DEME, the world’s leading offshore wind installation company and top 3 in the global dredging market, delivered a better than expected H1. Its share price, however, corrected by 15-20% as DEME’s outlook was weaker than expected. In this report, we explain there are three good reasons why DEME management is holding its cards at its chest: (1) US elections; (2) Gaza conflict, and (3) the still uncertain usage of its € 1.0-1.5bn war chest. Expecting DEME to not only use the war chest for...
DEME, the world’s leading offshore wind installation company and top 3 in the global dredging market, delivered a better than expected H1. Its share price, however, corrected by 15-20% as DEME’s outlook was weaker than expected. In this report, we explain there are three good reasons why DEME management is holding its cards at its chest: (1) US elections; (2) Gaza conflict, and (3) the still uncertain usage of its € 1.0-1.5bn war chest. Expecting DEME to not only use the war chest for...
>An improved offer - Yesterday, after market close, Helios RE, a consortium comprising Hines and Grupo Lar, announced an improved offer for Lar España. The offer price has been increased by €0.20 per share, representing a 2.5% enhancement to €8.30 per share.Additionally, Helios RE has secured an agreement with Castellana Properties, which is ultimately owned by Vukile Property, stipulating that Castellana Properties will tender its shares for cash once the accept...
Un atractivo punto de entrada. Cambiamos a SOBREPONDERAR. El valor ha caído un -22% desde máximos de mayo (-25% vs IBEX), por la rebaja de estimaciones de Moderna y la reducción de los candidatos para adquirir su división CDMO. Con todo, nuestras estimaciones para CDMO ya son conservadoras (tanto en números como en valoración) y a los niveles actuales vemos un atractivo punto de entrada. Subimos +8% P.O. hasta 90,0 euros/acc. (+26% potencial) tras hacer roll-over e incorporar de forma independie...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, OHLA, ROVI. EUROPA: INFORME ANUAL EURO STOXX 50, SAP, TOTAL ENERGIES. A la espera de novedades en Oriente Medio Las bolsas europeas cerraron muy planas, ya que la depreciación del euro ayudó a capear la mayor prima por riesgo geopolítico. Con todo lo anterior, en el STOXX 600 Energía repitió como el mejor sector (gracias al avance del Brent) seguido por Tecnología mientras que Utilities y Viajes&Ocio terminaron con las mayores correccion...
NEWS SUMMARY: LAR ESPAÑA, OHLA, ROVI. Awaiting news from the Middle East European stock markets ended flat, as the depreciation of the euro contributed to offset the increasing premium for geopolitical risk. Thus, in the STOXX 600, Energy continued to be the best-performing sector (thanks to the rally of Brent crude), followed by Technology, whereas Utilities and Travel&Leisure ended with the biggest drops. On the macro side, in the euro zone, the 2Q’24 unemployment rate remained stable at 6.4%...
The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...
La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SACYR, SANTANDER, TALGO. EUROPA: DHL, PROSUS, SAP. China anima a parte del mercado Los sectores cíclicos de Europa reaccionaron con fuertes subidas al anuncio de estímulos por parte de la Autoridad Monetaria china (PBoC). Así, en el STOXX 600 los mejores sectores fueron R. Básicos y B. Consumo (lujo) frente a Inmobiliario y S. Financieros que sufrieron las mayores caídas. Por el lado macro, en Alemania el IFO de septiembre descendió algo más d...
NEWS SUMMARY: OHLA, SACYR, SANTANDER, TALGO. China spurs section of market Cyclical sectors in Europe reacted with sharp gains to the announcement of stimulus measures from the PBoC. In the STOXX 600, the best-performing sectors were Basic Materials and Consumer Goods (Luxury), with Real Estate and Financial Services falling the most. On the macro side, in Germany September’s IFO fell slightly more than expected, suggesting a slight contraction in the 3Q’24 GDP. From the ECB, K. Knot (President...
NEWS SUMMARY: NEINOR HOMES, OHLA, SOLARIA. IBEX on the cusp of 11,800 points The session in Europe was driven in part by the positive opening in the US, which continues its record trend and seeks to hit a new record high. In the STOXX 600, and after strong sector rotation during the session, Autos and Retail rose the most, with Pharma and Banks being the worst relative performers. On the macro side, in Spain the Govt. will raise GDP’24 growth to 2.7% from the previous 2.4%, in line with the 2.8...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NEINOR HOMES, OHLA, SOLARIA. EUROPA: BNP PARIBAS, DHL GROUP, UNICREDIT. El Ibex se queda a las puertas de los 11.800 puntos Jornada europea de menos a más, impulsada en parte por la apertura positiva en EE.UU. que continúa su tendencia de récord y busca renovar máximos históricos. Así en el STOXX 600, y tras bastante rotación sectorial durante la sesión, Autos y Retail fueron los sectores que más subieron, frente a Farma y Bancos que tuvieron el pe...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR, ROVI. EUROPA: SECTOR BANCARIO, SEGUROS Y ENERGÍA ITALIA, UNICREDIT. A pesar de la Fed, semana plana en el STOXX La buena acogida a la decisión de bajar -50 p.b. tipos se vio compensada por los miedos a la demanda china. Con todo lo anterior, el STOXX 600 terminó cerrando con ligeras caídas, con Retail y Viajes&Ocio presentando las mayores subidas semanales mientras que defensivos como Alimentación y Farma acabaron con las mayores ventas. Por el...
NEWS SUMMARY: LAR ESPAÑA, ROVI. Flat week on the STOXX, despite the Fed The Fed’s well-received decision to cut interest rates by -50bps was offset by the fears surrounding Chinese demand. With this in mind, the STOXX 600 ended with slight losses, with Retail and Travel & Leisure posting the biggest weekly gains, whereas defensive sectors like Food and Pharma ended with the biggest losses. On the macro side, in the UK August’s retail sales were in line with expectations. In the euro zone, consu...
NEWS SUMMARY: LAR ESPAÑA, TELEFÓNICA. The Fed cut rates by 50bps in the end It was a transition session with slight corrections for European stock markets that put an end to the Ibex’s rally that led it to return to 2015 highs. Thus, in the STOXX 600 Automobiles and Energy were the only sector avoiding drops, which were led by Media, Food and Consumer Goods. On the macro side, in the euro zone, August’s final monthly inflation was cut by one tenth to 0.1% (with the YoY data unchanged at 2.2%). ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, TELEFÓNICA. EUROPA: BASF, DEUTSCHE TELEKOM, UNICREDIT. Finalmente la Fed se decanta por los 50 puntos de recorte Sesión de transición con leves caídas en las bolsas europeas, que cortó la racha alcista en el Ibex que le llevó a renovar máximos de 2015. Así, en el STOXX 600 tan sólo Autos y Energía esquivaron las caídas que estuvieron lideradas por Media, Alimentación y B. de Consumo. Por el lado macro, en la Eurozona la inflación mensual...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NATURGY, OHLA. El mercado se decanta por recortes de 50 puntos hoy para la Fed Nueva sesión de avances en Europa, después de que los últimos datos desde EE.UU. muestran que el gasto del consumidor está aguantando y la producción industrial intenta despertar. En el STOXX 600 destacaron las subidas de Retail y Viajes&Ocio mientras que Inmobiliario y Farma presentaron las mayores correcciones. Por el lado macro, en Alemania el índice ZEW de septiembre...
NEWS SUMMARY: NATURGY, OHLA. The market bets on 50bps cuts today by the Fed It was a new session of gains for European stock markets after the latest macro data released in the US showed that consumer spending is keeping up and industrial output is trying to recover. Thus, in the STOXX 600 Retail and Travel&Leisure led gains, whereas Real Estate and Pharma posted the biggest drops. On the macro side, in Germany, September’s ZEW index came in much worse than expected both in terms of expectation...
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