We are removing GALP from our ODDO BHF European Large Caps list. The stock has chalked up a performance of +31.3% since its inclusion in the list on 20 March. Our analyst is adopting today a Neutral recommendation (vs Outperform) on the stock. - ...
>Outperform rating confirmed – target price lifted to € 6.4 (vs € 5.9) - The Q1 2024 figures for CABK confirm the favourable trend, both on the operating front, confirming and even improving guidance (RoTE now expected >16%), and on the balance sheet front (CET1 FL >12%) in 2024. This robustness, coupled with the adequate diversification of the business model, confirms the stock as one of our Top Picks in the sector in the uncertain/challenging current context (macro,...
>Opinion Surperformance confortée – OC porté à 6.4 € (vs 5.9 €) - Les chiffres T1 2024 de CABK viennent confirmer la tendance favorable à la fois sur le plan opérationnel validant voire améliorant les guidances (RoTE dorénavant attendu >16%) et bilanciel (CET1 FL >12%) en 2024. Cette robustesse, couplée à la diversification adéquate du business model, conforte le titre parmi nos top picks au sein du secteur dans le contexte actuel incertain/challenging (macro, taux…)....
Iliad Holding plans to issue new bonds to fund the investment in Tele2 and a tender on Iliad Holding 2026 notesIsabel Marant: well preserved liquidity but further deep fall in the wholesale order bookVerisure markets new bonds with two special covenants linked to a potential IPOBUT/Mobilux: new bond offering with the inclusion of Conforama into the scope>...
Isabel Marant : liquidité supérieure aux attentes mais nouvelle chute du carnet de commandesBUT/Mobilux : Nouvelle émission obligataire avec intégration de Conforama dans le périmètreIliad Holding compte émettre des de nouvelles obligations pour financer l’investissement dans Tele2 et un tender sur la souche Iliad Holding 2026Verisure commercialise des nouvelles obligations avec deux covenants spéciaux liés à une potentielle IPO>...
1Q'24 vs. 1Q'23 Results N.I.I.: € 2.781 Bn (+27.5% vs. +23.7% BS(e) and +24.0% consensus); Total Revenues: € 3.496 Bn (+12.7% vs. +8.3% BS(e) and +12.0% consensus); Operating Profit: € 1.988 Bn (+19.8% vs. +11.1% BS(e) and +18.4% consensus); Net Profit: € 1.004 Bn (+17.4% vs. +8.1% BS(e) and +17.3% consensus); 1Q'24 vs. 4Q'23 Results N.I.I.: € 2.781 Bn (+1.2% vs. -1.8% BS(e) and -1.6% consensus); Total Revenues: € 3.496 Bn (-1.3% vs. -5.2% BS(e) and -2.0% consensus); Operating Profit: € 1.988 Bn...
Rdos. 1T'24 vs 1T'23: M. Intereses: 2.781 M euros (+27,5% vs +23,7% BS(e) y +24,0% consenso); M. Bruto: 3.496 M euros (+12,7% vs +8,3% BS(e) y +12,0% consenso); M. Neto: 1.988 M euros (+19,8% vs +11,1% BS(e) y +18,4% consenso); BDI: 1.004 M euros (+17,4% vs +8,1% BS(e) y +17,3% consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 2.781 M euros (+1,2% vs -1,8% BS(e) y -1,6% consenso); M. Bruto: 3.496 M euros (-1,3% vs -5,2% BS(e) y -2,0% consenso); M. Neto: 1.988 M euros (-5,1% vs -12,0% BS(e) y -6,2% ...
NEWS SUMMARY: CAIXABANK, SANTANDER. 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 1Q’24 results to be released over the coming days in Spain. The Ibex is far from highs European stock exchanges kicked off the Fed’s week (Wednesday) with slight corrections and with sovereign yields tightening. Within the STOXX 600 sectors, Basic Resources and Real Estate saw the biggest gains...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, SANTANDER. EUROPA: ADIDAS, MERCEDES BENZ GROUP, VINCI. 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. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex se aleja de máximos Las bolsas europeas comenzaron la semana de la Fed (miércoles) con ligeras pérdidas y caídas de las re...
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...
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...
Continuará el rerating a base de delivery de Rdos. El rerating ya ha empezado y explica entre el 25-50% del performance reciente del sector y, aunque podremos ver momentos de consolidación/ toma parcial de beneficios, creemos que continuará la subida. La tasa de descuento implícita en las actuales cotizaciones todavía es excesivamente alta: 14,4% (c.300pbs por encima del 11-12% habitual). Nuestra tesis es que las subidas serán a base de delivery de Rdos. en un entorno normalizado de tipos entre ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, GRIFOLS, SECTOR ELÉCTRICO, TELEFÓNICA. EUROPA: ENI. Respiro de las bolsas Tras las subidas de las últimas sesiones y en una jornada de más a menos, las bolsas europeas cedieron en su mayoría tras la sorpresa al alza en los precios de producción en EE.UU. que confirman además que la deflación en bienes habría quedado atrás. Así, en el STOXX 600, la mayoría de los sectores cerraron con pérdidas, lideradas por R. Básicos y Bancos frente a la...
NEWS SUMMARY: CAIXABANK, ELECTRICITY SECTOR, GRIFOLS, TELEFÓNICA. The markets take a breather Following the rallies over the last few sessions, and in a session that ended worse than it began, most European stock markets posted losses after the unexpected rise in US production prices, which also confirm that deflation in good would now be over. In the STOXX 600, most sectors ended with losses, led by Basic Materials and Banks, with the biggest gains coming in Consumer Goods and Media. From the ...
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 ...
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 ...
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