reports
- Rafael Bonardell
- Louis Boujard
- CFA
- Philippe Ourpatian
- Louis Boujard
- CFA
- Philippe Ourpatian
- Olfa Taamallah
- Yan Derocles
IAG : A good start to the year
>Q1 2024 slightly above expectations - IAG has just released its Q1 2024 results, slightly above estimates. Operating profit before exceptional items was reported at € 68m (€ 9m in Q1 2023), compared to the consensus (complied by company) estimate of € 48m, on sales of € 6,429m leading to a margin of 1.1% (0.2% in Q1 2024). This performance was mainly driven by passenger unit revenue for the year up 4.4% y-o-y (vs our estimate of +2.1%e) on capacity up 7% including ...
- Olfa Taamallah
- Yan Derocles
IAG : A good start to the year
>Q1 2024 slightly above expectations - IAG has just released its Q1 2024 results, slightly above estimates. Operating profit before exceptional items was reported at € 68m (€ 9m in Q1 2023), compared to the consensus (complied by company) estimate of € 48m, on sales of € 6,429m leading to a margin of 1.1% (0.2% in Q1 2024). This performance was mainly driven by passenger unit revenue for the year up 4.4% y-o-y (vs our estimate of +2.1%e) on capacity up 7% including ...
- Rafael Bonardell
- Research Department
IBERIAN DAILY 10 MAY + 1Q'24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: CAF, FERROVIAL, MELIÁ, 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 1Q’24 results to be released over the coming days in Spain. IBEX, bringing up the rear in Europe Most European indices saw an improvement over the course of the session, despite the increased tension in the Middle East and along with new rises in sovereign debt yields. The IBEX, des...
- Research Department
INFORME DIARIO 10 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, FERROVIAL, MELIÁ, SACYR. 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. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex, a la cola en Europa Jornada de menos a más en la mayoría de índices europeos pese al incremento de la tensión en Oriente Próximo y acompañado de nuevos repu...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Q1 2024 in line and 2024 trajectory confirmed
>Outperform recommendation reiterated and target price of € 25.3 unchanged - Q1 2024 results were broadly in line with our forecasts and those of the consensus. Restated for elements relative to the energy tax in Spain, the performance was in line with the strategic trajectory delivered during the last strategic plan delivered in November 2023, covering the 2024-2026 period. The group confirmed its 2024 guidance. The wait-and-see position on the 2026 coverage of its e...
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Un T1 24 en ligne et une trajectoire 2024 confirmée
>Opinion Surperformance réitérée et OC 25.3 € inchangé - Les résultats du T1 24 publiés sont ressortis globalement en ligne avec nos attentes et celles du consensus. Retraité des éléments relatifs à la fiscalité énergétique espagnole, la performance ressort en ligne avec la trajectoire stratégique délivrée lors du dernier opus stratégique de novembre 2023, couvrant la période 2024-2026. Le groupe a confirmé sa guidance 2024. La position d’attente sur sa couverture 202...
- Virginia Romero
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Virginia Romero
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Q1 2024 almost in line and 2024 guidance reiterated
>Q1 24 figures almost in line vs expectations - The company just released its Q1 2024 figures which are in line than our expectations and the consensus. On a recurring base (EBITDA € 1.08bn or -26%), figures are almost in line with our forecasts. Operating performance has been affected by the generation and supply business suffering from lower margins due to a tough basis of comparison vs 2023 despite better hydro conditions. Network still continues to deliver resilie...
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Q1 2024 almost in line and 2024 guidance reiterated
>Q1 24 figures almost in line vs expectations - The company just released its Q1 2024 figures which are in line than our expectations and the consensus. On a recurring base (EBITDA € 1.08bn or -26%), figures are almost in line with our forecasts. Operating performance has been affected by the generation and supply business suffering from lower margins due to a tough basis of comparison vs 2023 despite better hydro conditions. Network still continues to deliver resilie...
- Virginia Romero
- Research Department
INFORME DIARIO 08 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, AMADEUS, ENDESA, FERROVIAL, FLUIDRA, NATURGY, ROVI, TALGO. EUROPA: AB INVEB, BMW, MUNICH RE. 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. 1T’24 que se publicarán en España y Europa en los próximos días. Continúa el rebote en Europa Las bolsas europeas continuaron con el rebote de comienzos de seman...
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