BS(e) and +0.6% consensus); Total Revenues: € 4.09 Bn (+1.9% vs. -0.3% BS(e) and +0.9% consensus); Operating Income: € 2.56 Bn (+0.6% vs. -2.3% BS(e) and -0.9% consensus); Net Profit pre AT1: € 1.57 Bn (+3.3% vs. +1% BS(e) and 0.7% consensus). 3Q'24 vs. 2Q'24 Results NII: € 2.79 Bn (+0.1% vs. -3% BS(e) and -1.3% consensus); Total Revenues: € 4.09 Bn (-2.7% vs. -4.8% BS(e) and -3.6% consensus); Operating Income: € 2.56 Bn (-4.8% vs. -7.5% BS(...

Fehmi Ben Naamane
  • Fehmi Ben Naamane

Avolta : Q3 2024 fully in line with forecasts. Cancellation of 4% of t...

>Revenue and core EBITDA in line. Strong cash generation (partly linked to capex phasing) - This morning, Avolta published its Q3 results that were in line (on revenue and core EBITDA), but largely above for equity free cash flow (EFCF). The group reported revenue of CHF 3,830m, up 4.4% y-o-y (organic growth of +5.7% partly impacted by a negative forex effect of -1.3% linked to the appreciation of the CHF), perfectly in line with our forecasts and those of the consens...

Fehmi Ben Naamane
  • Fehmi Ben Naamane

Avolta : Des résultats T3 2024, parfaitement en ligne avec les attente...

>Revenus et Core EBITDA en ligne. Forte génération de cash (en partie liée à un phasing de Capex) - Avolta publie ce matin des résultats T3, en ligne (sur les revenus et le Core EBITDA), mais largement au-dessus sur l’EFCF. Les revenus groupe ressortent à 3830 MCHF, en croissance de 4.4% yoy (croissance organique à +5.7% impactée en partie par des effets de change négatifs de -1.3% liés à l’appréciation du CHF), parfaitement en ligne avec nos estimations et celles du...

Javier Esteban
  • Javier Esteban

CAIXABANK: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'24 vs 3T'23: M. Intereses: 2.794 M euros (+2% vs -1,2% BS(e) y +0,6% consenso); M. Bruto: 4.092 M euros (+1,9% vs -0,3% BS(e) y +0,9% consenso); M. Neto: 2.557 M euros (+0,6% vs -2,3% BS(e) y -0,9% consenso); BDI pre AT1: 1.573 M euros (+3,3% vs +1% BS(e) y 0,7% consenso). Rdos. 3T'24 vs 2T'24: M. Intereses: 2.794 M euros (+0,1% vs -3% BS(e) y -1,3% consenso); M. Bruto: 4.092 M euros (-2,7% vs -4,8% BS(e) y -3,6% consenso); M. Neto: 2.557 M euros (-4,8% vs -7,5% BS(e) y -6,2% consenso);...

Research Department
  • Research Department

IBERIAN DAILY 31 OCTOBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...

NEWS SUMMARY: BANKING/ENERGY SECTOR, CAIXABANK, EBRO FOODS, FCC, FLUIDRA, NATURGY. 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 3Q’24 results to be released over the coming days in Spain. Inflation rises in October European stock markets fell, with October’s inflation data in Europe higher than expected. In the STOXX 600, all the sectors ended with drops, with Travel & Leisu...

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