reports
- Benoit Valleaux
- Steven Gould
CaixaBank : Medium-term strategic update: underpinning win/win profile...
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully r...
- Benoit Valleaux
- Steven Gould
CaixaBank : Update stratégique MT : conforter le profil ‘win/win’ face...
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété ...
- Research Department
INFORME DIARIO 12 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAIXABANK, MINOR HOTELS, SECTOR INMOBILIARIO, SECTOR SEGUROS. EUROPA: BAYER. 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. 3T’24 que se publicarán en España y Europa en los próximos días. Los mercados se estabilizan En una jornada de pocos catalizadores las bolsas europeas rebotaron, compensand...
- Research Department
IBERIAN DAILY 12 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: BANKINTER, CAIXABANK, INSURANCE SECTOR, MINOR HOTELS, REAL ESTATE SECTOR. 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 3Q’24 results to be released over the coming days in Spain. Markets stabilise In a session with few drivers, European stock markets rallied, offsetting part of the drop from the previous week. In the STOXX 600, the best-performing sectors in th...
- Research Department
INFORME DIARIO 06 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, SANTANDER. EUROPA: AHOLD DELHAIZE, BMW, SIEMENS, UNICREDIT. 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. 3T’24 que se publicarán en España y Europa en los próximos días. Trump gana las elecciones A la espera de conocer el desenlace oficial, todo parece indicar que Trump habría ganado las...
- Research Department
IBERIAN DAILY 06 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACCIONA ENERGÍA, 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 3Q’24 results to be released over the coming days in Spain. Trump wins the elections Awaiting the official results, all indications suggest that Donald Trump would have won the US presidential election (248 of 270 necessary electoral votes), where four of the so-called swing states would h...
- Carole Braudeau
- Carole Braudeau
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Emira Sagaama
- Michael B. Schäfer
SOP SOPRA STERIA GROUP SA
TFI TELEVISION FRANCAISE 1 SA
VETO VETOQUINOL SA
LSS LECTRA SA
EBRO EBRO FOODS SA
MBB MBB INDUSTRIES SE
G24 SCOUT24 AG
ELIS ELIS SA
MAREL MAREL HF.
AIXA AIXTRON SE
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
ROYAL VOPAK NV
DLG DE'LONGHI S.P.A.
FDR FLUIDRA S.A.
MELE MELEXIS NV
SPIE SPIE SA
GLPG GALAPAGOS NV
IDR INDRA SISTEMAS S.A. CLASS A
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
RUI RUBIS SCA
ALD ALD SA
BFSA BEFESA SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
CLA CLARANOVA SE
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
TE TECHNIP ENERGIES NV
FPE3 FUCHS PETROLUB SE
STM STABILUS SE
FLOW FLOW TRADERS LTD
PLX PLUXEE NV
- Javier Esteban
CAIXABANK: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results NII: € 2.79 Bn (+2% vs. -1.2% BS(e) and +0.6% consensus); Total Revenues: € 4.09 Bn (+1.9% vs. -0.3% BS(e) and +0.9% consensus); Operating Income: € 2.56 Bn (+0.6% vs. -2.3% BS(e) and -0.9% consensus); Net Profit pre AT1: € 1.57 Bn (+3.3% vs. +1% BS(e) and 0.7% consensus). 3Q'24 vs. 2Q'24 Results NII: € 2.79 Bn (+0.1% vs. -3% BS(e) and -1.3% consensus); Total Revenues: € 4.09 Bn (-2.7% vs. -4.8% BS(e) and -3.6% consensus); Operating Income: € 2.56 Bn (-4.8% vs. -7.5% BS(...
- Javier Esteban
CAIXABANK: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: M. Intereses: 2.794 M euros (+2% vs -1,2% BS(e) y +0,6% consenso); M. Bruto: 4.092 M euros (+1,9% vs -0,3% BS(e) y +0,9% consenso); M. Neto: 2.557 M euros (+0,6% vs -2,3% BS(e) y -0,9% consenso); BDI pre AT1: 1.573 M euros (+3,3% vs +1% BS(e) y 0,7% consenso). Rdos. 3T'24 vs 2T'24: M. Intereses: 2.794 M euros (+0,1% vs -3% BS(e) y -1,3% consenso); M. Bruto: 4.092 M euros (-2,7% vs -4,8% BS(e) y -3,6% consenso); M. Neto: 2.557 M euros (-4,8% vs -7,5% BS(e) y -6,2% consenso);...
- Research Department
IBERIAN DAILY 31 OCTOBER + 3Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...
NEWS SUMMARY: BANKING/ENERGY SECTOR, CAIXABANK, EBRO FOODS, FCC, FLUIDRA, NATURGY. 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 3Q’24 results to be released over the coming days in Spain. Inflation rises in October European stock markets fell, with October’s inflation data in Europe higher than expected. In the STOXX 600, all the sectors ended with drops, with Travel & Leisu...
- Benoit Valleaux
- Steven Gould
Unicaja Banco : Q3 2024 confirms an improvement in fundamentals that i...
>Neutral rating maintained – Target price cut to € 1.35 (vs € 1.40) - Our Neutral rating is reiterated on the stock, with a target price adjusted to € 1.35 (vs € 1.40). The Q3/9M 2024 figures broadly confirm the improvement in the underlying operating performance (top line, CoR costs) and the solidity of the group’s balance sheet. We are nonetheless slightly lowering our net income forecasts (-2% on average for 2024-2026) in order to notably correct a slightly too opt...
- Research Department
INFORME DIARIO 31 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, EBRO FOODS, FCC, FLUIDRA, NATURGY, SECTOR BANCOS, SECTOR ENERGÉTICO. EUROPA: AB INBEV, AXA, AIRBUS, DHL GROUP, ING, SIEMENS. 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. 3T’24 que se publicarán en España y Europa en los próximos días. La inflación repunta en octubre Caídas en los mercados euro...
- Benoit Valleaux
- Steven Gould
Unicaja Banco : Le T3 2024 confirme une amélioration des fondamentaux ...
>Opinion Neutre maintenue – OC ramené à 1.35 € (vs 1.40 €) - Notre recommandation Neutre est réitérée sur le titre, avec un objectif de cours ramené à 1.35 € (vs 1.40 €). Les chiffres T3/9M 2024 confirment globalement l’amélioration de l’opérationnel underlying (topline, coûts CdR) et la solidité bilancielle du groupe. Nous révisons toutefois légèrement à la baisse nos anticipations de RN (-2% en moyenne sur 2024-26e) afin de corriger notamment un biais un peu trop op...
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Javier Esteban
UNICAJA: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results NII: € 384 M (+7.5% vs. +3% BS(e) and +3.8% consensus); Total Revenues: € 514 M (+2.2% vs. +1.1% BS(e) and +0.6% consensus); Operating Income: € 286 M (-1.4% vs. -1.8% BS(e) and -3.1% consensus); Net Profit: € 157 M (+14.4% vs. +14.4% BS(e) and +13.2% consensus). 3Q'24 vs. 2Q'24 Results NII: € 384 M (+0.1% vs. -4% BS(e) and -3.3% consensus); Total Revenues: € 514 M (-5.5% vs. -6.6% BS(e) and -7% consensus); Operating Income: € 286 M (-10.7% vs. -11.1% BS(e) and -12.3% co...
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Javier Esteban
UNICAJA: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: M. Intereses: 384 M euros (+7,5% vs +3% BS(e) y +3,8% consenso); M. Bruto: 514 M euros (+2,2% vs +1,1% BS(e) y +0,6% consenso); M. Neto: 286 M euros (-1,4% vs -1,8% BS(e) y -3,1% consenso); BDI: 157 M euros (+14,4% vs +14,4% BS(e) y +13,2% consenso). Rdos. 3T'24 vs 2T'24: M. Intereses: 384 M euros (+0,1% vs -4% BS(e) y -3,3% consenso); M. Bruto: 514 M euros (-5,5% vs -6,6% BS(e) y -7% consenso); M. Neto: 286 M euros (-10,7% vs -11,1% BS(e) y -12,3% consenso); BDI: 157 M eur...
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