reports
- Carole Braudeau
- Ahmed Ben Salem
- Emmanuel Matot
- Ahmed Ben Salem
- Emmanuel Matot
- Carole Braudeau
- Ahmed Ben Salem
TotalEnergies : Q3 earnings in line but cash flow down and questions o...
>Q3 2024 results in line - Adjusted operating profit totalled $ 4.1bn, broadly in line with our expectations and the consensus, and down 12.8% sequentially, marked by a poor performance in R&C following the fall in refining margins.Fall in refining margins acting as a drag - In E&P, adjusted net operating profit was $ 2.48bn, in line with the consensus. Production fell slightly by 1.3% q-o-q to 2.4 Mboe/d, marked by the start-up of Mero 2 but offs...
- Benoit Valleaux
- Steven Gould
Intesa Sanpaolo : Q3/9M 2024: still just as convincing!
>Outperform opinion maintained – Target price raised to € 4.9 (vs € 4.6) - Q3/9M 2024 results support our Outperform opinion, providing reassurance about key operating points (topline, costs and CoR) and, ultimately, capital and shareholder returns, with ISP further upgrading net income guidance for 2025. Diversification of the business model (focus on long-term savings) should continue to benefit ISP within the sector in the new interest-rate environment. We are rais...
- ING Helpdesk
Benelux Morning Notes
Alfen: Preview – expect 3Q to be light compared to 4Q. BAM: Preview - it doesn't feel that good. Brunel International: 3Q24 results: 4% EBIT miss – weak outlook. Fugro: Unexpected sales decline in US and Middle East. Kinepolis: US Peer Cinemark 3Q24 results beat on strong spending. Universal Music Group: 3Q24 reasonable, 2H24 €400m M&A cash out will hurt
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/11/2024
AUCTUS PUBLICATIONS ________________________________________ Condor Energies (CDR CN)C; Target price of C$5.80 per share: Another positive operating update – The work-overs of two new existing wells have added 441 boe/d after a combined 20 m of previously unperforated reservoir pay was accessed. The first well is producing 410 boe/d. It was previously shut-in. The second well is producing an extra 31 boe/d (+65%) and continues to clean-up. With a total cost of 100 wells on Condor’s fields includ...
FP TOTAL SE
EQNR EQUINOR ASA
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GALP GALP ENERGIA SGPS SA CLASS B
EOG EUROPA OIL & GAS (HOLDINGS) PLC
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
ENI ENI S.P.A.
REP REPSOL SA
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
TOU TLOU ENERGY
SQZ SERICA ENERGY
DELT DELTIC ENERGY
BP. BP P.L.C.
AOI AFRICA OIL CORP
OKEA OKEA
NOG NOSTRUM OIL & GAS PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
CDR CONDOR ENERGIES INC
- Oliver Metzger
Smith & Nephew : Factor in slower momentum due to China
>Q3 review – Miss on expectations due to China - Q3 2024 revenues of $ 1,412m (+4.1% y-o-y) were 1% below ODDO BHF/consensus. Underlying growth was 4.0% (vs 6.1%/5.5% expected). China was named as the primary reason for the slower development. We acknowledge that China has become a drag on growth since the second quarter. While China created a headwind of 110bp in Q2 on underlying growth, the impact has increased to 190bp in Q3 on the back of VBP implied price pressur...
- Jerôme Bodin
UMG : Q3 illustrates the start of normalisation on the pay streaming, ...
>Outperform rating maintained - UMG’s Q3 results, reported yesterday evening, were in line with expectations, with adjusted EBITDA of € 621m while we forecast € 626m and the consensus € 620m, with margin improvement of 50bp. Growth on constant currencies on the pay streaming portion (+8.2%) just beat our forecast of 7.5%, still underpinned by price increases for the platforms and mainly Spotify. All told, our full-year expectations are unchanged following this release...
- Delphine Brault
- Quentin Borie
Knorr-Bremse AG : Solid Q3 results thanks to RVS, pressure on CVS set ...
>Q3 results: broadly solid, but while RVS is reassuring, CVS raises concerns - Knorr-Bremse’s Q3 2024 results, reported yesterday morning, were broadly solid relative to a consensus that had gained ground in recent weeks. Order intake was near expectations (at € 1.9bn, or a book-to-bill of 1.02x), with rail (RVS) posting 12.9% organic growth and trucks (CVS) down by 13.3% (book-to-bill of 0.9x).The group generated revenues of € 1.91bn, up 0.3% in organic terms (...
- Baptiste Lebacq
- Michael B. Schäfer
Linde plc : Downward adjustment to the guidance for 2024
>Q3 2024 publication in line with forecasts - Linde's Q3 2024 sales were fully in line with our forecast at $ 8.36bn (+2% y-o-y and +2% q-o-q organic), with the main drivers being Asia Pacific (sales $ 1.59bn + 4.7% y-o-y) and engineering (sales +30.8% to $ 611m). Q3 2024 EBIT was $ 2.08bn and $ 2.477bn on an adjusted basis (i.e. 1% above our forecast), up 7% y-o-y. The adjusted operating margin was up 130bp y-o-y and 30bp q-o-q at 29.6%. Adjusted EPS was up...
- Anthony Dick
- Michael Foundoukidis
Stellantis : Q3 release not as bad as feared, but many challenges rema...
>No bad surprises and some progress, sufficient for this publication - Yesterday’s Q3 2024 sales release, which was weak (-27%, € 33.0bn) but in line with expectations, alongside the positive stock market reaction (+2%), seem to suggest that a trough has been reached, at least in terms of sentiment in the short term, and that progress on execution (mainly a decline in inventories in the US at this stage) and the new CFO’s message (clear vision of challenges, new share...
- Johanna Jourdain
La Française des Jeux : Major relief from EC decision, with low additi...
>Favourable decision from the European Commission: major relief for FDJ - The European Commission has released its decision yesterday during trading regarding the investigation on the equalisation payment made by FDJ to the French State in 2019, at initially € 380m. The EC has decided and agreed on an additional payment of € 97m from FDJ to the French State, i.e. a total payment of € 477m (€ 380m + € 97m). Also, the EC concluded that the measure does not constitute ai...
- Benoit Valleaux
- Steven Gould
Intesa Sanpaolo : T3/9M 2024 : toujours aussi convaincant !
>Opinion Surperformance confortée – OC porté à 4.9 € (vs 4.6 €) - Le T3/9M 2024 conforte notre opinion Surperformance, rassurant sur les points clés opérationnels (topline, coûts & CdR), et in fine sur le capital/retour à l’actionnaire (avec ISP améliorant encore sa guidance de RN pour 2025). La diversification du business model (focus épargne LT) devrait continuer de favoriser ISP au sein du secteur dans le nouveau contexte de taux. Nous rehaussons de 3% en moyenne n...
- Johanna Jourdain
La Française des Jeux : Major relief from EC decision, with low additi...
>Favourable decision from the European Commission: major relief for FDJ - The European Commission has released its decision yesterday during trading regarding the investigation on the equalisation payment made by FDJ to the French State in 2019, at initially € 380m. The EC has decided and agreed on an additional payment of € 97m from FDJ to the French State, i.e. a total payment of € 477m (€ 380m + € 97m). Also, the EC concluded that the measure does not constitute ai...
- Cor Kluis
ING Group : Q3 Net interest income less by treasury volatility and Oth...
>3Q24 NII less by treasury volatility and Other income better - The 3Q24 underlying net interest income (NII) was below our expectations by volatile Treasury results. We reduced our estimated underlying NII for FY24 and FY25 somewhat. The Q3 expenses were in line with expectations and will continue to grow mid-single digit in 2025. End Q3 the pro forma CET1 ratio was 13.5% in line with our expectations, and with one year of SBB’s they can bring their CET1 ratio down t...
- Ahmed Ben Salem
Repsol : Q3 2024 results in line. Guidance revised down but management...
>Q3 2024 earnings 1.6% shy of the consensus expectations - Adjusted net profit for Q3 totalled € 558m (-35% q-o-q /-49% y-o-y), 1.3% above our expectations and 1.6% below the consensus (ODDO BHF: € 551m est.; consensus: 567 M€), hit by a fall in production in Libya and a collapse in refining margins. E&P and refining impacted, but improvement expected in Q4 - E&P earnings came in at € 287m, down 33% q-o-q but 2% above consensus. This underperformance ...
- Roland Pfaender
- MBA
- CFA
- CCRA
- Steven Gould
Deutsche Bank : Q3 24 results point to rising non-interest income and ...
>Q3 2024 results slightly ahead of estimates - Deutsche Bank reported Q3 24 results just ahead of estimates. Adj. pre-tax profit came to € 1,942m and compares to € 1,849m for the consensus and our € 1,887m estimate. Revenues from operating units were 0.2% above consensus expectations while costs stood 1% above the consensus estimate. The cost of risk surprised on the downside and came in at € 494m (41bp of average loans) vs a consensus estimate of € 441m. Q3 24 RoTE ...
- Ahmed Ben Salem
TotalEnergies : Résultat T3 en ligne mais baisse du cash-flow et des i...
>Résultats T3 2024 en ligne - Le RNpg ajusté s'est établi à 4.1 Md$, globalement en ligne avec nos attentes et le consensus et en baisse séquentielle de 12.8% marqué par une mauvaise performance dans le R&C suite à la chute de marges de raffinage.Un repli des marges de raffinage qui pèse - En E&P, le RO net ajusté ressort à 2.48 Md$, en ligne avec le consensus. La production est en légère baisse de 1.3% QoQ à 2.4 Mbep/j marqué par le démarrage de ...
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