reports
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
- Ignacio Romero
- Jean Danjou
- Oliver Metzger
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 02/05/2024
Nous sortons GALP de notre liste ODDO BHF European Large Caps. La valeur a réalisé une performance de +31,3% depuis son entrée le 20 mars dernier. Notre analyste adopte ce jour une opinion Neutre (vs Surperformance) sur la valeur qui a atteint notre objectif de cours. - ...
A1XEH4 CROSSJECT SA
TFI TELEVISION FRANCAISE 1 SA
ISS ISS A/S
NRG NRJ GROUP SA
ALTA ALTAREA SCA
BOSS HUGO BOSS AG
G24 SCOUT24 AG
BAMNB KONINKLIJKE BAM GROEP NV
GLB GLANBIA PLC
SAVE SAVENCIA SA
FIE FIELMANN AG
VID VIDRALA SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
AED AEDIFICA SA
BEZ BERENTZEN GRUPPE
WAF SILTRONIC AG
TWEKA TKH GROUP N.V. CERT
OREGE OREGE SA
LNSX SIXT LEASING AG
FFARM FORFARMERS
MVC METROVACESA SA
VOS VOSSLOH AG
NEOEN NEOEN S.A.
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
C3RY CHERRY AG
- Ignacio Romero
- Research Department
IBERIAN DAILY 02 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: AENA, ARCELORMITTAL, METROVACESA, REDEIA. 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. Ibex falls back below 11,000 points European stock markets posted losses ahead of the Fed meeting, where the IBEX was once again the worst performer. Within the STOXX 600 sectors, the biggest gains came in Real Esta...
- Florent Laroche-Joubert
- Gerardo Ibanez
Metrovacesa : Q1 2024 results: Solid figures on track for their target...
>On track to meet its FY targets - Metrovacesa posted Q1 2024 results broadly in line with our expectations and its FY guidance. From the quarterly results of the company, we highlight the following:Deliveries stood at 364 units (+10% YoY) to generate €140m in revenues during the first quarter upon a higher ASP per unit of €375k due to product mix. We expect company to remain below the 2,000 units to be delivered in 2024. Residential development margin impr...
- Research Department
INFORME DIARIO 02 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ARCELORMITTAL, METROVACESA, REDEIA. EUROPA: AIRBUS, ING. 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 pierde otra vez los 11.000 puntos Jornada de caídas en las bolsas europeas previo a la reunión de la Fed donde el Ibex volvió...
- 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...
COV COVIVIO SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
DEC JCDECAUX SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WBD WEBUILD S.P.A.
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MDM MAISONS DU MONDE SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- 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...
COV COVIVIO SA
BFIT BASIC-FIT NV
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
DEC JCDECAUX SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
WBD WEBUILD S.P.A.
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MDM MAISONS DU MONDE SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ALHGR HOFFMANN GREEN CEMENT TECHNOLOGIES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Baptiste Salaville
- Bruno Cavalier
- Gerardo Ibanez
- Steven Boumans
BMW BAYERISCHE MOTOREN WERKE AG
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
01913 PRADA S.P.A.
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HLAG HAPAG-LLOYD AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- 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 ...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Ignacio Romero
LAR ESPAÑA: FY2023 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Ordinary Income: € 21.86 M (+12.1% vs. +10.3% BS(e)); FY2023 vs. FY2022 Results Ordinary Income: € 91.36 M (+9.3% vs. +8.9% BS(e)); EBITDA: € 65.4 M (+9.0% vs. +16.6% BS(e)); Adjusted Net Profit: € 56.7 M (+40.5% vs. +28.9% BS(e));
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Gerardo Ibanez
- Steven Boumans
Lar España : FY 2023 results: In line earnings, off to a record year o...
>In line earnings and solid operational performance, fair values declined by -2.4% - Yesterday before markets closed, Lar España reported its FY2023 figures presenting a solid set of results align with our estimates on the EPRA EPS, EPRA NTA stood slightly weaker upon the negative fair value declines. From today’s results, we highlight the following:Solid operational performance. Lfl – gross rental growth stood at 16.3% (vs. 6.9% in FY 2022). Occupancy improved...
- Ignacio Romero
LAR ESPAÑA: RDOS. 2023 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ingresos ordinarios: 21,86 M euros (+12,1% vs +10,3% BS(e)). Rdos. 2023 vs 2022: Ingresos ordinarios: 91,36 M euros (+9,3% vs +8,9% BS(e)); EBITDA: 65,4 M euros (+9,0% vs +16,6% BS(e)); BDI ajustado: 56,7 M euros (+40,5% vs +28,9% BS(e)).
- Benoit Valleaux
- Steven Gould
OSE OSE IMMUNOTHERAPEUTICS SA
MMB LAGARDERE SCA
LXS LANXESS AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
TPE PVA TEPLA AG
G24 SCOUT24 AG
BCP BANCO COMERCIAL PORTUGUES S.A.
FAE FAES FARMA S.A.
GLB GLANBIA PLC
EDR EDREAMS ODIGEO SA
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
GRE GRENERGY RENOVABLES
AG1 AUTO1 GROUP
ALLFG ALLFUNDS (UK) LTD
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
DEME DEME GROUP NV
- Benoit Valleaux
- Steven Gould
OSE OSE IMMUNOTHERAPEUTICS SA
MMB LAGARDERE SCA
LXS LANXESS AG
ITP INTERPARFUMS
ALTA ALTAREA SCA
TPE PVA TEPLA AG
G24 SCOUT24 AG
BCP BANCO COMERCIAL PORTUGUES S.A.
FAE FAES FARMA S.A.
GLB GLANBIA PLC
EDR EDREAMS ODIGEO SA
TWEKA TKH GROUP N.V. CERT
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
ADOC ADOCIA SA
COFA COFACE SA
FTG111 FLATEXDEGIRO AG
TKWY JUST EAT TAKEAWAY.COM N.V.
MVC METROVACESA SA
GEST GESTAMP AUTOMOCION S.A.
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
GRE GRENERGY RENOVABLES
AG1 AUTO1 GROUP
ALLFG ALLFUNDS (UK) LTD
EFIC1 EUROPEAN FINTECH IPO CO 1 BV
DEME DEME GROUP NV
- Ignacio Romero
METROVACESA: FY2023 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Sales: € 284.4 M (+69.9% vs. +55.3% BS(e)); EBITDA: € 45.2 M (+286.3% vs. +147.9% BS(e)); FY2023 vs. FY2022 Results Sales: € 586.5 M (+13.0% vs. +8.2% BS(e)); EBITDA: € 74.2 M (+62.0% vs. +26.6% BS(e)); Net Profit: € -20.8 M (€ -23.5 M in FY2022 vs. € -3.0 M BS(e));
- Ignacio Romero
METROVACESA: RDOS. 2023 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ventas: 284,4 M euros (+69,9% vs +55,3% BS(e)); EBITDA: 45,2 M euros (+286,3% vs +147,9% BS(e)); Rdos. 2023 vs 2022: Ventas: 586,5 M euros (+13,0% vs +8,2% BS(e)); EBITDA: 74,2 M euros (+62,0% vs +26,6% BS(e)); BDI: -20,8 M euros (-23,5 M euros en 2022 vs -3,0 M euros BS(e)).
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