A director at Intesa Sanpaolo S.p.A. sold 20,000 shares at 3.711EUR and the significance rating of the trade was 56/100. 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 c...
We have tactically downgraded the energy sector from Overweight to Neutral (excl. oil services on which we are maintaining our Overweight rating) and dropped Shell Plc from our Large Caps list. The IEA report has accelerated the downswing for the energy sector, which could continue in the days ahead. June will be a better month to come back to the sector. - ...
Altice designates certain subsidiaries as unrestricted (Bloomberg)Elior: good H1 23/24 results and confidence in targetsMoody's upgrades Monte's ratings by one notch to Ba2 senior and Ba3 Tier 2Avolta (ex-Dufry): solid first quarter, guidance confirmedMaxeda: after a difficult FY 2023 (leverage above 5x), the group is counting on its free cash flow generation in 2024 to deleverage before refinancing next year.>...
Maxeda : après une année 2023 difficile (levier au-dessus de 5x), le groupe mise sur sa génération de free cash-flow en 2024 pour se désendetter avant son refinancement l’an prochainAltice désigne certaines filiales comme non restreintes (Bloomberg)Moody’s réhausse d’un cran les notes de Monte, à Ba2 en senior et à Ba3 en Tier 2Elior : bonne publication au S1 23/24 et confiance sur les objectifs fixésAvolta (ex-Dufry) : Très bon trimestre, guidances confirmées...
Nous dégradons tactiquement à Neutre le secteur de l’énergie (hors Services Pétroliers sur lesquels nous conservons une opinion Surperformance) et faisons sortir Shell plc de notre liste Large Caps. Le rapport AIE a accéléré la baisse du secteur énergie, qui pourrait se poursuivre dans les jours qui viennent. Juin sera un meilleur mois pour revenir sur le secteur. - ...
>Q1 figures a shade above forecasts - Avolta reported this morning strong Q1 figures. Group core income stood at CHF 2,784m, giving growth of 18% y-o-y and organic growth of 8.6% (of which a +1% positive impact related to the Easter timing). Revenues were thus 2% above the consensus’ forecasts (i.e. Vara Research) and 1% above our estimates. By region, we note the very strong performance for the EMEA zone with organic growth at +11.7% driven by the momentum in leisure...
>Des chiffres T1, légèrement au-dessus des attentes - Avolta publie ce matin de bons chiffres du T1. Le Core revenu groupe ressort à 2784 MCHF, soit une croissance de 18% yoy et une croissance organique de 8.6% (dont +1% d’impact positif lié au timing de Pâques). Les revenus sont ainsi 2% au-dessus des attentes du consensus (i.e. Vara Research) et 1% au-dessus de nos estimations. Par région, on notera la très belle performance de la zone EMEA avec une croissance organ...
Avolta AG / Key word(s): Miscellaneous Results of the Ordinary General Meeting of Avolta AG held on May 15, 2024 15.05.2024 / 18:30 CET/CEST The Ordinary General Meeting of Avolta AG was held today in Basel, Switzerland. A total number of 104’270’267 shares were represented at the meeting, corresponding to 68.32% of the total share capital of Avolta AG. The shareholders resolved as follows:1 The Board of Directors’ proposal pursuant to agenda item 1.1 that the consolidated financial statements and the annual financial statements for 2023 be approved has been accepted by a ma...
Intesa Sanpaolo's new AT1 extends the curve to 2032 and increases the likelihood of a call for the low reset 3.75 in our view. Only modest further tightening potential in covered bonds. Santander UK and UBS (Switzerland) jump on FRN covered bandwagon. Bank bond performance
Intesa Sanpaolo's new AT1 extends the curve to 2032 and increases the likelihood of a call for the low reset 3.75 in our view. Only modest further tightening potential in covered bonds. Santander UK and UBS (Switzerland) jump on FRN covered bandwagon. Bank bond performance
We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.
>A rather surprising warning about summer air fares - According to Reuters, Ryanair’s CEO Michael O’Leary has said that summer air fares are likely to be lower than initially expected. O'Leary expected summer air fares to rise by between 5% and 10% but his projections are now more moderate, with growth now seen coming out flat to 5% higher (the Visible Alpha consensus expects yields to rise by +3-4% over the summer). The CEO added that this downward revision was unex...
>Un warning sur les prix de l’été assez surprenant - Selon Reuters, Michael O’Leary, PDG de Ryanair, a déclaré que les prix des billets sur l’été devraient être inférieurs aux prévisions initiales. O'Leary pensait que les prix augmenteraient entre 5 % et 10 % sur l’été mais les prévisions aujourd’hui sont plus modérées avec une croissance attendue entre stable et +5% (le consensus Visible Alpha table sur une hausse des yield de +3-4 % sur l’été). Le CEO ajoute que ce...
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