reports
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 11/20/2024
Efforts to revitalise the five brands that make up the Lanvin Group are under way and should pay off in the medium term. However, at this stage of development (critical mass not yet achieved for some brands, negative profitability and cash burn) and in a consumer environment that does not yet point to a rebound, we prefer to remain cautious on the share. We are initiating coverage with a Neutral rating, with a target price of $ 1.80, based on a DCF valuation. - ...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 20/11/2024
Les efforts de redynamisation sont en cours pour les 5 marques qui constituent Lanvin Group et devraient porter leurs fruits à moyen terme. Toutefois, à ce stade de développement (taille critique encore non atteinte sur certaines marques, rentabilité négative et consommation de cash) et dans un environnement de consommation n’indiquant pas encore de rebond, nous préférons rester encore prudents sur le titre. Nous initions à Neutre, avec un OC à 1.8 $ résultant d’une valorisation par D...
- Andres Bolumburu
TALGO: 9M’24 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BA...
3Q'24 vs. 3Q'23 Results Sales: € 151.7 M (-16.5% vs. -2.9% consensus); EBITDA: € 16.8 M (-43.1% vs. -29.5% consensus); Net Profit: € -7.9 M (vs. € 6.9 M consensus); 9M'24 vs. 9M'23 Results Sales: € 497.8 M (+5.8% vs. +11.1% consensus); EBITDA: € 57.7 M (-10.5% vs. -4.3% consensus); Net Profit: € 6.7 M (vs. € 22 M consensus);
- Andres Bolumburu
TALGO: RDOS. 9MESES’24 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANC...
Rdos. 3T'24 vs 3T'23: Ventas: 151,7 M euros (-16,5% vs -2,9% consenso); EBITDA: 16,8 M euros (-43,1% vs -29,5% consenso); BDI: -7,9 M euros (vs 6,9 M euros consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 497,8 M euros (+5,8% vs +11,1% consenso); EBITDA: 57,7 M euros (-10,5% vs -4,3% consenso); BDI: 6,7 M euros (vs 22 M euros consenso).
- Delphine Brault
- Quentin Borie
Talgo : Q3 2024 results well below expectations prompt the group to lo...
>Q3 2024: Revenues down 17% and EBITDA margin of 11.1% - Talgo yesterday evening reported Q3 2024 results well below expectations.Revenues came in at € 152m (the consensus at € 176m), down 17% on Q3 2023. Over 9M 2024, sales are still up 6%, with the acceleration of ongoing projects (DB, DSB). We believe that the sharp slowdown in Q3 is due to the failure to reach certain milestones on these two projects during the quarter.The EBITDA margin stood at 11.1% (c...
- Delphine Brault
- Quentin Borie
Talgo : Un T3 largement inférieur aux attentes conduit le groupe à rév...
>T3 2024 : CA en recul de ~17% et marge d’EBITDA de 11.1% - Talgo a publié hier soir des résultats T3 2024 largement inférieurs aux attentes.Le chiffre d’affaires atteint 152 M€ (css à 176 M€), en recul de près de 17% vs T3 2023. Sur 9M, le CA est toujours en hausse de 6% avec l’accélération de l’exécution des projets en cours (DB, DSB). Le fort ralentissement du T3 est, selon nous, expliqué par la non-atteinte de certains milestones sur ces deux projets lors du ...
- Research Department
IBERIAN DAILY 20 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, ENDESA, GRIFOLS, POSSIBLE TAX CHANGES, TALGO. Russia shakes markets The threat of using nuclear weapons by Russia after Ukraine used its long-range missiles on Russian territory led to corrections in European stock markets that eased throughout the session after the Foreign Minister S. Lavrov stressed that Russia does not wish nor expect a nuclear war. Thus, in the STOXX 600, Real Estate and Pharma were the only sectors ending with gains vs. Banks and Automobiles that ...
- Research Department
INFORME DIARIO 20 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, GRIFOLS, IMPUESTOS ESPAÑA, TALGO. EUROPA: NOKIA. Rusia agita los mercados La amenaza de uso de armas nucleares por parte de Rusia después de que Ucrania utilizase sus misiles de largo alcance sobre territorio ruso deparó una sesión de caídas en Europa, que fueron moderándose a lo largo de la sesión después de que el ministro de exteriores ruso S. Lavrov remarcase que el país no desea ni espera una guerra nuclear. Así, dentro del STOXX 600...
- Research Department
INFORME DIARIO 11 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, CELLNEX, GRIFOLS, GRUPO SAN JOSE. 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. 3T’24 que se publicarán en España y Europa en los próximos días. Trump lleva a los índices americanos a nuevos máximos históricos Semana marcada por las elecciones en EE.UU., las reuniones sin sorpresas de la Fed ...
- Research Department
IBERIAN DAILY 11 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ALMIRALL, CELLNEX, ELECTRICITY SECTOR, GRIFOLS, GRUPO SANJOSE. 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. Trump leads US indices to all-time highs The week was marked by the US election, the meetings (with no surprises) from the Fed and BoS and Friday’s disappointment due to the lack of fiscal stimul...
- Ignacio Romero
- Research Department
IBERIAN DAILY 17 OCTOBER + 3Q'24 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...
NEWS SUMMARY: GRUPO SANJOSÉ, TALGO. The Ibex near 12,000 points Mixed session ahead of the ECB meeting, marked by the earnings release, with the Ibex standing out again (after climbing 9 of the 10 last sessions), hitting highs from the past 14 years. In the STOXX 600, Travel&Leisure and Retail were the best-performing sectors vs. the drops of Technology and Consumer Goods. On the macro side, in the US import prices fell more than expected. In Japan, September’s exports fell unexpectedly. In Chi...
- Research Department
INFORME DIARIO 17 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRUPO SANJOSÉ, TALGO. EUROPA: NOKIA, PERNOD RICARD. 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. 3T’24 que se publicarán en España y Europa en los próximos días. El Ibex al filo de los 12.000 puntos La jornada previa a la reunión del BCE fue mixta y marcada por la presentación de resultados empresariales,...
- Research Department
IBERIAN DAILY 16 OCTOBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...
NEWS SUMMARY: BANKING/ENERGY SECTOR, OHLA, TALGO. The Ibex continues to lead Europe, far from the Euro STOXX corrections European markets saw a decreasing performance, led by the sharp drop in oil prices and ASML’s disappointing 3Q results. The Ibex stood out once more, ending near 12,000 points. In the STOXX 600, Telecoms and Media were the best-performing sectors vs. the drops of Technology and Energy. On the macro side, in the euro zone, August’s industrial output climbed unexpectedly. In Ge...
- Research Department
IBERIAN DAILY 15 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: TALGO. The Ibex near 12,000 points It was a session of gains that saw an increasing performance in Europe without practically any macroeconomic references. With the US closed for Columbus Day, the Ibex traded above 11,800 points. Thus, in the STOXX 600, Technology and Utilities were the best-performing sectors vs. the drops of Consumer Goods and Travel&Leisure. On the macro side, in the UK, the government is studying a tax rise in the gambling sector that will mean £3 Bn to tackle...
- Research Department
INFORME DIARIO 15 0CTUBRE + RDOS. EUROPA 3T’24. PREVIEWS (ANÁLISIS BAN...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: TALGO. EUROPA: ALLIANZ. 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. 3T’24 que se publicarán en España y Europa en los próximos días. El Ibex prepara su asalto a los 12.000 puntos Jornada de ganancias que fueron de menos a más en Europa y sin apenas referencias macro. Con EE.UU. en jornada semifestiva por...
- Research Department
IBERIAN DAILY 14 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IAG, NEINOR, SACYR, TALGO. The earnings season kicked off to a good start It was a positive week for most European indices, driven by the earnings release of large banks in the US last Friday, with the Ibex closing above 11,700 points. Thus, in the STOXX 600, most sectors closed with gains (15/20), led by Pharma and Insurance vs. the bigger losses of Basic Resources and consumer Goods. On the macro side, in the US, September’s production prices climbed more than expected and the U...
- Delphine Brault
- Quentin Borie
ODDO : US elections: between continuity and disruption, the benefits/r...
Accounting for an average of 19% of revenues for European capital goods groups (over 40% in some cases), the US is clearly a central factor in growth strategies, both organically and inorganically. Based on our analysis of the programmes of the two candidates running for the White House and the positioning of the various groups, we have established two scenarios through which to play the sector depending on the winner in November's election. In this still uncertain US election co...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Delphine Brault
- Quentin Borie
ODDO : Election US : entre continuité et rupture, les bénéfices/risque...
Représentant 19% en moyenne du CA des groupes de biens d’équipement européens (plus de 40% pour certains), les Etats-Unis sont inévitablement au cœur des stratégies de croissance, tant organique qu’externe. Après analyse des programmes des deux candidats à la Maison Blanche, croisée avec celle du positionnement des groupes, nous avons établi 2 scénarios permettant de se positionner en fonction du candidat qui sera élu en novembre. Dans ce contexte électoral américain encore incer...
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ABB ABB LTD.
SAND SANDVIK AB
RXL REXEL SA
ALO ALSTOM SA
GEBN GEBERIT AG
SCHP SCHINDLER HOLDING AG PREF
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
TLGO TALGO SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
- Research Department
INFORME DIARIO 07 0CTUBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS, IBERDROLA, SANTANDER, TALGO. La guerra Israel/Irán no da tregua y se suma la campaña de resultados El temor a una escalada de la tensión en Oriente Medio llevó a un fuerte repunte del petróleo y caídas en las principales bolsas europeas que no pudieron ser totalmente revertidas a pesar de los buenos datos macro en EE.UU. Dentro de los sectoriales del STOXX 600, Energía destacó como el mejor sector seguido por Recursos Básicos mientras que Au...
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