reports
- Ignacio Romero
INFORME SECTORIAL SOCIMIS ESPAÑA: BARATAS A PESAR DE TODO (ANÁLISIS BA...
Vemos recorrido a pesar de todo. Creemos que las valoraciones tanto de COL como de MRL no son exigentes cotizando con descuentos del -40% y -29% respectivamente frente a NTA jun’24 y cuando lo peor del ciclo bajista en tasaciones parece haber quedado atrás. Adicionalmente, creemos que las carteras en desarrollo tienen buenas perspectivas de generación de valor, especialmente la de MRL con sus centros de datos. Por ese motivo, porque está menos apalancada y porque su crecimiento de cashflow a la...
- Research Department
IBERIAN DAILY 28 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, OHLA, REIT SECTOR, TALGO, TELEFÓNICA. Europe falling once again, with the IBEX back below 11,600 European stock markets fell after the news of the Trump administration’s tariff plans and the political and fiscal uncertainty in France. In the STOXX 600, the best-performing sectors were Real Estate and Household Goods, while Technology and Construction suffered the biggest losses. On the macro side, from the ECB, I. Schnabel pushed to ease monetary policy gradually and come...
- Research Department
INFORME DIARIO 28 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, OHLA, SOCIMIS, TALGO, TELEFÓNICA. De nuevo Europa a la baja y el Ibex pierde los 11.600 puntos Caídas en los mercados europeos con la resaca de los planes arancelarios de la administración Trump y la incertidumbre política y fiscal de Francia. En el STOXX 600, los mejores sectores fueron Inmobiliario y Hogar mientras que Tecnología y Construcción sufrieron las mayores correcciones. Por el lado macro, desde el BCE, I. Schnabel abogó por rela...
- Research Department
INFORME DIARIO 27 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: COLONIAL, INDRA, SANTANDER. EUROPA: UNICREDIT. Miedo a otra guerra comercial Los miedos a una nueva guerra comercial distanciaron otra vez a los índices europeos del S&P500, que volvió a mostrar un mejor comportamiento relativo. En el STOXX 600, la mayoría de los sectores sufrieron caídas (16/20) lideradas por cíclicos como R. Básicos y Autos mientras que sólo B. Consumo y Media mostraron subidas consistentes. Por el lado macro, en EE.UU. la confian...
Inmobiliaria Colonial Socimi S.A: 1 director
A director at Inmobiliaria Colonial Socimi S.A bought 5,697,544 shares at 5.230EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the ...
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- Emmanuel Matot
- Marc Lavaud
- Michael Foundoukidis
- Florent Laroche-Joubert
Inmobiliaria Colonial : Merger-absorption plan taking shape ….
>Aude Grant appointed CEO of SFL following departure of Dimitri Boulte - SFL yesterday announced, during the day, the appointment of Aude Grant as CEO of SFL from 21 December 2024 as part of the “confirmation of a possible plan to merge SFL and Colonial” and following the departure of Dimitri Boulte who is stepping down after contributing to the development of SFL over 14 years.According to the group, Aude Grant “will complete the work on the merger with Colonial...
- Florent Laroche-Joubert
Inmobiliaria Colonial : Le projet de fusion absorption de SFL se préci...
>Aude Grant nommée nouvelle directrice générale de SFL suite au départ de Dimitri Boulte - SFL a annoncé hier en cours de journée la nomination d’Aude Grant en tant que Directrice Générale de SFL à partir du 21 décembre 2024 dans le cadre de « la confirmation d’un possible projet de fusion de SFL et Colonial » et cela suite au départ de Dimitri Boulte qui quitte ses fonctions après avoir contribué pendant 14 ans au développement de SFL.Il est précisé qu’Aude Gran...
- Research Department
IBERIAN DAILY 18 NOVEMBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI. 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. Post-electoral phase in the US After the confirmation that the Republican Party obtained majority in the two parliamentary chambers and following some announcements or possible appointments...
- Research Department
INFORME DIARIO 18 NOVIEMBRE + RDOS. ESPAÑA 3T’24. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI. EUROPA: PROSUS. 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. Mercados en fase post-electoral Durante la semana pasada los índices mundiales entraron en la fase post elect...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Ignacio Romero
MERLIN PROPERTIES: 9M’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Rental Revenues: € 125.34 M (+5.2% vs. +4.7% BS(e)); EBITDA: € 97.97 M (+8.3% vs. +2.0% BS(e)); FFO: € 82.7 M (+19.9% vs. +8.3% BS(e)); 9M'24 vs. 9M'23 Results Rental Revenues: € 373.54 M (+4.8% vs. +4.6% BS(e)); EBITDA: € 279.24 M (+3.3% vs. +1.2% BS(e)); FFO: € 230.5 M (+6.7% vs. +3.0% BS(e));
- Amira Manai
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
EVT EVOTEC SE
GBF BILFINGER SE
SCR SCOR SE
BLC BASTIDE LE CONFORT MEDICAL SA
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
XIOR XIOR STUDENT HOUSING N.V.
REP REPSOL SA
ERG ERG S.P.A.
CARM CARMILA SAS
LTA ALTAMIR ACT PORTEUR
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
DMP DERMAPHARM HOLDING SE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
VK VALLOUREC SA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
CO CASINO GUICHARD-PERRACHON
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024
Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Amira Manai
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
EVT EVOTEC SE
GBF BILFINGER SE
SCR SCOR SE
BLC BASTIDE LE CONFORT MEDICAL SA
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
XIOR XIOR STUDENT HOUSING N.V.
REP REPSOL SA
ERG ERG S.P.A.
CARM CARMILA SAS
LTA ALTAMIR ACT PORTEUR
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
DMP DERMAPHARM HOLDING SE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
VK VALLOUREC SA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
CO CASINO GUICHARD-PERRACHON
- Florent Laroche-Joubert
Inmobiliaria Colonial : 9M 2024 performance in line with H1 and a limi...
>Guidance for 2024 recurring EPS raised to > € 0.32 vs the consensus at € 0.32 - Yesterday evening, Colonial published a solid operational performance in line with previous quarters, enabling the group to slightly raise its guidance for 2024. Management therefore anticipates recurring EPS of above € 0.32 vs “at the high end of the € 0.30-0.32 range” previously in line with our forecast (€ 0.325) and a shade above the consensus (€ 0.32).Recurring EPS/share for 9M ...
- Florent Laroche-Joubert
Merlin Properties : 9M 2024: FFO for 2024 should be better than expect...
>FFO per share for 9M 2024 at € 0.41 (-11.1% y-o-y), above our forecasts (€ 0.39 est.) - Merlin Properties yesterday evening reported a performance for 9M 2024 above our forecasts with FFO per share of € 0.41 € (-11.1% y-o-y) vs € 0.39 est. which includes overall growth at constant scope (l-f-l) of +2.7% in gross rental income, an occupancy rate of 95.6% (+16bp q-o-q) and broadly positive reversion: Offices (54% of gross rents in 9M 2024; l-f-l +2.5%): this trend...
- Ignacio Romero
MERLIN PROPERTIES: RDOS. 9MESES’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ingresos por rentas: 125,3 M euros (+5,2% vs +4,7% BS(e)); EBITDA contable: 98,8 M euros (+8,3% vs +2,0% BS(e)); FFO: 82,7 M euros (+19,9% vs +8,3% BS(e)). Rdos. 9meses'24 vs 9meses'23: Ingresos por rentas: 373,5 M euros (+4,8% vs +4,6% BS(e)); EBITDA contable: 279,2 M euros (+3,3% vs +1,2% BS(e)); FFO: 230,5 M euros (+6,7% vs +3,0% BS(e)). en la
- Florent Laroche-Joubert
Merlin Properties : 9M24 : l’atterrissage du FFO 2024 devrait être mei...
>FFO /action sur 9M24 à 0.41 € (-11.1 % yoy) au-dessus de nos attentes (0.39€e) - Merlin Properties a publié hier soir, une performance sur 9M 2024 au-dessus de nos attentes avec un FFO /action à 0.41 € (-11.1 % yoy) vs 0.39 €e qui inclut une croissance globale à périmètre constant (lfl) de +2.7% de ses revenus locatifs bruts, un taux d’occupation à 95.6% (+16 pb qoq) et une réversion globalement positive : Bureaux (54% des loyers bruts 9M24 ; lfl +2.5%) : cette ...
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