reports
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Martin Marandon-Carlhian
- Stephane Houri
ATO ATOS SE
BFIT BASIC-FIT NV
LPE LAURENT-PERRIER SA
ACX ACERINOX SA
DEQ DEUTSCHE EUROSHOP AG
SHA SCHAEFFLER AG
FAE FAES FARMA S.A.
AIXA AIXTRON SE
WAF SILTRONIC AG
GCO GRUPO CATALANA OCCIDENTE S.A.
CSM CORBION NV
COFA COFACE SA
CASH PROSEGUR CASH SA
ALFEN ALFEN NV
FUR FUGRO NV
- Emna Ben Bdira
- Maxime Kogge
Acerinox : Exceptionals aside, robust Q1 and constructive message on r...
>Mixed results because of HPA but robust leaving aside exceptionals - Acerinox on Thursday reported mixed Q1 results with EBITDA of € 111m, 10% below our estimate and 5% below the consensus. The guidance was met however since the group expected a slightly higher EBITDA vs Q4 (€ 96m). The gap with expectations is mainly due to the High Performance Alloys (HPA) division whose earnings normalised strongly after Q3 and Q4 had been driven by a very high price effect from p...
- Emna Ben Bdira
- Maxime Kogge
Acerinox : Au-delà des éléments exceptionnels, T1 solide et message co...
>Résultats en demi-teinte à cause de HPA mais solides hors exceptionnels - Acerinox a publié jeudi des résultats T1 en demi-teinte avec un EBITDA de 111 M€, 10% sous nos attentes et 5% sous le consensus. La guidance a toutefois été respectée puisque le groupe tablait sur une légère hausse de l’EBITDA vs T4 (96 M€). L’écart avec les attentes est principalement dû à la division Alliages de Haute Performance (HPA) qui a vu ses résultats se normaliser fortement par rappor...
- Oscar Rodriguez
- Oscar Rodriguez
- Jean-François Granjon
ODDO BHF Small & MIDCAP MORNING NEWS - 12/03/2024 Date Performance dep...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
- Jean-François Granjon
ODDO BHF Small & MIDCAP MORNING NEWS - 03/12/2024 Date Performance sin...
We raise our price target for Arcadis to € 68.5 (DCF based) and maintain our Outperform rating. Although Arcadis’s shares have already performed well over the last 12 months (+43%), we see further upward potential as the delta in terms of peer multiples has only marginally diminished (still c. 35% lower EV/EBITDA, was c. 40%) and we see no reason to expect an industry multiples contraction. Given the GEC and automation/digitisation components of the company’s strategy, which come on t...
- Emna Ben Bdira
- Maxime Kogge
Acerinox : Green shoots of recovery, strategic focus on US & alloys
>Dominant position in attractive US stainless steel market still a strong asset - We hosted CFO Miguel Ferrandis Torres and COO Hans O. Helmrich on a roadshow in Paris. Investor interest was centred on the core US stainless steel business, the recently announced acquisition of US alloy manufacturer Haynes and the short-term results trajectory. In the US stainless steel market, the group still considers its dominant position as a key differentiating factor. It benefits...
- Emna Ben Bdira
- Maxime Kogge
Acerinox : Green shoots of recovery, strategic focus on US & alloys
>Dominant position in attractive US stainless steel market still a strong asset - We hosted CFO Miguel Ferrandis Torres and COO Hans O. Helmrich on a roadshow in Paris. Investor interest was centred on the core US stainless steel business, the recently announced acquisition of US alloy manufacturer Haynes and the short-term results trajectory. In the US stainless steel market, the group still considers its dominant position as a key differentiating factor. It benefits...
- Oscar Rodriguez
ACERINOX: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’23 (ANÁLISIS BANCO S...
Destacamos los principales mensajes de la Conference Call de Rdos: Inoxidable (75% EBITDA): ACX puesto en valor las cifras publicadas pese a que en 2023 la demanda de inoxidable cayó un -20% (la producción está al nivel de 2009).
- Oscar Rodriguez
ACERINOX: 4Q’23 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Sales: € 1.529 Bn (-9.7% vs. -15.5% BS(e) and -11.9% consensus); EBITDA: € 96.0 M (+6.7% vs. +26.7% BS(e) and +46.7% consensus); Net Profit: € -119.0 M (€ -185.0 M in FY2022 vs. € 54.0 M BS(e) and € 55.0 M consensus); FY2023 vs. FY2022 Results Sales: € 6.608 Bn (-24.0% vs. -25.1% BS(e) and -24.4% consensus); EBITDA: € 704.0 M (-44.8% vs. -43.4% BS(e) and -42.0% consensus); Net Profit: € 228.0 M (-59.1% vs. -27.8% BS(e) and -27.6% consensus);
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Jean Danjou
- Jean-Baptiste Rouphael
- Marc Lavaud
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
ACX ACERINOX SA
EBRO EBRO FOODS SA
FR VALEO SE
BON BONDUELLE SCA
FIE FIELMANN AG
SOC SUBSEA 7 S.A.
AIXA AIXTRON SE
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
BPOST BPOST SA
EDR EDREAMS ODIGEO SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
LRE LAR ESPANA REAL ESTATE SOCIMI SA
TLGO TALGO SA
MEL MELIA HOTELS INTERNATIONAL S.A.
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
CASH PROSEGUR CASH SA
BFSA BEFESA SA
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
EXN EXCLUSIVE NETWORKS SA
SPM SAIPEM S.P.A.
ENER GRUPO ECOENER S.A.
- Emna Ben Bdira
- Maxime Kogge
Acerinox : Soft Q4 results and Q1 guidance amid a tough stainless mark...
>Q4 results dragged down by inventory loss and Bahru impairment, good cashflow - Acerinox released in the night soft Q4 results with EBITDA down 41% q-o-q to € 86m, 40% below ODDO BHF expectations and 36% below the consensus. The miss was however mostly driven by a higher-than-expected € 65m inventory valuation loss to reflect subdued prices in Europe (we understand the adjustment was essentially carried out in the Stainless-Steel division). By division, Stainless Ste...
- Emna Ben Bdira
- Maxime Kogge
Acerinox : Soft Q4 results and Q1 guidance amid a tough stainless mark...
>Q4 results dragged down by inventory loss and Bahru impairment, good cashflow - Acerinox released in the night soft Q4 results with EBITDA down 41% q-o-q to € 86m, 40% below ODDO BHF expectations and 36% below the consensus. The miss was however mostly driven by a higher-than-expected € 65m inventory valuation loss to reflect subdued prices in Europe (we understand the adjustment was essentially carried out in the Stainless-Steel division). By division, Stainless Ste...
- Oscar Rodriguez
ACERINOX: RDOS. 4T’23 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ventas: 1.529 M euros (-9,7% vs -15,5% BS(e) y -11,9% consenso); EBITDA: 96,0 M euros (+6,7% vs +26,7% BS(e) y +46,7% consenso); BDI: -119,0 M euros (-185,0 M euros en 2022 vs 54,0 M euros BS(e) y 55,0 M euros consenso); Rdos. 2023 vs 2022: Ventas: 6.608 M euros (-24,0% vs -25,1% BS(e) y -24,4% consenso); EBITDA: 703,0 M euros (-44,8% vs -43,4% BS(e) y -42,0% consenso); BDI: 228,0 M euros (-59,1% vs -27,8% BS(e) y -27,6% consenso).
- Research Department
IBERIAN DAILY 01 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ELECTRICITY SECTOR, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, VISCOFAN. IBEX remains stuck February ended with improved macro indicators (today we will learn euro zone inflation), sharp rises in most European indices (yesterday the gains were moderate) and with the IBEX lagging, staying just above 10,000 points. On the macro side, in Spain February’s inflation fell in line with expectation...
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Research Department
INFORME DIARIO 01 MARZO + RDOS. EUROPA 4T’23. IDEAS DESTACADAS Y PREVI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACERINOX, ACS, AMADEUS, BBVA, CELLNEX, COLONIAL, ENCE, FCC, GRUPO CATALANA OCCIDENTE, MELIÁ HOTELES, MERLIN, SECTOR ELÉCTRICO, VISCOFAN. EUROPA: N/A. 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 con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. El Ibex sigu...
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
GCO GRUPO CATALANA OCCIDENTE S.A.
ENC ENCE ENERGIA Y CELULOSA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
MEL MELIA HOTELS INTERNATIONAL S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
COL SM INMOBILIARIA COLONIAL (COL SM)
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Juan Ros-Padilla
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 06/02/2024
Nous faisons rentrer aujourd’hui CRH dans notre liste de valeurs recommandées Large Caps. Elle est exposée à l’économie américaine qui va continuer ,selon nous, de se montrer plus dynamique que l’économie européenne, comme en ont attesté les très bons chiffres de création d’emploi vendredi dernier. Elle réalise 75% de son EBITDA dans les 10 Etats américains à plus forte croissance et dispose en outre de catalyseurs techniques positifs comme sa future entrée dans les indices S&P TMI et...
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