ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/26/2024

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Credit Morning 04/26/2024

Ardagh reports very weak Q1 2024 results, confirms guidance and gives details about Apollo deal>...

TotalEnergies : Q1 results beat expectations by 2.2%, increased gearin...

>Q1 2024 beat expectations by 2.2% - Adjusted attributable net profit was $ 5,112m, 2.2% above our expectations and the consensus (ODDO BHF: $ 4,997m, consensus: $ 5,000m). Production came in at 2,461 kboe/d, flat q-o-q and down 2.5% y-o-y following the divestment in Canada. In E&P, adjusted net operating profit was $ 2,550 m (vs $ 2,802m in Q4), reflecting lower gas prices. Resilient iLNG and robust refining margins with reassuring outlook - In iL...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 26/04/2024

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Morning Crédit 26/04/2024

Ardagh publie un T1 2024 très faible, confirme sa guidance et donne quelques détails sur le deal avec Apollo>...

TotalEnergies : Q1 results beat expectations by 2.2%, increased gearin...

>Q1 2024 beat expectations by 2.2% - Adjusted attributable net profit was $ 5,112m, 2.2% above our expectations and the consensus (ODDO BHF: $ 4,997m, consensus: $ 5,000m). Production came in at 2,461 kboe/d, flat q-o-q and down 2.5% y-o-y following the divestment in Canada. In E&P, adjusted net operating profit was $ 2,550 m (vs $ 2,802m in Q4), reflecting lower gas prices. Resilient iLNG and robust refining margins with reassuring outlook - In iL...

Infineon: Near-term downside priced in. Attractively valued for the lo...

As a follow-up to the work we published two weeks ago, which called for a downcycle in the auto semiconductor market, we review our expectations for Infineon. In summary, we expect Infineon to outperform the broader market, driven by a favorable exposure to xEVs and microcontroller share gains. We still see downside to expectations over the next 12 months, but from a stock perspective, we find the company attractively valued ahead of another leg of strong secular growth beyond this year.

Unibail-Rodamco-Westfield : Positive momentum in both operations and d...

>Momentum in shopping centres remains brisk in Q1 - URW yesterday evening reported Q1 2024 revenues of € 942.8m, up +3.7% y-o-y at current scope and +10.5% at constant scope mainly reflecting still positive operating momentum in shopping centres as well as the first positive effects from the Olympic Games in Paris in the convention and exhibition (“C&E”): division:Tenant sales up + 5.5% y-o-y in Q1 2024: tenant sales remained positive with +5.8% y-o-y in continen...

AUCTUS ON FRIDAY - 26/04/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$1.00 per share: Important step to unlock Sicily – The Italian ministry has informed ADX that it will be granted the d 363C.R-.AX gas exploration permit in the Sicily Channel. In addition, the Regional Administrative Court of Rome has annulled the Plan for the Sustainable Energy Transition of Eligible Areas that prevented the oil redevelopment, appraisal and exploration activities on the licence. ...

TOTALENERGIES: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'24 vs 1T'23: EBIT: 5.510 M dólares (-20,3% vs -24,0% BS(e) y -21,6% consenso). BDI: 5.721 M dólares (-12,5% vs -24,8% BS(e) y -23,8% consenso).

INVEST SECURITIES - UNIBAIL-RODAMCO : Un trimestre sans surprise mais ...

Unibail-Rodamco-Westfield : Dynamique positive aussi bien sur les opér...

>La dynamique sur les centres commerciaux reste soutenue sur le T1 - URW a publié hier soir un CA sur T1 2024 à 942.8 M€ en hausse de 3.7% yoy à périmètre courant et de 10.5% à périmètre constant (pc) et qui reflète surtout la poursuite d’une dynamique opérationnelle toujours bien orientée sur les centres commerciaux ainsi que les 1ers effets positifs liés aux Jeux Olympiques de Paris sur le Pôle congrès et expositions (« C&E ») :CA commerçants au T1 2024 à + 5.5...

Vermilion Int'l Compass: Global Equity Strategy

Upgrading Europe to Overweight Considering the fact that several 5% pullbacks and roughly one 10% pullback are to be expected in any given year, we continue to view the latest pullback as healthy and normal within the ongoing bull market -- MSCI ACWI (ACWI-US) has had a 5.5% pullback from its 2024 highs, while the EURO STOXX 50 pulled back 4.5%. We discussed last Thursday (4/18/24 Int'l Compass) how further downside may be limited with these two indexes already 4-5% off their highs, combined wi...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/25/2024

Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/04/2024

Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...