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Research Department
  • Research Department

IBERIAN DAILY 27 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BBVA, MERLIN, SACYR, TELEFÓNICA. Stock markets continue to climb European stock exchanges saw new gains, underpinned by the statements made by several ECB members in favour of the commencement of the rate cut cycle. In the STOXX 600, Retail and Financials led gains, whereas cyclical sectors linked to raw materials such as Energy and Basic Resources saw the worst performance. On the macro side, in Spain, the final 4Q’23 GDP confirmed the preliminary 0.6%, ending 2013 with 2.3% gro...

Florent Laroche-Joubert
  • Florent Laroche-Joubert

Merlin Properties : S&P highlights diversification and good balance sh...

>S&P upgrades credit rating to BBB+ vs BBB, with positive outlook…. - S&P yesterday evening upgraded MERLIN Properties’ credit rating to “BBB+” highlighting the quality of its capital structure and the growth opportunities that could stem from its cash flow. The previous BBB rating had been put on positive watch following the disposal of the BBVA branches for € 2.1bn in June 2022.The agency highlighted the marked improvement in operating performances and credit m...

Florent Laroche-Joubert
  • Florent Laroche-Joubert

Merlin Properties : S&P met en avant la diversification et la bonne ge...

>Sa notation crédit est relevée par S&P à BBB+ vs BBB, perspective positive…. - S&P a relevé hier soir le rating de Merlin Properties à “BBB+” en mettant en avant la qualité de la structure de son capital ainsi que les opportunités de croissance à venir de son cash-flow. La notation précédemment BBB avait en effet été mise sous perspective positive suite à la cession du portefeuille d’agences bancaires BBVA pour 2.1 Md€ en juin 2022.L'agence souligne la forte amé...

Research Department
  • Research Department

INFORME DIARIO 27 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, MERLIN PROPERTIES, SACYR, TELEFÓNICA. La bolsa no frena los ascensos Las bolsas de Europa volvieron a registrar avances, apoyadas en las declaraciones de varios miembros del BCE a favor del inicio del ciclo de recortes de tipos. En el STOXX 600, lideraron las subidas Retail y financieros como Bancos mientras que cíclicos relacionados con las materias primas como Energía y R. Básicos fueron los de peor comportamiento. Por el lado macro, en Es...

Research Department
  • Research Department

IBERIAN DAILY 26 MARCH (ANÁLISIS BANCO SABADELL)

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...

Research Department
  • Research Department

INFORME DIARIO 26 MARZO (ANÁLISIS BANCO SABADELL)

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...

Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian

Iberdrola : Security and optimisation

>Outperform rating maintained but target price raised to € 14.4 vs € 13.80 - The presentation of the 2024-2026 strategy does not call into question the group‘s fundamentals and is still based on the two pillars of development in renewable installed capacity and the regulated networks. However, this new plan places the emphasis on investments in transmission and distribution assets, aims to bring on line offshore wind assets and bolster the flexibility of conventional ...

Louis Boujard ... (+3)
  • Louis Boujard
  • CFA
  • Philippe Ourpatian

Iberdrola : Sécurité et optimisation

>Opinion Surperformance maintenue et OC relevé à 14.4 € vs 13.8 € - La présentation de la stratégie 2024/2026 ne remet pas en cause les fondamentaux du groupe et repose toujours sur les deux piliers que sont le développement des capacités installées renouvelables et des réseaux régulés. Toutefois, ce nouvel opus accentue les investissements dans les actifs de transmissions et de distribution, vise à mettre en service les actifs éoliens maritimes et accroitre la flexib...

Baptiste Salaville ... (+3)
  • Baptiste Salaville
  • Jerôme Bodin
  • Steven Boumans

ODDO BHF Small & MIDCAP MORNING NEWS - 18/03/2024

We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...

Baptiste Salaville ... (+3)
  • Baptiste Salaville
  • Jerôme Bodin
  • Steven Boumans

ODDO BHF Small & MIDCAP MORNING NEWS - 03/18/2024 Date Performance sin...

We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Bruno Cavalier
  • Gerardo Ibanez
  • Steven Boumans
Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Steven Boumans

ODDO : Shifting sands at La Croisette: A recap from MIPIM 2024

>The direct investment market is still muted today, but we think real estate markets could reignite after seeing the first interest rate cuts - We visited the annual real estate conference MIPIM in Cannes last week. Although the weather was great, the mood in the investment market was still a bit muted. The changes in the real estate market leaves many investor uncertain today. It is still too early to see transactions to go up materially and pricing recovery in the ...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Benoit Valleaux
  • Steven Gould
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/14/2024

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 ...

Baptiste Salaville ... (+4)
  • Baptiste Salaville
  • Benoit Valleaux
  • Steven Gould
  • Thomas Zlowodzki

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/03/2024

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 ...

Baptiste Salaville ... (+2)
  • Baptiste Salaville
  • Florent Laroche-Joubert

Merlin Properties : ESG roadshow feedback: innovative and credible cli...

>Positive climate strategy, developments expected on other points - We organised an ESG roadshow with Merlin Properties, represented by the Sustainability and IR teams (Fernando Ramirez, Manuel Garcia Casas, Inès Arellano, and Teresa Urquijo). Merlin Properties provided an update on the first results of the climate strategy, which was formalised in 2022. We consider that this strategy as very compelling for a player of this size, and its ambitions could be e...

Baptiste Salaville ... (+2)
  • Baptiste Salaville
  • Florent Laroche-Joubert

Merlin Properties : FB roadshow ESG : une stratégie climat innovante e...

>Une stratégie climat positive, des évolutions attendues sur d’autres points - Nous avons organisé un roadshow ESG avec Merlin Properties, représenté par les équipes Sustainability et IR (Fernando Ramirez , Manuel Garcia Casas, Inès Arellano et Teresa Urquijo). La société est revenu sur les premiers résultats de la stratégie climat, formalisée en 2022.Nous jugeons celle-ci très intéressante pour un acteur de cette taille, et son ambition pourrait être augmentée e...

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