reports
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/23/2024
In the run-up to the 2024 Summer Olympic Games and Euro 2024 football tournament, we have identified six stocks to favour: JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield and easyJet. While these two major sporting events are not expected to have a significant impact on the host economies in the medium term, the microeconomic and sectoral impacts should be more marked. The tourism, transport, beverages and consumer goods sectors are expected to be the main winners. Some med...
- Luis de Toledo Heras
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 23/04/2024
En amont des Jeux Olympiques d’été et de l’Euro de football 2024, nous identifions 6 valeurs à privilégier : JCDecaux, Accor, Sodexo, adidas, Unibail-Rodamco-Westfield et easyJet. Alors que ces deux évènements sportifs majeurs ne devraient pas avoir d’impact significatif sur les économies hôtes à moyen terme, les impacts microéconomiques et sectoriels devraient être plus marqués. Les secteurs du tourisme, des transports, des boissons et des biens de consommation devraient être les pr...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Alfonso Mariategui
SAP: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: Ventas: 8.041 M euros (+8,1% vs +8,1% BS(e) y +7,9% consenso); EBIT non-IFRS: 1.533 M euros (+16,0% vs +22,3% BS(e) y +18,3% consenso). Rdos. 1T’24 en línea en ventas (+8,1% vs +8,1% BS(e) y +7,9% consenso) donde destacamos el comportamiento de Cloud (44% ventas), que presenta un crecimiento elevado aunque esperado (+24% vs 1T’23, en línea con nuestras estimaciones y las del consenso).
- Nicolas David
SAP : A good start to the year, but not enough (and too early) to rais...
>Solid Cloud & Software revenue, driven by on-premises resilience. Strong CCB - SAP released its Q1 2024 earnings yesterday after market. Sales were just in line, at € 8.04bn (css: € 8.02bn) but Cloud & Software revenue growth on cc came in at 11%, above expectations (css: 9% cc), thanks, again, to impressive resilience from the Support revenues (-1% cc vs css: -2.8% cc), while Cloud revenue growth was just in line with expectations (25% cc). The current Cloud backlo...
- Research Department
INFORME DIARIO 23 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS, ENCE, IAG, NATURGY, TALGO. EUROPA: SAP. 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. Rebota el mercado Las bolsas europeas recuperaron parte de las pérdidas de la semana pasada y el oro registró su mayor bajada en un año, siguiendo ...
- Nicolas David
SAP : A good start to the year, but not enough (and too early) to rais...
>Solid Cloud & Software revenue, driven by on-premises resilience. Strong CCB - SAP released its Q1 2024 earnings yesterday after market. Sales were just in line, at € 8.04bn (css: € 8.02bn) but Cloud & Software revenue growth on cc came in at 11%, above expectations (css: 9% cc), thanks, again, to impressive resilience from the Support revenues (-1% cc vs css: -2.8% cc), while Cloud revenue growth was just in line with expectations (25% cc). The current Cloud backlo...
- Nicolas David
SAP : Risk/reward incertain après la forte hausse du consensus et des ...
>Preview T1 : solide sur la topline. Plus mitigé sur les marges et le FCF - SAP publiera ses résultats T1 2024 le lundi 22 avril après Bourse, avec une conf call à 11pm CET. De nos derniers échanges avec la société nous retenons les éléments suivants : 1/ la croissance du CA devrait être solide, portée par une bonne croissance Cloud hors revenus transactionnels, convergeant vers la croissance du Current Cloud Backlog ou CCB (+27% au T4 2023), partiellement compensée p...
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/04/2024
The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAP SAP SE
- Baptiste Salaville
- Bruno Cavalier
- Jean Danjou
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/15/2024
The logistics market is our preferred real estate segment, where the coming growth remains undervalued. We prefer the high growth stock within this segment, CTP. We also have Outperform recommendations on Argan, Montea and VGP. We believe WDP is fully valued, though. - ...
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SW SODEXO SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
BC8 BECHTLE AG
ELI ELIA GROUP SA/NV
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
SAP SAP SE
- Nicolas David
SAP : Uncertain risk/reward profile after sharp upward revision of con...
>Q1 preview: solid on the top line. More mixed on margins and FCF - SAP is due to report its Q1 2024 results on Monday, 22 April after the market close, with a conference call scheduled for 11 p.m. CET. The key takeaways from our most recent discussions with the company are: 1/ revenue growth is set to be solid, driven by robust Cloud growth excluding transactional revenues, converging towards Current Cloud Backlog (current cloud backlog i.e. CCB) growth (+27% in Q4 2...
Moody's upgrades SAP's rating to A1, outlook stable
Moody's Ratings (Moody's) upgraded SAP SE's (SAP) long term issuer rating to A1 from A2, its senior unsecured rating to A1 from A2 and its senior unsecured MTN program rating to (P)A1 from (P)A2. Concurrently, Moody's affirmed its P-1 short term issuer ratings. The outlook changed to stable from pos...
- Alfonso Mariategui
SAP: NUBES Y CLAROS; CAMBIO DE RECOMENDACIÓN A VENDER (ANÁLISIS BANCO ...
Nubes y claros. Elevamos P.O. un +17% hasta 170 euros/acc. Sin potencial, pasamos a VENDER. Para los próximos años, si bien la visibilidad y el crecimiento serán elevados (+55% en EBIT y +53% FCF’25 vs 2023), ya está recogido en estimaciones y en cotización (+120% desde mínimos 2022). Incluso más a futuro, dibujando un escenario optimista, un EBIT’28 2x superior a 2023, nos deja un potencial limitado (-4%). Elevamos la TACC’24/28e EBIT +70 p.b. hasta +16,9% ante la mayor demanda de Cloud, backlo...
- Research Department
INFORME DIARIO 11 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAIXABANK, GRIFOLS, TELEFÓNICA. EUROPA: SAP. La reunión de marzo del BCE animó el cierre semanal de las bolsas La reunión del BCE animó a que las bolsas rompieran al alza los máximos de 2024, empujadas por las esperadas bajadas de tipos de interés en junio. Con todo, el Ibex 35 avanzó durante la semana cerca de +3% superando niveles de 10.300 puntos, el Eurostoxx 50 avanzó de forma más moderada en torno al +2% y las del Dax alemán no lleg...
- Research Department
INFORME DIARIO 22 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, IBERDROLA, NEINOR, REPSOL, TALGO, TELEFÓNICA. EUROPA: AXA, DANONE, MERCEDES BENZ GROUP, SAP. 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. NVIDIA impulsa las bolsas A la espera de las actas de la Fed y los resultados de NVIDI...
SAP SE: 1 director
A director at SAP SE bought 2,000 shares at 167.500EUR and the significance rating of the trade was 84/100. 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...
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