‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In the U...
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffrent ma...
>2025-2028: dividend at least € 2.25/share + SBB = € 12bn - The CMD starts today at 12.30 p.m. BASF is targeting total shareholder returns of € 12bn for 2025-2028, including at least € 2.25/share (€ 8bn), a 5% yield at current trading, and around € 4bn in SBB. The dividend compares to € 3.40/share paid out in 2024 for 2023 and dividend futures trading at € 2.64, saving € 1bn in dividends in the coming years.Capex “well below D&A” from 2026 onwards - T...
>Digital Industries still struggling, Smart Infrastructure at the peak - At a conference on Tuesday, the CFO provided some details on the Digital Industries (DI) business and trends. In China (25% of DI revenues), distributor stocks remain high, at c. 11-11.5 weeks vs 12.5 at end-June and 14 at end-March. The situation continues to normalise but only gradually, reflecting lacklustre demand (automotive and building machines). The 2024 guidance for DI to see a revenue d...
>Digital Industries toujours à la peine, Smart Infrastructure au sommet - Lors d’une conférence mardi, le CFO a fourni quelques éléments sur l’activité Digital Industries (DI) et les tendances. En Chine (25% du CA de DI), les stocks des distributeurs restent à un niveau élevé, autour de 11-11.5 semaines contre 12.5 à fin juin et 14 à fin mars. La normalisation se poursuit mais à un rythme faible, reflet d’une demande en berne (automobile et building machine). Dès lors...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ECOENER, GREENING, GRIFOLS, TELEFÓNICA. EUROPA: BASF, UNICREDIT. Freno al optimismo en bolsa Jornada negativa en Europa después de las ganancias de las últimas sesiones que habían lanzado al Ibex por encima de los 11.800 puntos y máximos de 2015. Así, en el STOXX 600 los mejores sectores fueron B. Consumo y Hogar frente a Energía y Autos que sufrieron las mayores caídas. Por el lado macro, en EE.UU. la venta de viviendas nuevas cayó menos de lo prev...
‘Soft landing’... the term is in vogue and we think it aptly describes the current situation in the energy market. After a period of “excess profits”, the fundamentals are back in favour and prompt us to revise down our estimates for energy prices. - Alongside renewable energies, pockets of sustainable value creation are emerging for players capable of capitalising on the structural growth in volatility on the electricity markets but which are nonetheless trading at a discount In ...
“Soft landing”… le terme est à la mode et nous pensons qu’il caractérise bien la situation du marché de l’énergie aujourd’hui. Après une parenthèse de « surprofits », les fondamentaux reprennent leur droit et nous conduisent à réviser en baisse nos hypothèses de prix de l’énergie. A côté du renouvelable, des poches pérennes de création de valeur apparaissent pour les acteurs capables de profiter de la croissance structurelle de la volatilité des marchés électriques et qui souffre...
>Rightsizing Europe, focus on “Verbund”, Bridge to 17% EBITDA margin target? - BASF will host its CMD on 26-27 September 2024. We expect more granularity and details to what was presented back in December 2023 when former CEO Martin Brudermüller and his executive team already pointed towards a more focused chemicals company, leveraging its integrated “Verbund” structure. Chemicals, Materials, Industrial Solutions and Nutrition&Care represent the backbone of the Verbun...
A director at Generali sold 13,290 shares at 25.830EUR and the significance rating of the trade was 76/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showin...
Elia is a good company in the sweetspot of the EU's ambitious plans to have one European electricity network and with Germany-specific plans to replace nuclear power with wind. Elia's asset base is growing fast, with €31bn in capex until FY28 being more than quadruple the FY19-23 level. This is good for profitability in its regulatory framework. While its growth means that the company deserves a premium to its peers, at the same time Elia falls >60% short of the dividend yield offered by peers. ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: LAR ESPAÑA, TELEFÓNICA. EUROPA: BASF, DEUTSCHE TELEKOM, UNICREDIT. Finalmente la Fed se decanta por los 50 puntos de recorte Sesión de transición con leves caídas en las bolsas europeas, que cortó la racha alcista en el Ibex que le llevó a renovar máximos de 2015. Así, en el STOXX 600 tan sólo Autos y Energía esquivaron las caídas que estuvieron lideradas por Media, Alimentación y B. de Consumo. Por el lado macro, en la Eurozona la inflación mensual...
A director at AstraZeneca bought 2,000 shares at 11,793p and the significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
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