reports
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/25/2024
Iberdrola is the strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR average annual of 17.9%). But based on the strong share's performance and the low residual upside on our target price of € 15.30, we have lowered our rating to Neutral vs Outperform. - ...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/09/2024
Iberdrola est la référence stratégique dans le secteur des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive des actionnaires (TSR annuel moyen 17.9%). Toutefois, la forte performance du titre et le faible potentiel résiduel à notre objectif de cours de 15.3 €, nous amènent à abaisser l’opinion à Neutre vs Surperformance. - ...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : A clear message on the long-term outlook even though visib...
>Target for revenue growth of >5% per annum for 2024-2030 - Yesterday before market open and during a strategy update, DHL unveiled its target for revenue growth of +50% in 2030 vs 2023 i.e. c.€ 120bn targeted for 2030, based on the assumption of a 2024-2030 CAGR of >5%. This target is based on initiatives for each division (quality of operations at the express activity, improvements to productivity at freight forwarding, operational leverage and technology support at...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Message clair sur les perspectives long terme même si la v...
>Objectif de croissance du CA de >5% par an sur 2024/2030 - Lors d’un Strategy Update, DHL a dévoilé hier avant Bourse son objectif de croissance du CA, à +50% en 2030 vs 2023 soit c. 120 Md€ visé en 2030, qui repose sur une hypothèse de TMVA de >5% sur 2024/2030. Cet objectif s’appuie sur des initiatives pour chaque division (qualité des opérations chez Express, amélioration de la productivité chez Freight Forward, levier opérationnel et appui technologique chez Supp...
- Research Department
INFORME DIARIO 25 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SACYR, SANTANDER, TALGO. EUROPA: DHL, PROSUS, SAP. China anima a parte del mercado Los sectores cíclicos de Europa reaccionaron con fuertes subidas al anuncio de estímulos por parte de la Autoridad Monetaria china (PBoC). Así, en el STOXX 600 los mejores sectores fueron R. Básicos y B. Consumo (lujo) frente a Inmobiliario y S. Financieros que sufrieron las mayores caídas. Por el lado macro, en Alemania el IFO de septiembre descendió algo más d...
- Research Department
IBERIAN DAILY 25 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: OHLA, SACYR, SANTANDER, TALGO. China spurs section of market Cyclical sectors in Europe reacted with sharp gains to the announcement of stimulus measures from the PBoC. In the STOXX 600, the best-performing sectors were Basic Materials and Consumer Goods (Luxury), with Real Estate and Financial Services falling the most. On the macro side, in Germany September’s IFO fell slightly more than expected, suggesting a slight contraction in the 3Q’24 GDP. From the ECB, K. Knot (President...
- Arancha Pineiro
- Michael B. Schäfer
- Michael B. Schäfer
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Detailed levers for future growth and profitability improv...
>Target for 50% revenue growth by 2030 vs 2023 through growth initiatives including structural tailwinds and divisions strategies - Via its strategy update, DHL has unveiled its ambitions for growth out to 2030, based on: i) division strategies initiatives, such as quality and operational excellence at the express division, further productivity improvement at global freight forwarding, operating leverage and technology usage at the supply chain activity as well as lev...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Detailed levers for future growth and profitability improv...
>Target for 50% revenue growth by 2030 vs 2023 through growth initiatives including structural tailwinds and divisions strategies - Via its strategy update, DHL has unveiled its ambitions for growth out to 2030, based on: i) division strategies initiatives, such as quality and operational excellence at the express division, further productivity improvement at global freight forwarding, operating leverage and technology usage at the supply chain activity as well as lev...
- Research Department
IBERIAN DAILY 24 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NEINOR HOMES, OHLA, SOLARIA. IBEX on the cusp of 11,800 points The session in Europe was driven in part by the positive opening in the US, which continues its record trend and seeks to hit a new record high. In the STOXX 600, and after strong sector rotation during the session, Autos and Retail rose the most, with Pharma and Banks being the worst relative performers. On the macro side, in Spain the Govt. will raise GDP’24 growth to 2.7% from the previous 2.4%, in line with the 2.8...
- Research Department
INFORME DIARIO 24 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NEINOR HOMES, OHLA, SOLARIA. EUROPA: BNP PARIBAS, DHL GROUP, UNICREDIT. El Ibex se queda a las puertas de los 11.800 puntos Jornada europea de menos a más, impulsada en parte por la apertura positiva en EE.UU. que continúa su tendencia de récord y busca renovar máximos históricos. Así en el STOXX 600, y tras bastante rotación sectorial durante la sesión, Autos y Retail fueron los sectores que más subieron, frente a Farma y Bancos que tuvieron el pe...
- Research Department
INFORME DIARIO 18 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: NATURGY, OHLA. El mercado se decanta por recortes de 50 puntos hoy para la Fed Nueva sesión de avances en Europa, después de que los últimos datos desde EE.UU. muestran que el gasto del consumidor está aguantando y la producción industrial intenta despertar. En el STOXX 600 destacaron las subidas de Retail y Viajes&Ocio mientras que Inmobiliario y Farma presentaron las mayores correcciones. Por el lado macro, en Alemania el índice ZEW de septiembre...
- Research Department
IBERIAN DAILY 18 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: NATURGY, OHLA. The market bets on 50bps cuts today by the Fed It was a new session of gains for European stock markets after the latest macro data released in the US showed that consumer spending is keeping up and industrial output is trying to recover. Thus, in the STOXX 600 Retail and Travel&Leisure led gains, whereas Real Estate and Pharma posted the biggest drops. On the macro side, in Germany, September’s ZEW index came in much worse than expected both in terms of expectation...
- Luis Arredondo
- Research Department
IBERIAN DAILY 13 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CHANGES IBEX, IBERDROLA, OHLA. ECB follows the script Another session of gains in Europe that was largely unaffected by the ECB, which lowered rates as expected. The IBEX again led the advance, closing above 11,400 points. Thus, in the STOXX 600 almost all sectors closed with gains, led by Basic Materials and Technology, with Utilities and Pharma being the worst performers with slight drops. On the macro side, the ECB lowered the deposit facility rate by -25bps and the margin...
- Research Department
INFORME DIARIO 13 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, CAMBIOS IBEX 35, IBERDROLA, OHLA. EUROPA: VINCI. El BCE sigue su curso Nueva jornada de ganancias en Europa sin verse muy afectadas por un BCE que bajó los tipos como esperado. El Ibex lideró nuevamente los avances hasta cerrar al filo de los 11.400 puntos. Así, en el STOXX 600 casi todos los sectores cerraron con ganancias, lideradas por Recursos Básicos y Tecnología frente al peor comportamiento de Utilities y Farma que mostraron modestas caí...
- Research Department
INFORME DIARIO 11 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, INDITEX, SANTANDER, TALGO. EUROPA: BMW, UNICREDIT. Continua la volatilidad Jornada de más a menos en las bolsas europeas, que sin un catalizador claro fueron perdiendo altura hasta terminar con números rojos. Así, la mayoría de sectores del STOXX 600 cerró con pérdidas, lideradas por Autos y Energía (caídas del brent del 4,5%) frente a los defensivos Inmobiliario y Utilities que presentaron el mejor comportamiento. Por el lado macro, en...
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