reports
- Ignacio Romero
NEINOR HOMES: CRECIENDO EN CO-INVERSIÓN (ANÁLISIS BANCO SABADELL)
Actualizamos P.O. por mejores perspectivas sectoriales y negocio de co-inversión. SOBREPONDERAR. Hemos revisado al alza nuestro P.O. un +19% hasta 17,14 euros/acc (potencial +18%) tras añadir a nuestro modelo los últimos acuerdos en el negocio de co-inversión, revisar al alza nuestras estimaciones de margen de los próximos años, ante las buenas perspectivas del sector y realizar el roll-over del modelo a dic’25. Reiteramos nuestra recomendación de SOBREPONDERAR. Tenemos una visión positiva sobre...
- 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...
- Research Department
INFORME DIARIO 14 0CTUBRE + RDOS. EUROPA 3T’24. PREVIEWS (ANÁLISIS BAN...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IAG, NEINOR, SACYR, TALGO. 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. La campaña de Rdos. empezó con buen pie Terminó una semana positiva para la mayoría de las bolsas europeas, alentadas el viernes por la presentación de Rdos. de algunos...
- Research Department
INFORME DIARIO 11 0CTUBRE + RDOS. EUROPA 3T’24 (ANÁLISIS BANCO SABADEL...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, IBERDROLA, NATURGY, SACYR, SECTOR ELÉCTRICO. EUROPA: AIRBUS, PREVIOS RESULTADOS 3T’24, SANOFI. 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 corta su racha Las ventas se impusieron en Europa, sobre todo en el Ibex, que acumu...
- Research Department
IBERIAN DAILY 11 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, ELECTRICITY SECTOR, IBERDROLA, NATURGY, SACYR. The IBEX ends its streak Stock markets in Europe fell, especially the IBEX, which had seen gains in five straight sessions and closed yesterday as the worst performer in Europe. In the STOXX 600, most sectors (15/20) closed with losses, led by Industrials and Technology, with Energy and Insurance posting the biggest gains. In the euro zone, the ECB’s last meeting minutes warned that despite the fact that inflation has fallen...
- 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
Neinor Homes S.A.: 1 director
A director at Neinor Homes S.A. sold 10,327 shares at 15.010EUR and the significance rating of the trade was 61/100. 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 last two years clear...
- Olfa Taamallah
- Yan Derocles
ODDO : Majors begin a phase of upward revisions
Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - >Sights on the legacies: IAG remains our top pick, Air France and Lufthansa upgraded to Neutral - We have the legacies in our ...
- Olfa Taamallah
- Yan Derocles
ODDO : Les majors amorcent leur phase de montée
Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - >Cap sur les majors: IAG en top pick, Air France et Lufthansa relevées à Neutre - Nous mettons le cap sur le...
- 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...
- Research Department
IBERIAN DAILY 07 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS, IBERDROLA, SANTANDER, TALGO. The Israel-Iran war intensifies and joins the results season The fear of escalating tensions in the Middle East led to drops on the main European stock markets that were not fully reversed despite the good macroeconomic data released in the US and a sharp rise in oil prices. Within the STOXX 600 sectors, Energy stood out as the best performer, followed by Basic Materials, whereas Autos, Luxury and Travel & Leisure (dragged down by the geopoliti...
Sacyr S.A.: 2 directors
A director at Sacyr S.A. bought 615 shares at 3.250EUR and the significance rating of the trade was 50/100. 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 last two years clearly showin...
- Nicolas David
ODDO : Iberian Forum – Day 2
We hosted our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024, virtually. In total, 63 companies were present. In the following note, we provide some initial feedback from the companies on day 2. - >ACS (=): good operating momentum maintained, Abertis and its dividends on the front page - Atresmedia (=): Q3 should be challenging but outlook reiterated - Befesa (=): zinc prices held up well, offsetting the negative impact of maintenance on Q3 volumes - CaixaBank ...
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
CIE CIE AUTOMOTIVE S.A.
NVG NAVIGATOR COMPANY SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
CABK CAIXABANK SA
IBE IBERDROLA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
HOME NEINOR HOMES SA
BFSA BEFESA SA
GRE GRENERGY RENOVABLES
FER FERROVIAL SA
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : The recovery is only beginning and the best is yet to come
The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...
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.
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
- Christophe Chaput
- Florent Laroche-Joubert
- Steven Boumans
ODDO : La reprise ne fait que commencer et le meilleur est à venir
La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...
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.
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
- Juan Ros-Padilla
EO FAURECIA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALCAR CARMAT SA
ALO ALSTOM SA
TRI TRIGANO SA
NEX NEXANS SA
01913 PRADA S.P.A.
SHA SCHAEFFLER AG
MONC MONCLER SPA
FYB FORMYCON AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
WAGA WAGA ENERGY SA
FLOW FLOW TRADERS LTD
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
KNEBV KONE OYJ CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
ALO ALSTOM SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
01913 PRADA S.P.A.
ASM ASM INTERNATIONAL N.V.
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
STM STMICROELECTRONICS NV
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
STLA STELLANTIS N.V.
- Juan Ros-Padilla
EO FAURECIA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
ALCAR CARMAT SA
ALO ALSTOM SA
TRI TRIGANO SA
NEX NEXANS SA
01913 PRADA S.P.A.
SHA SCHAEFFLER AG
MONC MONCLER SPA
FYB FORMYCON AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TLGO TALGO SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
SIE SIEMENS AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
WAGA WAGA ENERGY SA
FLOW FLOW TRADERS LTD
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