reports
- Research Department
IBERIAN DAILY 13 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ARCELORMITTAL, INDITEX, SOLARIA. Markets continue to rise Despite the surprising increase in US inflation data, which could raise doubts on the start of rate cuts by the Fed in June, stock markets rose on both sides of the Atlantic and the IBEX reached a high since Feb’18 near 10,400 points. In the STOXX 600, all the sectors except Real Estate, Utilities and Telecoms closed with gains, led by Autos and Banks. On the macro side, in the UK February’s ILO unemployment rate rose more ...
- Research Department
INFORME DIARIO 13 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, INDITEX, SOLARIA. EUROPA: ADIDAS, BNP PARIBAS, SAFRAN, VOLKSWAGEN. El mercado sigue de fiesta A pesar de la sorpresa al alza en el dato de inflación en EE.UU., que podría poner en duda el inicio de las bajadas de tipos por parte de la Fed en junio, las bolsas subieron a ambos lados del Atlántico y el Ibex alcanzó máximos de febrero de 2018 rozando los 10.400 puntos. Así, en el STOXX 600, todos los sectores menos Inmobiliario, Utilitie...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
RNO RENAULT SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Rafael Bonardell
SOLARIA: FY2023 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Sales: € 57.58 M (+24.1% vs. +11.9% BS(e) and +4.9% consensus); EBITDA: € 46.27 M (+21.5% vs. +23.2% BS(e) and +19.0% consensus); FY2023 vs. FY2022 Results Sales: € 230.0 M (+37.4% vs. +34.0% BS(e) and +32.1% consensus); EBITDA: € 199.88 M (+35.9% vs. +36.3% BS(e) and +35.2% consensus);
- Anis Zgaya
- Philippe Ourpatian
Solaria : 2023 publication in line, a heavier tax burden in 2024
>Outperform recommendation and target price of € 23.2 unchanged - After the publication of 2023 results, which were in line with our forecasts and those of the consensus, we confirm our Outperform recommendation and target price of € 23.2, which factors in only the 2025 target price, based on a DCF (€ 20.5) and a sum-of-the-parts (€ 26.0) approach. This publication was reassuring on the group's capacity to achieve the mid-term targets of the strategic plan announced i...
- Anis Zgaya
- Philippe Ourpatian
Solaria : Une publication 2023 en ligne, un alourdissement de la fisca...
>Recommandation Surperformance et OC 23.2 € inchangés - A l’issue de la publication des résultats 2023, ressortis en ligne avec nos attentes et celles du consensus, nous confirmons notre recommandation Surperformance et notre objectif de cours de 23.2 €, qui ne prend en compte que l’objectif 2025, sur la base d’un DCF (20.5 €) et d’une somme des parties (26.0 €). Cette publication est rassurante sur la capacité du groupe a atteindre les objectif intermédiaires de son ...
- Rafael Bonardell
SOLARIA: RDOS. 2023 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ventas: 57,58 M euros (+24,1% vs +11,9% BS(e) y +4,9% consenso); EBITDA: 46,27 M euros (+21,5% vs +23,2% BS(e) y +19,0% consenso). Rdos. 2023 vs 2022: Ventas: 230,0 M euros (+37,4% vs +34,0% BS(e) y +32,1% consenso); EBITDA: 199,88 M euros (+35,9% vs +36,3% BS(e) y +35,2% consenso).
- Research Department
IBERIAN DAILY 29 FEBRUARY + 4Q’23 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: AMADEUS, MERLIN, SOLARIA, TALGO, VIDRALA. 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 4Q’23 results to be released over the coming days in Spain. Results hurt the IBEX It was a session of moderate drops in most European indices (except the German DAX), with the IBEX leading the drops after the release of several companies’ results. In the STOXX 600, most secto...
- Research Department
INFORME DIARIO 29 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AMADEUS, MERLIN PROPERTIES, SOLARIA, TALGO, VIDRALA. EUROPA: AB INBEV. 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 con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. La campaña penaliza al Ibex Jornada de caídas moderadas en la mayoría de índices europeos (a excepción del DAX alemá...
- Alfredo del Cerro
- Rafael Bonardell
- Virginia Romero
SECTOR RENOVABLES ESPAÑA: ¿PUNTO DE INFLEXIÓN A LA VISTA? (ANÁLISIS BA...
¿Punto de inflexión a la vista? Mantenemos COMPRAR en ANA\ANE\ENER\GGR\IBE\SLR. Las renovables acumulan un fuerte underperformance en 2023 (-47% el S&P Global Clean Energy Index vs IBEX) ante las dudas para generar valor y poder crecer, lo que se traduce en un significativo de-rating y unas cotizaciones que, en ocasiones, descuentan escenarios excesivamente pesimistas. Sin embargo, las perspectivas de recortes de tipos, como principal catalizador, unido a una estabilización de los costes de inst...
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 21/11/2023
Les faibles valorisation et endettement de Wendel et de BVI, permettent pour la première fois depuis 20 ans, d’envisager un scenario original mais créateur de valeur pour Wendel-Participations (WP). Il s’agirait d’une OPA sur les 60% non détenus de Wendel, financée par un dividend recap de BVI, Stahl et Wendel ainsi qu’une cession d’un bloc de BVI. Elle permettrait à Wendel 1/ d’éliminer la forte décote sur l’ANR (52%), 2/ d’offrir une porte de sortie aux minoritaires (prime de 35%e),...
PUB PUBLICIS GROUPE SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BFIT BASIC-FIT NV
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
ELE ENDESA S.A.
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
WPP WPP PLC
CFEB COMPAGNIE D'ENTREPRISES CFE SA
GAS NATURGY ENERGY GROUP S.A.
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
IBE IBERDROLA SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
XFAB X-FAB SILICON FOUNDRIES SE
UN01 UNIPER SE
ATRY ATRYS HEALTH
MOR MORPHOSYS AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Fehmi Ben Naamane
ODDO BHF Small & MIDCAP MORNING NEWS - 11/21/2023
Les faibles valorisation et endettement de Wendel et de BVI, permettent pour la première fois depuis 20 ans, d’envisager un scenario original mais créateur de valeur pour Wendel-Participations (WP). Il s’agirait d’une OPA sur les 60% non détenus de Wendel, financée par un dividend recap de BVI, Stahl et Wendel ainsi qu’une cession d’un bloc de BVI. Elle permettrait à Wendel 1/ d’éliminer la forte décote sur l’ANR (52%), 2/ d’offrir une porte de sortie aux minoritaires (prime de 35%e),...
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
BFIT BASIC-FIT NV
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
ELE ENDESA S.A.
RWE RWE AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
CFEB COMPAGNIE D'ENTREPRISES CFE SA
GAS NATURGY ENERGY GROUP S.A.
SIGHT GENSIGHT BIOLOGICS SA
SHOT SCANDIC HOTELS GROUP
IBE IBERDROLA SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
XFAB X-FAB SILICON FOUNDRIES SE
UN01 UNIPER SE
ATRY ATRYS HEALTH
MOR MORPHOSYS AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
- Anis Zgaya
- Philippe Ourpatian
Solaria : Trajectory for 2023 and 2025 reaffirmed at the road show
>Outperform recommendation and target price of € 23.2 unchanged - After the virtual road show that we organised with Dario Lopez (COO) and David Guengant (HIR) for French and non-French speaking investors, we confirm our target price of € 23.2, which factors in the 2025 target price, based on a DCF (€ 20.5) and a sum-of-the-parts (€ 26.0) approach. Investor interest during the day enabled a better understanding of the market's questions notably regarding the trajector...
- Anis Zgaya
- Philippe Ourpatian
Solaria : Trajectoire 2023 et 2025 réaffirmées lors de notre roadshow
>Recommandation Surperformance et OC 23.2 € inchangés - A l’issue du roadshow virtuel que nous avons organisé avec Dario Lopez (COO) et David Guengant (HIR), nous confirmons notre recommandation Surperformance et notre objectif de cours de 23.2 €, qui ne prend en compte que l’objectif 2025, sur la base d’un DCF (20.5 €) et d’une somme des parties (26.0 €). L’intérêt des investisseurs lors des rendez-vous au cours de cette journée a permis de mieux percevoir les interr...
- Anthony Dick
- Michael Foundoukidis
PUB PUBLICIS GROUPE SA
FGA FIGEAC AERO SA
HOT HOCHTIEF AG
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
WPP WPP PLC
ERG ERG S.P.A.
ECV ENCAVIS AG
GREEN GREENYARD NV
TEG TAG IMMOBILIEN AG
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
UNI UNICAJA BANCO S.A.
VAR1 VARTA AG
MEDCL MEDINCELL SA
AERO MONTANA AEROSPACE AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
- Anthony Dick
- Michael Foundoukidis
PUB PUBLICIS GROUPE SA
FGA FIGEAC AERO SA
HOT HOCHTIEF AG
BAMNB KONINKLIJKE BAM GROEP NV
ERA ERAMET SA
WPP WPP PLC
ERG ERG S.P.A.
ECV ENCAVIS AG
GREEN GREENYARD NV
TEG TAG IMMOBILIEN AG
PAT PATRIZIA AG
TWEKA TKH GROUP N.V. CERT
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
UNI UNICAJA BANCO S.A.
VAR1 VARTA AG
MEDCL MEDINCELL SA
AERO MONTANA AEROSPACE AG
FUR FUGRO NV
VTSC VITESCO TECHNOLOGIES GRP AG
- Anis Zgaya
- Philippe Ourpatian
Solaria : 9M 2023 slightly better than expected, 2023 trajectory confi...
>Outperform rating and € 23.2 target price unchanged - Based on Solaria’s results at end-September 2023, we confirm our Outperform rating and € 23.2 target price, which only factors in the guidance for 2025, based on a DCF model (€ 20.5) and a SOTP analysis (€ 26.0). These results, which slightly beat our expectations and those of the consensus, confirm the 2023 trajectory, but also the medium-term scenario out to 2025, with operating metrics returning to a trajectory...
- Anis Zgaya
- Philippe Ourpatian
Solaria : 9M 2023 un peu supérieur aux attentes, et une trajectoire 20...
>Recommandation Surperformance et OC 23.2 € inchangés - A l’issue de la publication des résultats à fin septembre 2023, nous confirmons notre recommandation Surperformance et notre objectif de cours de 23.2 €, qui ne prend en compte que l’objectif 2025, sur la base d’un DCF (20.5 €) et d’une somme des parties (26.0 €). Cette publication un peu supérieure à nos attentes et à celles du consensus confirme la trajectoire 2023, mais aussi celle à moyen terme de 2025, avec ...
- Rafael Bonardell
SOLARIA: 3Q’23 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'23 vs. 3Q'22 Results Sales: € 72.87 M (+60.1% vs. +18.7% BS(e) and +38.1% consensus); EBITDA: € 64.65 M (+58.1% vs. +20.2% BS(e) and +37% consensus). 9M'23 vs. 9M'22 Results Sales: € 172.43 M (+42.5% vs. +27% BS(e) and +34.3% consensus); EBITDA: € 153.61 M (+40.9% vs. +26.7% BS(e) and +33% consensus).
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