ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/24/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 24/10/2025

Credit Morning 10/24/2025

IGH: strong EBITDA decrease amid continued challenging market conditions|Nexity: a Q3 without surprises and without progress|URW: a solid Q3, accompanied by a new CEO, an acquisition and higher targets|

Morning Crédit 24/10/2025

IGH: strong EBITDA decrease amid continued challenging market conditions|Nexity : un T3 sans surprise et sans progrès|URW : un T3 solide, accompagné d’un nouveau CEO, d’une acquisition et d’une hausse des objectifs|

Bankinter : Reassuring Q3/9M 2025 results but few triggers (re-rating)...

Bankinter : T3/9M 25 rassurant mais peu de triggers (rerating) vs valo...

BANKINTER: MENSAJES DE LA CONFERENCE CALL RDOS. 3T’25 (ANÁLISIS BANCO ...

De la conference call Rdos. 3T’25 destacamos una esperada revisión del guidance al alza pero más discreta y menos concreta que lo esperado:

BANKINTER: 3Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24: NII: € 566 M (-0.4% vs. -0.5% BS(e) and +0% consensus); Total Revenues: € 757 M (+2.2% vs. +2.1% BS(e) and +2..6% consensus); Operating Income: € 478 M (+0.2% vs. -+0% BS(e) and +1.2% consensus); Net Profit: € 270 M (+4.8% vs. +1.7% BS(e) and +2.9% consensus). 3Q'25 vs. 2Q'25: NII: € 566 M (+1% vs. +0.9% BS(e) and +1.4% consensus); Total Revenues: € 757 M (-0.7% vs. -0.9% BS(e) and -0.4% consensus); Operating Income: € 478 M (-3.4% vs. -3.6% BS(e) and -2.5% consensus); Net Prof...

BANKINTER: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: M. Intereses: 566 M euros (-0,4% vs -0,5% BS(e) y +0% consenso); M. Bruto: 757 M euros (+2,2% vs +2,1% BS(e) y +2,,6% consenso); M. Neto: 478 M euros (+0,2% vs -+0% BS(e) y +1,2% consenso); BDI: 270 M euros (+4,8% vs +1,7% BS(e) y +2,9% consenso). Rdos. 3T'25 vs 2T'25: M. Intereses: 566 M euros (+1% vs +0,9% BS(e) y +1,4% consenso); M. Bruto: 757 M euros (-0,7% vs -0,9% BS(e) y -0,4% consenso); M. Neto: 478 M euros (-3,4% vs -3,6% BS(e) y -2,5% consenso); BDI: 270 M euros ...

IBERIAN DAILY 23 OCTOBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVI...

NEWS SUMMARY: BANKINTER, CAF, GREENING, INDRA, REDEIA. 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’25 results to be released over the coming days in Spain. Pause in market gains It was a transitional session on European stock markets, which closed with losses (except the IBEX, which was once again near record highs) after the meeting between Trump and Putin was cancelled...

INFORME DIARIO 23 OCTUBRE + RDOS. ESPAÑA Y EUROPA 3T’25. IDEAS DESTACA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAF, GREENING, INDRA, REDEIA. EUROPA: KERING, NOKIA, 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. 3T’25 que se publicarán en España y Europa en los próximos días. Pausa en las subidas Jornada de transición en las bolsas europeas, que cerraron con pérdidas (a excepción del Ibex, que se ac...

Semicon West: 2026 outlook? Does AI drive growth? DRAM architectures? ...

Last week we attended the 2025 edition of the Semicon West conference, the key event for investors focused on the semiconductor equipment market. Over two days we hosted more than a dozen meetings with companies across the semiconductor value chain. Here are our key takeaways.

Credit Morning 10/14/2025

Thyssenkrupp: announcement of the planned date for listing of TKMS|La Mondiale successfully placed a new Tier 2 2035 bond at MS+180 bp yesterday.|

Morning Crédit 14/10/2025

Thyssenkrupp: announcement of the planned date for listing of TKMS|La Mondiale a placé hier avec succès un nouveau Tier 2 2035 à MS+180 bp|

ODDO : Mémoire : Et si nous étions à l’aube d’un ‘supercycle’ ?

Les prix de la mémoire ont progressé de 15% sur un mois et de ~30% YTD. Cela reflète une forte tension sur l’offre alors que la demande IA est plus élevée qu’attendu. Les stocks de mémoires sont, par ailleurs, au plus bas, ouvrant la voie en 2026 à un supercycle, tiré par l’IA mais aussi par l’intégration de l’Edge AI dans les smartphones/PC. Un marché des semis à ~+15/20% en 2026 est crédible dans ce contexte. Dans notre couverture, cela devrait d’abord bénéficier à ASML, VAT, Siltronic, ASMi e...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/13/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/10/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/13/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 13/10/2025

ODDO : Memory: What if we were on the eve of a super cycle?

Memory prices have risen by 15% m-o-m and by ~30% since the start of 2025. This reflects a tight supply situation, with demand for AI stronger than expected. Memory inventories are also at an all-time low, paving the way for a super cycle in 2026, driven by AI but also by the integration of Edge AI in smartphones/PCs. A semis market at ~+15-20% in 2026 is a credible scenario in this context. In our coverage, this should first benefit ASML, VAT, Siltronic, ASMi and SUSS (Outperform vs Neutral), f...