reports
- Carole Braudeau
- Carole Braudeau
- Research Department
IBERIAN DAILY 21 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: SANTANDER. Caution continues due to the geopolitical situation European stock markets ended with slight corrections despite the initial gains, with all eyes on the tension in Ukraine and Nvidia’s results (that released good earnings after the closing bell). Thus, in the STOXX 600, Basic Resources and Pharma (for the second consecutive session) led gains vs. Automobiles (once more the worst performer) and Real Estate that ended with the biggest drops. From the ECB, L. de Guindos c...
- Research Department
INFORME DIARIO 21 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER. Continúa la cautela por la geopolítica Pese al buen arranque de las bolsas europeas, las ganancias se fueron diluyendo hasta terminar con tímidas caídas, pendientes de la tensión en Ucrania y los resultados de Nvidia (que publicó buenos resultados con el mercado ya cerrado aunque recortó por dudas con respecto al 4T). Así, dentro del STOXX 600, R.Básicos y Farma (por segundo día consecutivo) lideraron las ganancias, frente a Autos (que ...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 11/20/2024
Efforts to revitalise the five brands that make up the Lanvin Group are under way and should pay off in the medium term. However, at this stage of development (critical mass not yet achieved for some brands, negative profitability and cash burn) and in a consumer environment that does not yet point to a rebound, we prefer to remain cautious on the share. We are initiating coverage with a Neutral rating, with a target price of $ 1.80, based on a DCF valuation. - ...
- Emmanuel Matot
ODDO BHF Small & MIDCAP MORNING NEWS - 20/11/2024
Les efforts de redynamisation sont en cours pour les 5 marques qui constituent Lanvin Group et devraient porter leurs fruits à moyen terme. Toutefois, à ce stade de développement (taille critique encore non atteinte sur certaines marques, rentabilité négative et consommation de cash) et dans un environnement de consommation n’indiquant pas encore de rebond, nous préférons rester encore prudents sur le titre. Nous initions à Neutre, avec un OC à 1.8 $ résultant d’une valorisation par D...
- Andres Bolumburu
TALGO: 9M’24 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BA...
3Q'24 vs. 3Q'23 Results Sales: € 151.7 M (-16.5% vs. -2.9% consensus); EBITDA: € 16.8 M (-43.1% vs. -29.5% consensus); Net Profit: € -7.9 M (vs. € 6.9 M consensus); 9M'24 vs. 9M'23 Results Sales: € 497.8 M (+5.8% vs. +11.1% consensus); EBITDA: € 57.7 M (-10.5% vs. -4.3% consensus); Net Profit: € 6.7 M (vs. € 22 M consensus);
- Andres Bolumburu
TALGO: RDOS. 9MESES’24 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANC...
Rdos. 3T'24 vs 3T'23: Ventas: 151,7 M euros (-16,5% vs -2,9% consenso); EBITDA: 16,8 M euros (-43,1% vs -29,5% consenso); BDI: -7,9 M euros (vs 6,9 M euros consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 497,8 M euros (+5,8% vs +11,1% consenso); EBITDA: 57,7 M euros (-10,5% vs -4,3% consenso); BDI: 6,7 M euros (vs 22 M euros consenso).
- Delphine Brault
- Quentin Borie
Talgo : Q3 2024 results well below expectations prompt the group to lo...
>Q3 2024: Revenues down 17% and EBITDA margin of 11.1% - Talgo yesterday evening reported Q3 2024 results well below expectations.Revenues came in at € 152m (the consensus at € 176m), down 17% on Q3 2023. Over 9M 2024, sales are still up 6%, with the acceleration of ongoing projects (DB, DSB). We believe that the sharp slowdown in Q3 is due to the failure to reach certain milestones on these two projects during the quarter.The EBITDA margin stood at 11.1% (c...
- Delphine Brault
- Quentin Borie
Talgo : Un T3 largement inférieur aux attentes conduit le groupe à rév...
>T3 2024 : CA en recul de ~17% et marge d’EBITDA de 11.1% - Talgo a publié hier soir des résultats T3 2024 largement inférieurs aux attentes.Le chiffre d’affaires atteint 152 M€ (css à 176 M€), en recul de près de 17% vs T3 2023. Sur 9M, le CA est toujours en hausse de 6% avec l’accélération de l’exécution des projets en cours (DB, DSB). Le fort ralentissement du T3 est, selon nous, expliqué par la non-atteinte de certains milestones sur ces deux projets lors du ...
- Research Department
IBERIAN DAILY 20 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAIXABANK, ENDESA, GRIFOLS, POSSIBLE TAX CHANGES, TALGO. Russia shakes markets The threat of using nuclear weapons by Russia after Ukraine used its long-range missiles on Russian territory led to corrections in European stock markets that eased throughout the session after the Foreign Minister S. Lavrov stressed that Russia does not wish nor expect a nuclear war. Thus, in the STOXX 600, Real Estate and Pharma were the only sectors ending with gains vs. Banks and Automobiles that ...
- Research Department
INFORME DIARIO 20 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, GRIFOLS, IMPUESTOS ESPAÑA, TALGO. EUROPA: NOKIA. Rusia agita los mercados La amenaza de uso de armas nucleares por parte de Rusia después de que Ucrania utilizase sus misiles de largo alcance sobre territorio ruso deparó una sesión de caídas en Europa, que fueron moderándose a lo largo de la sesión después de que el ministro de exteriores ruso S. Lavrov remarcase que el país no desea ni espera una guerra nuclear. Así, dentro del STOXX 600...
- Research Department
INFORME DIARIO 13 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T'24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AENA, CAF, GREENING, NEINOR HOMES, SACYR, SECTOR INMOBILIARIO - SOCIMI. EUROPA: ALLIANZ, 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. Alemania celebrará elecciones en febrero El contagio desde Asia junto con el incremento en...
- Research Department
IBERIAN DAILY 13 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACS, AENA, CAF, GREENING, NEINOR HOMES, REAL ESTATE SECTOR, SACYR. 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. Germany to hold elections in February The contagion from Asia, along with the increased geopolitical risk, dragged down European stock markets. In the STOXX 600, only Technology ended in gree...
- Luis Arredondo
- Luis Arredondo
SACYR: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 1.143 Bn (+5.8% vs. -0.7% BS(e) and +0.9% consensus); EBITDA: € 290.8 M (-13.2% vs. -10.8% BS(e) and -11.1% consensus); EBIT: € 270.35 M (+1.3% vs. -0.9% BS(e) and -6.7% consensus); Net Profit: € 22.0 M (-21.4% vs. -12.7% BS(e) and -25.0% consensus); 9M'24 vs. 9M'23 Results Sales: € 3.262 Bn (+0.6% vs. -1.6% BS(e) and -1.1% consensus); EBITDA: € 947.8 M (-3.3% vs. -2.5% BS(e) and -2.6% consensus); EBIT: € 870.0 M (+2.8% vs. +2.2% BS(e) and +0.3% consensus); Net P...
- Luis Arredondo
SACYR: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 1.143 M euros (+5,8% vs -0,7% BS(e) y +0,9% consenso); EBITDA: 290,8 M euros (-13,2% vs -10,8% BS(e) y -11,1% consenso); EBIT: 270,35 M euros (+1,3% vs -0,9% BS(e) y -6,7% consenso); BDI: 22,0 M euros (-21,4% vs -12,7% BS(e) y -25,0% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 3.262 M euros (+0,6% vs -1,6% BS(e) y -1,1% consenso); EBITDA: 947,8 M euros (-3,3% vs -2,5% BS(e) y -2,6% consenso); EBIT: 870,0 M euros (+2,8% vs +2,2% BS(e) y +0,3% consenso); BDI: 74,...
- Research Department
INFORME DIARIO 06 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, SANTANDER. EUROPA: AHOLD DELHAIZE, BMW, SIEMENS, UNICREDIT. 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. Trump gana las elecciones A la espera de conocer el desenlace oficial, todo parece indicar que Trump habría ganado las...
- Research Department
IBERIAN DAILY 06 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACCIONA ENERGÍA, SANTANDER. 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. Trump wins the elections Awaiting the official results, all indications suggest that Donald Trump would have won the US presidential election (248 of 270 necessary electoral votes), where four of the so-called swing states would h...
- Research Department
IBERIAN DAILY 05 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: FLUIDRA, OHLA. 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. Calm ahead of the elections It was a calm session with moderate corrections in Europe ahead of the US elections (with a tight race) and the Fed meeting to be held next Thursday. In the STOXX 600, Banks and Energy saw the biggest gains vs. Tech...
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