reports
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
OUT1V OUTOKUMPU OYJ
LSS LECTRA SA
FAE FAES FARMA S.A.
BRNL BRUNEL INTERNATIONAL N.V.
SEFER SERGEFERRARI GROUP SA
SPIE SPIE SA
CASH PROSEGUR CASH SA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
PLX PLUXEE NV
CO CASINO GUICHARD-PERRACHON
VIRI VIRIDIEN
- Delphine Brault
- Emmanuel Matot
- Quentin Borie
OUT1V OUTOKUMPU OYJ
LSS LECTRA SA
FAE FAES FARMA S.A.
BRNL BRUNEL INTERNATIONAL N.V.
SEFER SERGEFERRARI GROUP SA
SPIE SPIE SA
CASH PROSEGUR CASH SA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
2CRSI 2CRSI SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
PLX PLUXEE NV
CO CASINO GUICHARD-PERRACHON
VIRI VIRIDIEN
- Carole Braudeau
- Ahmed Ben Salem
- Emmanuel Matot
- Ahmed Ben Salem
- Emmanuel Matot
- Carole Braudeau
- 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
- 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
- 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
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
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...
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Carole Braudeau
- Carole Braudeau
- 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
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
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
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
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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