reports
- Research Department
IBERIAN DAILY 20 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, IBERDROLA, TALGO, TELEFÓNICA. Strong week for European peripheral nations and the US European peripheral nation indices rose up to +2.0% over the week and the S&P 500 hit a new 2024 high, benefiting from the disappointing macro data and the falling debt yields. Within the STOXX 600, Telecoms and Real Estate led the gains last week, whereas Energy and Travel & Leisure ended with the biggest losses. On the macro side, in the euro zone the 2.4% YoY growth from April’s gene...
- Research Department
INFORME DIARIO 20 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, IBERDROLA, TALGO, TELEFÓNICA. EUROPA: ASML. Buena semana para la periferia europea y EE.UU. Semana de avances de hasta el +2,0% en la periferia europea y de nuevos máximos anuales en el S&P 500, beneficiadas por la decepción en los datos macro y el recorte en la rentabilidad de la deuda. Dentro del STOXX 600, lideraron las ganancias semanales los sectores Telecos e Inmobiliario (c. +3,0%) mientras que Energía y Viajes&Ocio terminaron con l...
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/17/2024
As the world leader in logistics, DHL operates in 220 countries via 5 main activities (post and parcels in Germany, Express, freight forwarding, supply chain and e-commerce). Despite buoyant structural trends (global trade, e-commerce, outsourcing of logistics chains), we are initiating coverage with a Neutral rating and target price of € 43 in the absence of short-term visibility on the global macro environment and due to the risk of a consensus downgrade. - ...
- Bruno Cavalier
- Julian Dobrovolschi
- Florent Laroche-Joubert
Merlin Properties : Very satisfactory operating performance overall in...
>Very satisfactory operating performance (FFO / share at € 0.15) - Yesterday evening Merlin Properties reported a very satisfactory operating performance in Q1 2024 with FFO/share at € 0.15 (-4.4% y-o-y in line with expectations due to the launch of data centres and higher financial costs) which includes overall growth at constant scope (l-f-l) of +3.8% in gross rental income, an occupancy rate of 95.8% (+100bp y-o-y; -40bp q-o-q) and positive reversion in its three ...
- Ignacio Romero
- Florent Laroche-Joubert
Merlin Properties : Performance opérationnelle au T1 globalement très ...
>Performance opérationnelle (FFO / action à 0.15 €) très satisfaisante - Merlin Properties a publié hier soir, une performance opérationnelle très satisfaisante sur le T1 2024 avec un FFO /action à 0.15 € (-4.4% yoy en ligne avec les attentes en raison du lancement des datacenters et des coûts financiers plus élevés) qui inclut une croissance globale à périmètre constant (lfl) de 3.8% de ses revenus locatifs bruts, un taux d’occupation à 95.8% (+100 pb yoy ; -40 pb qo...
- Research Department
IBERIAN DAILY 17 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, CELLNEX, COLONIAL, FCC, GRIFOLS, MERLIN PROPERTIES, OHLA. European stock markets pause for a break European stock markets saw moderate corrections after several sessions of gains that led the Stoxx 600 to record highs and the Ibex to 2015 highs above 11,300 pints. In the STOXX 600, Insurance and Basic Resources were the best performers vs. the losses of Autos and industrials. On the macro side, in the US, April’s industrial output stagnated, contrary to expectatio...
- Research Department
INFORME DIARIO 17 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, COLONIAL, FCC, MERLIN PROPERTIES, GRIFOLS, OHLA, SECTOR BANCARIO ESPAÑA. EUROPA: PROSUS. Respiro en las bolsas europeas Jornada de pérdidas moderadas en Europa, tras varios días de subidas que han llevado al STOXX 600 a máximos históricos y al Ibex a máximos de 2015, superando los 11.300 puntos. Dentro del STOXX 600, Seguros y R. Básicos mostraron el mejor comportamiento frente a las pérdidas de Autos e Industriales. Desde la macro, en la E...
- Research Department
IBERIAN DAILY 16 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. 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. Stock markets continue to rally It was a new session of gains, with the Ibex standing out and consolidating 2015 highs, and with sovereign yields tightening significantly after the US inflatio...
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- Research Department
INFORME DIARIO 14 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLIS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, UNICAJA. EUROPA: BAYER. 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. Jornada de transición en las bolsas En una sesión sin referencias macroeconómicas y con la campaña de resultados com...
- Juan Ros-Padilla
Almirall SA : EBITDA a touch ahead on strong Ilumetri performance. Gui...
>Ilumetri keeps gaining market share and helps EBITDA to post some growth despite the SG&A and R&D efforts - Sales reached € 249m (+7% y-o-y vs -5% in Q4 and +4% in Q3), in line with our estimates and slightly above the consensus. As regards its recent product launches: Ilumetri posted a significant sequential acceleration despite facing a hard comp (+29% in Q1 vs +22% in Q4 and +36%), Ebglyss made its first quarterly contribution to sales with € 4m and Seysara improv...
- Research Department
IBERIAN DAILY 14 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
NEWS SUMMARY: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, SANTANDER, TELEFÓNICA, UNICAJA. 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. A transition session for stock markets In a session without macroeconomic references and with the earnings season being the only catalyst, most European indices (with t...
- Luis Arredondo
- Luis Arredondo
ALMIRALL: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'24 vs. 1Q'23 Results Sales: € 247.4 M (+6.6% vs. +5.3% BS(e) and +4.0% consensus); EBITDA: € 52.5 M (+1.4% vs. -5.8% BS(e) and -7.3% consensus); EBIT: € 18.5 M (-8.9% vs. -23.6% BS(e) and -27.1% consensus); Net Profit: € 7.4 M (-3.9% vs. -54.5% BS(e) and -32.5% consensus);
- Luis Arredondo
ALMIRALL: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: Ventas: 247,4 M euros (+6,6% vs +5,3% BS(e) y +4,0% consenso); EBITDA: 52,5 M euros (+1,4% vs -5,8% BS(e) y -7,3% consenso); EBIT: 18,5 M euros (-8,9% vs -23,6% BS(e) y -27,1% consenso); BDI: 7,4 M euros (-3,9% vs -54,5% BS(e) y -32,5% consenso).
- Research Department
INFORME DIARIO 13 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, CELLNEX, GLOBAL DOMINION, GREENING, NATURGY. 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. Semana de rebote en las bolsas Semana de rebote en las bolsas que se acercan a máximos del año después de que el Banco de Inglaterra allanase...
- Research Department
IBERIAN DAILY 13 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: ALMIRALL, CELLNEX, GLOBAL DOMINION, GREENING, NATURGY. 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. Stock markets rallied last week Stock exchanges rallied last week, trading near annual highs after the Bank of England paved the way to initiate rate cuts next month and the governor Andrew Bailey stat...
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