reports
- Rafael Bonardell
IAG: NUEVAS OPCIONES DE M&A (ANÁLISIS BANCO SABADELL)
Nuevas opciones de M&A. Ajustamos P.O. hasta 3,00 euros/acc. SOBREPONDERAR Tras no salir adelante la compra de Air Europa (AE) en el corto plazo está TAP Portugal, a la que IAG ya ha guiñado el ojo. Creemos que tiene sentido estratégico principalmente por su posicionamiento en LatAm (cuota de mercado c. 7%; con menores solapamientos vs AE) y porque ahonda en la concentración del sector y además se generan sinergias (entre 250-600 M euros BS(e)). El éxito de la operación dependerá de las condicio...
- Research Department
IBERIAN DAILY 16 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, IAG, NATURGY. Stock markets rallied last week Stock markets ended with gains on both sides of the Atlantic last week, recovering part of the latest corrections and trying to return to the highs hit thanks to cyclical and growth sectors. The Ibex35 led gains last week, hitting new annual highs above 11,500 points. Thus, in the STOXX 600 most sectors closed with gains, led by Technology and Retail, with Autos and Consumer Goods being the only sectors ending in negative terr...
- Research Department
INFORME DIARIO 16 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, IAG, NATURGY. EUROPA: ENI. Semana de rebote en las bolsas Las bolsas europeas terminaron la semana pasada con avances a ambos lados del Atlántico, recuperando parte de las últimas caídas y buscando volver a su zona de máximos de la mano de los cíclicos y el growth. El Ibex 35 lideró las subidas de la semana, marcando nuevos máximos anuales por encima de los 11.500 puntos. Así, en el STOXX 600 mayoría de ganancias en los sectores, lideradas ...
- Benoit Valleaux
- Steven Gould
AXA AXA
IFX INFINEON TECHNOLOGIES AG
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
AAL ANGLO AMERICAN PLC
MTX MTU AERO ENGINES AG
UTDI UNITED INTERNET AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
RWE RWE AG
IBE IBERDROLA SA
REY REPLY S.P.A.
LIN LINDE PUBLIC LIMITED COMPANY
- Benoit Valleaux
- Steven Gould
AXA AXA
IFX INFINEON TECHNOLOGIES AG
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
AAL ANGLO AMERICAN PLC
MTX MTU AERO ENGINES AG
UTDI UNITED INTERNET AG
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
RWE RWE AG
IBE IBERDROLA SA
REY REPLY S.P.A.
LIN LINDE PUBLIC LIMITED COMPANY
- Olfa Taamallah
- Yan Derocles
IAG : Confidence in demand contrasts with competitors' views
>Transatlantic routes and return of corporates will underpin direction of RASK - Following airline warnings about prices and demand, IAG's Q2 results publication was clearly a relief. The company posted a good performance across all its networks (RASK up 2% on transatlantic routes, with ASK up 6.1%; up 1% in Europe, with capacity up 5.8%; down 2.3% on domestic routes, with capacity up 5.4%; down 4. 7% in Latin America & Caribbean despite a 17.2% increase in capacity,...
- Olfa Taamallah
- Yan Derocles
IAG : Une confiance sur la demande qui tranche avec la vision des conc...
>Le transatlantique et le retour des corporates soutiendront l’orientation du RASK - Suite aux warnings des compagnies aériennes sur le prix et la demande, la publication du T2 chez IAG a été clairement un soulagement. En effet, la compagnie a affiché une bonne performance sur l’ensemble de ses réseaux (RASK à +2% sur le transatlantique pour des ASK en hausse de 6.1%, +1% en Europe pour des capacités en hausse de 5.8%, -2.3% sur le domestique pour des capacités en ha...
- Rafael Bonardell
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2024
The Stoxx 600 gained just 1.1% in July after shedding 1.3% in June, driven by the SMI (+2.5%) and the Footsie 100 (+2.7%). With business sentiment indicators continuing to weaken, defensive stocks outperformed cyclicals in July, and many healthcare stocks were among the best performers of the Stoxx 600. Long-term interest rates have fallen sharply (probably too much), but this has not benefited tech and luxury goods stocks, penalised by their disappointing results publications. - ...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
ITRK INTERTEK GROUP PLC
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Carole Braudeau
Credit Morning 08/02/2024
In addition to its strong interim results, AXA announced the sale of AXA IM to BNP Paribas and the acquisition of Italian insurer NobisForvia : S&P lowers outlook to Negative on BB ratingZF Friedrichshafen: Disillusioning H1 24 earnings release, revises down revenue guidance and later narrows marginELO (Auchan): S&P has downgraded the group's rating to BB with a negative outlookFlos B&B Italia: reassuring Q2 results and good prospects for H2>...
- Carole Braudeau
Morning Crédit 02/08/2024
Flos B&B Italia : une publication rassurante au T2 et un S2 qui s’annonce bienEn plus de solides résultats semestriels, AXA annonce la cession d’AXA IM à BNP et l’acquisition d’un assureur italien, Nobis.ELO (Auchan) : S&P a dégradé le rating à BB/négatifForvia : S&P abaisse sa perspective à Négative sur la notation BBZF Friedrichshafen : Disillusioning H1 24 earnings release, revises down revenue guidance and later narrows margin>...
- Anthony Dick
- Michael Foundoukidis
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/08/2024
Le Stoxx 600 ne progresse que de 1,1% en juillet après sa baisse de 1,3% en juin, tiré par le SMI (+2,5%) et le Footsie 100 (+2,7%). Avec la poursuite du fléchissement des indicateurs de climat des affaires, les défensives ont surperformé les cycliques en juillet, et de nombreuses valeurs Santé sont présentes parmi les meilleures performances du Stoxx 600. Les taux d’intérêt longs ont nettement reflué (sans doute trop) sans que cela profite aux valeurs de la Tech ou du Luxe qui ont s...
AXA AXA
BMW BAYERISCHE MOTOREN WERKE AG
VIE VEOLIA ENVIRONNEMENT SA
BNP BNP PARIBAS SA CLASS A
GLE SOCIETE GENERALE S.A. CLASS A
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
VOW3 VOLKSWAGEN AG PREF
INX IMCD N.V.
INGA ING GROEP NV
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
PIRC PIRELLI & C. S.P.A.
MRNA MODERNA INC.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Rafael Bonardell
- Rafael Bonardell
- Olfa Taamallah
- Yan Derocles
IAG : A better-than-expected performance in Q2 and interim dividend an...
>A strong Q2 release - IAG released yesterday a good set of Q2 2024 results, with operating profit reported at € 1.241bn down 0.8% y-o-y but 12% ahead of the Visible Alpha consensus and 5% ahead of our estimates. FCF was reported at € 3.2bn for H1 2024, i.e. an improvement of € 460m y-o-y.This positive operational performance comes on the back of better cost performance as non-fuel CASK which were almost flat y-o-y (vs +2.5% estimated) and unit fuel costs up 4.6...
- Olfa Taamallah
- Yan Derocles
IAG : A better-than-expected performance in Q2 and interim dividend an...
>A strong Q2 release - IAG released yesterday a good set of Q2 2024 results, with operating profit reported at € 1.241bn down 0.8% y-o-y but 12% ahead of the Visible Alpha consensus and 5% ahead of our estimates. FCF was reported at € 3.2bn for H1 2024, i.e. an improvement of € 460m y-o-y.This positive operational performance comes on the back of better cost performance as non-fuel CASK which were almost flat y-o-y (vs +2.5% estimated) and unit fuel costs up 4.6...
- Research Department
IBERIAN DAILY 02 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, IAG. IBEX on verge of losing 10,850 support level Sharp drops on European stock markets, dragged down by the results calendar and a poor manufacturing ISM data. In the STOXX 600, most sectors ended in the red (15/20), with the best performers being Retail and Real Estate, whereas Banks and Industrials ended with the biggest losses. On the macro side, in the euro zone July’s final manufacturing PMI retained the preliminary data thanks to a smaller drop in Germany, whereas June...
- Research Department
INFORME DIARIO 02 AGOSTO + RDOS. EUROPA 2T’24. PREVIEWS (ANÁLISIS BANC...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, IAG. EUROPA: AXA, BNP PARIBAS. 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. 2T’24 que se publicarán en España y Europa en los próximos días. El Ibex pone en riesgo el soporte de 10.850 Fuertes caídas en las bolsas europeas, lastradas por el calendario de resultados y un mal dato en el ISM manufactur...
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
ATE ALTEN SA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
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