reports
- Carole Braudeau
- Carole Braudeau
- Oliver Metzger
- Oliver Metzger
- Javier Esteban
SANTANDER: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23: NII: € 11.296 Bn (+0.1% vs. +0.7% BS(e) and +3% consensus); Total Revenues: € 15.135 Bn (+1.8% vs. +3.5% BS(e) and +3.2% consensus); Operating Income: € 8.786 Bn (+4.9% vs. +3.9% BS(e) and +5.1% consensus); Net Profit: € 3.250 Bn (+12% vs. +4.2% BS(e) and 7.5% consensus). 3Q'24 vs. 2Q'24: NII: € 11.296 Bn (-2.2% vs. -1.5% BS(e) and -0.7% consensus); Total Revenues: € 15.135 Bn (-3.4% vs. -1.9% BS(e) and -2.1% consensus); Operating Income: € 8.786 Bn (-5.6% vs. -6.4% BS(e) and -5...
- Andreas Riemann
Adidas : Final Q3 in line with prelims, outlook confirmed
>Some 14% underlying top-line growth and 9% EBIT margin - Today adidas reported final results for Q3 2024 in line with prelims which were out on 15 October. Sales rose 10% at constant FX and even 14% excluding Yeezy effects. Regions including Yeezy: Europe (+18%), LatAm (+28%) and Emerging markets (+16%) did well. China (+9%) was good and North America improved as well (-7% including Yeezy and growing excluding Yeezy). Segments: Footwear +14% and Apparel +5%. Moreover...
- Arancha Pineiro
- Javier Esteban
SANTANDER: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: M. Intereses: 11.296 M euros (+0,1% vs +0,7% BS(e) y +3% consenso); M. Bruto: 15.135 M euros (+1,8% vs +3,5% BS(e) y +3,2% consenso); M. Neto: 8.786 M euros (+4,9% vs +3,9% BS(e) y +5,1% consenso); BDI: 3.250 M euros (+12% vs +4,2% BS(e) y 7,5% consenso). Rdos. 3T'24 vs 2T'24: M. Intereses: 11.296 M euros (-2,2% vs -1,5% BS(e) y -0,7% consenso); M. Bruto: 15.135 M euros (-3,4% vs -1,9% BS(e) y -2,1% consenso); M. Neto: 8.786 M euros (-5,6% vs -6,4% BS(e) y -5,3% consenso); ...
- Cedric Rossi
adidas: Strong Q3 2024 results match pre-released figures
Definitive Q3 2024 results unveiled this morning are in line with the pre-release in mid-October. Q2 FX-n sales growth ex-Yeezy amounted to 14%, driven by DD growth in Europe, while China was up a solid 9% FX-n and North America would have been in positive territory ex-Yeezy. Q2 EBIT margin improve
- Research Department
INFORME DIARIO 29 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANCO SANTANDER, ECOENER, FERROVIAL. EUROPA: ADIDAS, LINDE. 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. 3T’24 que se publicarán en España y Europa en los próximos días. El Ibex reconquista los 11.900 puntos La semana previa a las elecciones en EE.UU. cuando publicarán resultados las “7 magníficas” arran...
- Research Department
IBERIAN DAILY 29 OCTOBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVI...
NEWS SUMMARY: ECOENER, FERROVIAL, SANTANDER. 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 3Q’24 results to be released over the coming days in Spain. IBEX back above 11,900 points The week before the US election in which the “Magnificent 7” will release their earnings kicked off with moderate gains in Europe, where the falling oil prices spurred consumer goods companies and ...
- Andres Bolumburu
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer weekly #44
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at the latest Swiss watch exports data. Happy reading!
- Cedric Rossi
adidas: Marathon is not over
The share price only partly recovered at the end of last week after the steep decline on Wednesday despite a Q3 beat and third guidance upgrade this year. This correction showed that it is becoming more difficult for ADS to meet more demanding investor expectations as we read that some of them woul
- Marc Lavaud
- Robert Jan Vos
- Marc Lavaud
- Robert Jan Vos
- Arancha Pineiro
ADIDAS AG: RDOS. PRELIMINARES 3T’24 Y ELEVAN OBJETIVOS’24 (ANÁLISIS BA...
Rdos. 3T'24 vs 3T'23: Ventas: 6.438 M euros (+7,3% vs +7,5% consenso); EBIT: 598 M euros (+46,2% vs +36,4% consenso). Rdos. 9meses’24 vs 9meses'23: Ventas: 17.718 M euros (6,2% vs +6,7% consenso); EBIT: 1.280 M euros (98,5% vs 92,2% consenso).
- Cedric Rossi
adidas: the sprint continued in Q3
Yesterday evening, ADS pre-released Q3 numbers showing a strong beat at the profit levels, confirming robust brand momentum (buoyant sell-through) and more moderate impacts from FX headwinds. Note that ADS' upgraded FY24 EBIT guidance of EUR1.2bn is c.2% above CSSe. We increase our PT to EUR265 vs.
- Research Department
INFORME DIARIO 16 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SECTOR BANCOS, SECTOR ENERGÍA, TALGO. EUROPA: ADIDAS, ASML, LVMH, SECTOR BANCOS ITALIA. 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. 3T’24 que se publicarán en España y Europa en los próximos días. El Ibex sigue liderando Europa y se desmarca de las caídas del Euro STOXX Jornada de más a menos en Eu...
- Andreas Riemann
Adidas : Q3 EBIT above expectations, raising FY 2024 targets again
>Some 14% underlying top-line growth and 9% underlying EBIT margin in Q3 - Yesterday evening, adidas announced preliminary Q3 2024 results. In Q3, currency-neutral revenues increased 10% y-o-y (7% reported growth) to € 6.4bn. Excluding Yeezy sales in both years, currency-neutral revenues increased 14%. Both were in line with consensus expectations. The gross margin increased 200bp to 51.3% with an even stronger increase of the underlying gross margin excluding Yeezy. ...
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