Bjorn Gulden Must Be Dancing The "Samba" As Brand Heat Continues To Bu...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2024

BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2024

L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...

VOLKSWAGEN: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 75.461 M euros (-1,0% vs -2,6% BS(e) y -2,3% consenso); EBIT: 4.588 M euros (-20,2% vs -18,2% BS(e) y -15,6% consenso).

Adidas : Final Q1 in line with prelims, outlook confirmed

>Europe strong, North America still down - Today, adidas gave final Q1 2024 numbers after the pre-release mid-April. Q1 sales grew 8% excluding FX with 5% underlying growth and 3% from Yeezy. Regions: North America improved sequentially but was still down 4% on lower sell-in to wholesale. Europe was very strong with +14% and China with +8% did OK supported by wholesale and e-com. Segments: footwear grew 13% thanks to lifestyle (terrace was mentioned) and football whil...

INFORME DIARIO 30 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, SANTANDER. EUROPA: ADIDAS, MERCEDES BENZ GROUP, VINCI. 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 se aleja de máximos Las bolsas europeas comenzaron la semana de la Fed (miércoles) con ligeras pérdidas y caídas de las re...

Philips/Very welcome clearing event/HOLD

At its 1Q24 update Philips surprised the market with a personal injury settlement which has been made much sooner than expected and, at €1bn, is a much lower cost than the €3bn we had in our model. We believe this is a major positive for the investment case. We increase our target price from €19 to €25. We stick to our HOLD rating as: (1) current trading conditions are mixed; and (2) valuation is now fair compared to peers.

Credit Morning 04/29/2024

Atos: the French State wants to acquire the group’s sovereign business, cash needs are bossted to € 1.1bn (vs € 0.6bn)Picard: talks between Moez Zouari and Lion Capital reportedly resumeDeutsche Bank announces an unexpected legal provision of € 1.3bn for Q2>...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/29/2024

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Morning Crédit 29/04/2024

Atos : l’Etat souhaite acquérir les activités souveraines du groupe, les besoins de liquidités sont revus à 1,1 md EUR (vs. 0,6 md EUR)Picard : les discussions entre Moez Zouari et Lion Capital auraient reprisDeutsche Bank annonce une provision légale inattendue de 1.3 md EUR pour le T2>...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/04/2024

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Benelux Morning Notes

Alfen: Production resumed in mid-April, cost hit €5m. Exor: Read-across from Philips personal injury settlement. Philips: 1Q24 results – settlement reached. Recticel: 1Q24 in line with expectations. Sofina: Exit Petit Forestier

TotalEnergies : Stronger Q1 results –group considering shifting its ma...

>Q1 2024 results 2.2% higher than forecast - Adjusted net income came in at $ 5.1bn, 2.2% ahead of our forecasts and the consensus and off a sequential 2.2% with higher WC and debt.Favourable environment, reassuring message on LNG - In E&P, net operating income came in at $ 2.5bn, 2% ahead of the consensus. Production was stable at 2.46m boe/d. Adjusted for disposals in Canada, it showed growth of 1%. For Q2, the group’s guidance is for a slight dec...

Philips : 1Q in line, while clearing a major hurdle in the US

>Underlying 1Q24 results in line with consensus estimates - The underlying 1Q24 results where in line with company compiled consensus estimates. Revenues came in at €4.1bn (vs €4.1bn expected) and Adj EBITA came in at €387mln which is 7% ahead of consensus at €361mln. However if we exclude the beat in the Other segment, we note that the beat on Adjusted EBITA is 1.6%. On a divisional level we see that profitability in Diagnosis & Treatment slightly disappointed (miss ...

PHILIPS: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: Ventas: 4.138 M euros (-0,7% vs -0,4% BS(e) y -0,5% consenso); EBIT: 388,0 M euros (+8,1% vs +3,6% BS(e) y +0,6% consenso); BDI: -998,0 M euros (-665,0 M euros en 1T'23 vs 93,0 M euros BS(e) y 64,0 M euros consenso).

TotalEnergies : Résultats T1 supérieurs – Le groupe songe à déplacer s...

>Résultats T1 2024, 2.2% supérieurs aux attentes - Le RNpg ajusté s'est établi à 5.1 Md$, 2.2% supérieur à nos attentes et au consensus et en baisse séquentielle de 2.2% avec une hausse du BFR et de l’endettement.Un environnement favorable, message rassurant sur le GNL - En E&P, le RO net ajusté ressort à 2.5 Md$, 2% supérieur au consensus. La production est restée stable à 2.46 Mbep/j. Ajustée des cessions au Canada, elle ressort en hausse de 1%. P...

IBERIAN DAILY 29 APRIL + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...

NEWS SUMMARY: BBVA, CAF, IAG, NATURGY, 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. The Ibex hits new annual highs Friday’s gains, driven by the good earnings season on both sides of the Atlantic and some widening in sovereign yields led stock exchanges to end in positive territory, particul...

INFORME DIARIO 29 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, CAF, IAG, NATURGY, TELEFÓNICA, UNICAJA. EUROPA: PHILIPS. 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 logra nuevos máximos de 2024 Los avances del viernes, impulsados por la buena campaña de resultados a ambos lados del Atlánti...