reports
- Louis Boujard
- CFA
- Philippe Ourpatian
- Louis Boujard
- CFA
- Philippe Ourpatian
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Welcome and reassuring strategic update
>Neutral rating maintained and target price adjusted to € 16.5 (vs € 17.0) - EDPR’s Q1 24 performances came in slightly ahead of expectations. As expected, Q1 was characterised by a negative base effect for MWh prices and fairly adverse resource conditions. The group has updated its 2024-2026 guidance. The new trajectory equates to our 2024-2026e sequence, as adjusted following the roadshow on 20 March 2024. We maintain our Neutral rating based on the relative upside ...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : Q1 2024 a shade below forecasts, excluding non-recurring element...
>Outperform recommendation and target price of € 6.0 maintained - Recurring performances in Q1 2024 fell short of our forecasts. On a reported basis, Q1 2024 was in line with consensus. Activity in the first quarter was driven by the return to a more normal situation in terms of hydropower on the Iberian Peninsula and the positive trajectory of EDPR's activities, but offset by unfavourable price effects and marketing margins returning to more normal levels. Clearly, Q...
- Louis Boujard
- CFA
- Philippe Ourpatian
Enel : Q1 24 slightly better, with unchanged trajectory for 2024
>Outperform rating and € 9.20 target price maintained - Enel’s Q1 24 performances just beat expectations. Q1 was, as expected, driven by generation and marketing but it also benefited from investments in grids and price revisions. Management confirmed the group’s compliance with the 2024-2026 trajectory given last November. In view of this confirmation, we are leaving our estimates unchanged. We maintain our Outperform rating and target price of € 9.20, still based on...
- Research Department
IBERIAN DAILY 10 MAY + 1Q'24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: CAF, FERROVIAL, MELIÁ, SACYR. 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. IBEX, bringing up the rear in Europe Most European indices saw an improvement over the course of the session, despite the increased tension in the Middle East and along with new rises in sovereign debt yields. The IBEX, des...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Une mise à jour stratégique bienvenue et rassurante
>Opinion Neutre maintenue et OC ajusté à 16.5 € (vs 17.0 €) - La performance au T1 24 est ressortie un peu au-dessus des attentes. Comme attendu le premier trimestre a été marqué par un effet de base négatif des prix du MWh et des conditions de ressources quelque peu défavorables. Le groupe a procédé à une mise à jour de ses objectifs 2024-2026. La nouvelle trajectoire correspond à notre séquence 2024-2026e, que nous avions ajustée à l’issue du roadshow du 20 mars 202...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : Un T1 2024, hors éléments non récurrents, un peu en deçà des att...
>Opinion Surperformance et OC 6.0 € maintenus - Les résultats récurrents du T1 24 sont ressortis un peu en deçà de nos attentes. Sur une base publiée, le T1 24 est en ligne avec le consensus. L’activité du premier trimestre est certes portée par le retour à une situation plus normale en termes d’hydroélectricité sur la péninsule ibérique et la trajectoire positive des activités d’EDPR, mais compensée par des effets de prix défavorables et des marges de commercialisati...
- Louis Boujard
- CFA
- Philippe Ourpatian
Enel : Un T1 24 un peu meilleur avec une trajectoire 2024 inchangée
>Opinion Surperformance et OC 9.20 € maintenus - Le groupe a publié des performances au T1 24 un peu au-dessus des attentes. Le premier trimestre est, comme attendu porté par les activités de génération et de commercialisation mais bénéficie également des investissements dans les réseaux et des révisions tarifaires. Le management a confirmé le respect de la trajectoire 2024-2026 délivrée en novembre dernier. Compte tenu de cette confirmation, nous maintenons inchangé...
- Research Department
INFORME DIARIO 10 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, FERROVIAL, MELIÁ, SACYR. 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, a la cola en Europa Jornada de menos a más en la mayoría de índices europeos pese al incremento de la tensión en Oriente Próximo y acompañado de nuevos repu...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Q1 24 slightly better than expected ahead of the conf...
>Q1 24 slightly better than expected - The company has just released figures for Q1 24 slightly better than expectations. As already published, the group reported an installed capacity of 15,301 MW (MW EBITDA, excluding equity accounting) and 16,498 MW (including equity accounting). Net installed capacity is down by 184 MW EBITDA excluding equivalents (i.e. a drop of 1.2%) vs 15,485 MW at the end of March 2023 due to asset turnover (638 MW) which more than offset the ...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP Renovaveis : Q1 24 slightly better than expected ahead of the conf...
>Q1 24 slightly better than expected - The company has just released figures for Q1 24 slightly better than expectations. As already published, the group reported an installed capacity of 15,301 MW (MW EBITDA, excluding equity accounting) and 16,498 MW (including equity accounting). Net installed capacity is down by 184 MW EBITDA excluding equivalents (i.e. a drop of 1.2%) vs 15,485 MW at the end of March 2023 due to asset turnover (638 MW) which more than offset the ...
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Q1 2024 in line and 2024 trajectory confirmed
>Outperform recommendation reiterated and target price of € 25.3 unchanged - Q1 2024 results were broadly in line with our forecasts and those of the consensus. Restated for elements relative to the energy tax in Spain, the performance was in line with the strategic trajectory delivered during the last strategic plan delivered in November 2023, covering the 2024-2026 period. The group confirmed its 2024 guidance. The wait-and-see position on the 2026 coverage of its e...
- Louis Boujard
- CFA
- Philippe Ourpatian
Endesa : Un T1 24 en ligne et une trajectoire 2024 confirmée
>Opinion Surperformance réitérée et OC 25.3 € inchangé - Les résultats du T1 24 publiés sont ressortis globalement en ligne avec nos attentes et celles du consensus. Retraité des éléments relatifs à la fiscalité énergétique espagnole, la performance ressort en ligne avec la trajectoire stratégique délivrée lors du dernier opus stratégique de novembre 2023, couvrant la période 2024-2026. Le groupe a confirmé sa guidance 2024. La position d’attente sur sa couverture 202...
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Positive points in the short term but uncertainties linger o...
>A publication in line with our forecasts - Yesterday morning, Verbund published Q1 2024 results in line with forecasts. EBITDA was € 883m (-9%) vs € 880m expected. Reported EBIT was also down to € 745m (-11.5%), in line with our estimate and attributable net profit was down to € 506m (-4%) vs € 513m forecast (ODDO BHF). The group experienced a far less favourable market price environment than last year with an average captured price on hydro of € 129.5/MWh (-31% y-o-...
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Du bon sur le court terme mais toujours des incertitudes sur...
>Une publication conforme à nos attentes - Verbund a publié hier matin des résultats T1 24 conformes aux prévisions. L'EBITDA ressort à 883 M€ (-9%) vs 880 M€ attendus. L'EBIT publié a également diminué à 745 M€ (-11.5%), en ligne avec nos estimations et le RNpg est en baisse à 506 M€ (-4%) contre 513 M€ attendus (ODDO BHF). Le groupe a connu un environnement de prix de marché beaucoup moins favorable que l'année dernière avec un prix capturé moyen sur l'hydroélectric...
- ABGSC Renewable Energy Research
- Adrian Gilani
- Åsne Holsen
- Daniel Vårdal Haugland
- Haakon Amundsen
- John Olaisen
- Olof Cederholm
- Stian Wibstad
ORSTED ORSTED
HEX HEXAGON COMPOSITES ASA
NEL NEL ASA
SSO SCATEC ASA
EOLU B EOLUS VIND AB
FKRFT FJORDKRAFT HOLDING ASA
CADLR CADELER
VOLUE VOLUE AS
A2QKGG HEXAGON PURUS
ZAP ZAPTEC
VWS VESTAS WIND SYSTEMS
EWIND EDDA WIND ASA
TOM TOMRA SYSTEMS ASA
IWS-NO INTEGRATED WIND SOLUTIONS
OX2-SE OX2
Ohio State Energy Partners Announces Winners of the Smart Campus Chall...
Ohio State Energy Partners Announces Winners of the Smart Campus Challenge Utensils To-Go Earns $60,000 in Project Funding and Paris Trip with Plan to End the Use of Plastic Utensils at Ohio State HOUSTON, May 08, 2024 (GLOBE NEWSWIRE) -- Ohio State Energy Partners announced the winners of the Smart Campus Challenge, a competition aimed at fostering innovation and sustainability at The Ohio State University (Ohio State). Sponsored by ENGIE North America (ENGIE), the event showcased eight teams comprising 29 participants, who presented their projects in a format reminiscent of 'Shark Tan...
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