ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/03/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/05/2024

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Santander : A robust start to 2024 and guidance confirmed

>Outperform rating maintained - Target price raised to € 5.5 (vs € 5.4) - Santander’s Q1 2024 results underpin our Outperform rating and lead us to increase our net profit estimates (+2% on average over the period 2024-2026e), due to a slightly more favourable stance on the top line trend. Our target price has thus been lifted to € 5.5 (vs € 5.4). The trend in the group’s operating performances remains broadly solid with the validation of the main financial targets se...

Santander : Début d’année 2024 solide & guidances confirmées

>Opinion Surperformance maintenue – OC porté à 5.5 € (vs 5.4 €) - Les résultats T1 2024 de Santander viennent conforter notre opinion Surperformance et nous amènent à rehausser nos estimations de RN (+2% en moyenne sur la période 2024-26), en raison d’un biais un peu plus favorable notamment sur l’évolution de la topline. Notre OC est en conséquence porté à 5.5 € (vs 5.4 €). L’évolution des performances opérationnelles du groupe reste globalement solides avec une vali...

adidas: The best sunny terrace in sporting goods currently...

During the conference call, management tried to maintain a subtle equilibrium between presenting stronger-than-expected Q1 results and tempering somewhat analysts' optimism for FY24, as evidenced by a CSS estimate (EUR1.02bn) already standing well above ADS' revised guidance of "around EUR700m". We

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

Credit Morning 04/30/2024

Iliad Holding plans to issue new bonds to fund the investment in Tele2 and a tender on Iliad Holding 2026 notesIsabel Marant: well preserved liquidity but further deep fall in the wholesale order bookVerisure markets new bonds with two special covenants linked to a potential IPOBUT/Mobilux: new bond offering with the inclusion of Conforama into the scope>...

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). - ...

Morning Crédit 30/04/2024

Isabel Marant : liquidité supérieure aux attentes mais nouvelle chute du carnet de commandesBUT/Mobilux : Nouvelle émission obligataire avec intégration de Conforama dans le périmètreIliad Holding compte émettre des de nouvelles obligations pour financer l’investissement dans Tele2 et un tender sur la souche Iliad Holding 2026Verisure commercialise des nouvelles obligations avec deux covenants spéciaux liés à une potentielle IPO>...

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...

SANTANDER: MENSAJES DE LA CONFERENCE CALL RDOS. 1T’24 (ANÁLISIS BANCO ...

De la conference call de Rdos. 1T’24 destacamos pocas novedades:  Reitera guidance’24: (i) 16% ROTE vs 14,9% a 1T’24 (16,2% si se anualiza el impuesto a la banca);

SANTANDER: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'24 vs. 1Q'23: NII: € 11.983 Bn (+17.7% vs. +11.5% BS(e) and +12.6% consensus); Total Revenues: € 15.380 Bn (+10.4% vs. +8.4% BS(e) and +8.5% consensus); Operating Income: € 8.833 Bn (+13.4% vs. +10.5% BS(e) and +10.8% consensus); Net Profit: € 2.852 Bn (+10.9% vs. +12.2% BS(e) and 12.3% consensus). 1Q'24 vs. 4Q'23: NII: € 11.983 Bn (+7.7% vs. +2.1% BS(e) and +3.1% consensus); Total Revenues: € 15.380 Bn (+5.7% vs. +3.8% BS(e) and +3.9% consensus); Operating Income: € 8.833 Bn (+9.2% vs. +6.4...

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...

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

Rdos. 1T'24 vs 1T'23: M. Intereses: 11.983 M euros (+17,7% vs +11,5% BS(e) y +12,6% consenso); M. Bruto: 15.380 M euros (+10,4% vs +8,4% BS(e) y +8,5% consenso); M. Neto: 8.833 M euros (+13,4% vs +10,5% BS(e) y +10,8% consenso); BDI: 2.852 M euros (+10,9% vs +12,2% BS(e) y 12,3% consenso). Rdos. 1T'24 vs 4T'23: M. Intereses: 11.983 M euros (+7,7% vs +2,1% BS(e) y +3,1% consenso); M. Bruto: 15.380 M euros (+5,7% vs +3,8% BS(e) y +3,9% consenso); M. Neto: 8.833M euros (+9,2% vs +6,4% BS(e) y +6,7...

IBERIAN DAILY 30 APRIL + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...

NEWS SUMMARY: CAIXABANK, 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 1Q’24 results to be released over the coming days in Spain. The Ibex is far from highs European stock exchanges kicked off the Fed’s week (Wednesday) with slight corrections and with sovereign yields tightening. Within the STOXX 600 sectors, Basic Resources and Real Estate saw the biggest gains...

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...

ODDO BHF Small & MIDCAP MORNING NEWS - 04/29/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 29/04/2024

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Grupo Catalana Occidente S.A. : Q1 2024 broadly solid and valuation st...

>Outperform rating maintained – target price raised to € 47.0 (vs € 46.0) - GCO’s Q1 2024 figures broadly underpin our positive stance on the stock, as does the attractive valuation (despite the marked re-rating seen YTD of +16%, +5 pt ahead of the SIXE sector index), given its robust fundamentals and niche profile. We have slightly upgraded our 2024-2026 net income estimates (+2% on average), with a broadly confident stance on momentum for the two businesses (traditi...

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...