reports
- Rafael Bonardell
- Cedric Rossi
adidas: Well on track to reach FY26 margin target
Yesterday's market reaction confirms that the CSS was not disappointed by the cautious margin guidance and was mindful of ADS’ traditional caution at this stage of the year. Therefore, we are leaving our FY25 estimates broadly unchanged, and similarly, we do not expect any material downward revisio
- Carole Braudeau
- Emira Sagaama
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
SREN SWISS RE AG
ADS ADIDAS AG
GFC GECINA SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
BAYN BAYER AG
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
INX IMCD N.V.
VACN VAT GROUP AG
ABI ANHEUSER-BUSCH INBEV SA/NV
NEOEN NEOEN S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
AM DASSAULT AVIATION
- Emira Sagaama
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
SREN SWISS RE AG
ADS ADIDAS AG
GFC GECINA SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
BAYN BAYER AG
01913 PRADA S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
INX IMCD N.V.
VACN VAT GROUP AG
ABI ANHEUSER-BUSCH INBEV SA/NV
NEOEN NEOEN S.A.
CPR DAVIDE CAMPARI-MILANO N.V.
AM DASSAULT AVIATION
- Carole Braudeau
- Michael B. Schäfer
- Stephan Wulf
- Andreas Riemann
- Arancha Pineiro
ADIDAS AG: RDOS. 2024 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'24 vs 4T'23: Ventas: 5.965 M euros (+24,0% vs +10,5% BS(e) y +11,3% consenso); EBIT: 57,0 M euros (-377,0 M euros en 2023 vs -105,0 M euros BS(e) y -60,0 M euros consenso). Rdos. 2024 vs 2023: Ventas: 23.683 M euros (+10,5% vs +7,5% BS(e) y +7,7% consenso); EBIT: 1.337 M euros (+398,9% vs +338,4% BS(e) y +355,2% consenso).
- Rafael Bonardell
BAYER: RDOS. 4T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'24 vs 4T'23: Ventas: 11.729 M euros (-1,1% vs -5,4% BS(e) y -4,7% consenso); EBITDA: 2.349 M euros (-22,3% vs -23,7% BS(e) y -25,0% consenso). Rdos. 2024 vs 2023: Ventas: 46.606 M euros (-2,2% vs -3,2% BS(e) y -3,1% consenso); EBITDA: 10.123 M euros (-13,5% vs -13,9% BS(e) y -14,2% consenso).
- Cedric Rossi
adidas: we are not worried by ADS' prudent margin outlook for 2025
Definitive 2024 results released this morning are in line with the stronger-than-expected numbers pre-released on 22nd January. As a reminder, Q4 sales showed a 12% beat, while EBIT came in at EUR57m versus the CSSe at -EUR62m. All eyes are now on the FY25 outlook: we are not surprised by the relat
- Research Department
INFORME DIARIO 05 MARZO + RDOS. EUROPA 4T’24. PREVIEWS (ANÁLISIS BANCO...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: INDITEX, NATURGY, OHLA, REPSOL. EUROPA: ADIDAS, 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. 4T’24 que se publicarán en España y Europa en los próximos días. La segunda guerra comercial de Trump se pone en marcha Jornada de aversión al riesgo en las bolsas mundiales y, sobre todo, europeas después ...
- Ahmed Ben Salem
- Thijs Berkelder
- Luis Arredondo
- Jean Danjou
- Oliver Metzger
- Stephane Houri
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
ARYN ARYZTA AG
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALLFG ALLFUNDS (UK) LTD
SHEL SHELL PLC
EAPI EUROAPI
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Jean Danjou
- Oliver Metzger
- Stephane Houri
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
ARYN ARYZTA AG
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALLFG ALLFUNDS (UK) LTD
SHEL SHELL PLC
EAPI EUROAPI
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
OMV OMV AG
GAMA GAMMA COMMUNICATIONS
ITRK INTERTEK GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
LDO LEONARDO SPA
BP. BP P.L.C.
BG BAWAG GROUP AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
OMV OMV AG
GAMA GAMMA COMMUNICATIONS
ITRK INTERTEK GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
LDO LEONARDO SPA
BP. BP P.L.C.
BG BAWAG GROUP AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Ahmed Ben Salem
- Thijs Berkelder
- Research Department
IBERIAN DAILY 03 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRUPO CATALANA OCCIDENTE, REPSOL, TALGO, TELEFÓNICA, UNICAJA. The Ibex continues to lead Europe It was a volatile week for European stock markets, fuelled by business resuts and dragged down by D. Trump’s comments about the implementation of 25% tariffs to Europe. The Ibex climbed around +3.0% last week, exceeding 13,300 points. Thus, in the STOXX 600, Banks and Insurance were the best performers last week vs. Media and Technology that posted the biggest drops. On the macro side,...
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