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 ...
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. - >...
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...
We host our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024 virtually. In total, 63 companies will be presenting. In the following note, we provide some initial feedback of the company on day 1. - >Acciona (=) : Confidence in Non-energy business steady, Acciona Energía stake sparks intense scrutiny - Acciona Energia (=/-) : A trajectory beyond 2024 to be explained at the 9 months results - Acerinox (=/-): Softness persists in Europe and US - Amadeus (=/+): sol...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRUPO CATALANA OCCIDENTE, IBERDROLA. EUROPA: AIRBUS, LVMH. China sigue animando los mercados Nueva jornada de rebote tras las caídas del día anterior y con los estímulos de China como principal protagonista. El Ibex por su parte superó los 11.900 puntos marcando máximos de 2010. En el STOXX 600 los mejores sectores fueron B. Consumo y R. Básicos frente a Energía que fue el peor con caídas superiores al -3,0%. Por el lado macro, en la Eurozona la M...
NEWS SUMMARY: GRUPO CATALANA OCCIDENTE, IBERDROLA. China continues to spur the markets Another rally following the previous day’s drops, and with stimulus measures in China in the spotlight, where in addition to those already known, there could be capital injections in the country’s main banks over the coming days. The IBEX rose above 11,900 points, hitting a high since 2010. In the STOXX 600, the best-performing sectors were Consumer Goods and Basic Materials vs. Energy, which was the worst pe...
‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In ...
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffre...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Eni S.p.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 13 September 2024 in which we reassessed the appropriateness of the ratings in the context of th...
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...
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...
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 ...
>Growth in demand slowing due to China - The IEA has just published its monthly report in which it has revised further down its demand growth estimates by 70kb/d to +900 kb/d for 2024 and by 30 kb/d to +950 kb/d for 2025. This level compares with +1.2 Mb/d pre-Covid and a record of +2.1 Mb/d in 2023, an exceptional year marked by a catch-up effect. This decline is mainly due to the slowdown in China, which contributes to the tune of ~60% to growth in global demand....
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.