reports
- Oscar Rodriguez
- Oscar Rodriguez
- Research Department
IBERIAN DAILY 02 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: AENA, ARCELORMITTAL, METROVACESA, 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 1Q’24 results to be released over the coming days in Spain. Ibex falls back below 11,000 points European stock markets posted losses ahead of the Fed meeting, where the IBEX was once again the worst performer. Within the STOXX 600 sectors, the biggest gains came in Real Esta...
- Research Department
INFORME DIARIO 02 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ARCELORMITTAL, METROVACESA, REDEIA. EUROPA: AIRBUS, ING. 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. 1T’24 que se publicarán en España y Europa en los próximos días. El Ibex pierde otra vez los 11.000 puntos Jornada de caídas en las bolsas europeas previo a la reunión de la Fed donde el Ibex volvió...
ArcelorMittal: 1 director
A director at ArcelorMittal sold 8,456 shares at 24.243EUR and the significance rating of the trade was 65/100. 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 clearly sh...
- Arancha Pineiro
INDITEX: 4Q'23 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Sales: € 10.338 Bn (+8.7% vs. +8.3% BS(e) and +8.9% consensus); EBIT: € 1.617 Bn (+20.4% vs. +15.6% BS(e) and +19.4% consensus); Net Profit: € 1.279 Bn (+23.6% vs. +22.5% BS(e) and +23.0% consensus); FY2023 vs. FY2022 Results Sales: € 35.947 Bn (+10.4% vs. +10.3% BS(e) and +10.4% consensus); EBIT: € 6.809 Bn (+23.4% vs. +22.2% BS(e) and +23.1% consensus); Net Profit: € 5.381 Bn (+30.3% vs. +30.0% BS(e) and +30.1% consensus);
- Arancha Pineiro
INDITEX: RDOS. 4T’23 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ventas: 10.338 M euros (+8,7% vs +8,3% BS(e) y +8,9% consenso); EBIT: 1.617 M euros (+20,4% vs +15,6% BS(e) y +19,4% consenso); BDI: 1.279 M euros (+23,6% vs +22,5% BS(e) y +23,0% consenso). Rdos. 2023 vs 2022: Ventas: 35.947 M euros (+10,4% vs +10,3% BS(e) y +10,4% consenso); EBIT: 6.809 M euros (+23,4% vs +22,2% BS(e) y +23,1% consenso); BDI: 5.381 M euros (+30,3% vs +30,0% BS(e) y +30,1% consenso).
- Research Department
IBERIAN DAILY 13 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ARCELORMITTAL, INDITEX, SOLARIA. Markets continue to rise Despite the surprising increase in US inflation data, which could raise doubts on the start of rate cuts by the Fed in June, stock markets rose on both sides of the Atlantic and the IBEX reached a high since Feb’18 near 10,400 points. In the STOXX 600, all the sectors except Real Estate, Utilities and Telecoms closed with gains, led by Autos and Banks. On the macro side, in the UK February’s ILO unemployment rate rose more ...
- Research Department
INFORME DIARIO 13 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, INDITEX, SOLARIA. EUROPA: ADIDAS, BNP PARIBAS, SAFRAN, VOLKSWAGEN. El mercado sigue de fiesta A pesar de la sorpresa al alza en el dato de inflación en EE.UU., que podría poner en duda el inicio de las bajadas de tipos por parte de la Fed en junio, las bolsas subieron a ambos lados del Atlántico y el Ibex alcanzó máximos de febrero de 2018 rozando los 10.400 puntos. Así, en el STOXX 600, todos los sectores menos Inmobiliario, Utilitie...
- Arancha Pineiro
INDITEX: PREVIO RDOS. 4T’23 (ANÁLISIS BANCO SABADELL)
Esperamos sólida evolución en Rdos. 4T’23 y buenas indicaciones de trading update. COMPRAR Esperamos una positiva evolución en ventas comparables (publica 13/03) con un c.+13% (fuerte inicio del 4T y sólida demanda) y c.+8% a nivel reportado por efecto negativo de tipo de cambio. El margen bruto mejorará c.+75 pbs hasta el 53,6% en 4T’23 (por menores aprovisionamientos) mientras que el resto de costes seguirán bajo control, aunque creciendo a un ritmo algo superior a las ventas (margen EBIT c.+3...
- Research Department
IBERIAN DAILY 07 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, INDITEX, ROVI, TALGO. The Ibex near 10,200 points European stock markets saw new gains, with J. Powell still seeing rate cuts appropriate in 2024 (even if they will materialize later than what the market is expecting). Thus, the STOXX 600 climbed, fuelled by cyclical sectors, with Technology (offsetting part of yesterday’s sales) and Chemicals being the best performers whereas Media and Autos ended with the biggest drops, around -0.5%. On the macro side, in the eur...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
BMW BAYERISCHE MOTOREN WERKE AG
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
RNO RENAULT SA
ATO ATOS SE
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
DAI DAIMLER AG
SBMO SBM OFFSHORE NV
MF WENDEL SE
KORI KORIAN SA
ITP INTERPARFUMS
G24 SCOUT24 AG
VOW3 VOLKSWAGEN AG PREF
GLB GLANBIA PLC
VRNL VERNEUIL PARTICIPATIONS
SOC SUBSEA 7 S.A.
VID VIDRALA SA
AIXA AIXTRON SE
PAT PATRIZIA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
FNTN FREENET AG
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
IDR INDRA SISTEMAS S.A. CLASS A
SMCP SMCP SA
BFSA BEFESA SA
S92 SMA SOLAR TECHNOLOGY AG
NEOEN NEOEN S.A.
GRE GRENERGY RENOVABLES
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
ZEL PHARMA MAR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
SOL SOLTEC POWER HOLDINGS
STLA STELLANTIS N.V.
TE TECHNIP ENERGIES NV
FUR FUGRO NV
EXN EXCLUSIVE NETWORKS SA
ALLFG ALLFUNDS (UK) LTD
EAPI EUROAPI
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
SCHOTT PHARMA AG
- Rafael Bonardell
SOLARIA: FY2023 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'23 vs. 4Q'22 Results Sales: € 57.58 M (+24.1% vs. +11.9% BS(e) and +4.9% consensus); EBITDA: € 46.27 M (+21.5% vs. +23.2% BS(e) and +19.0% consensus); FY2023 vs. FY2022 Results Sales: € 230.0 M (+37.4% vs. +34.0% BS(e) and +32.1% consensus); EBITDA: € 199.88 M (+35.9% vs. +36.3% BS(e) and +35.2% consensus);
- Anis Zgaya
- Philippe Ourpatian
Solaria : 2023 publication in line, a heavier tax burden in 2024
>Outperform recommendation and target price of € 23.2 unchanged - After the publication of 2023 results, which were in line with our forecasts and those of the consensus, we confirm our Outperform recommendation and target price of € 23.2, which factors in only the 2025 target price, based on a DCF (€ 20.5) and a sum-of-the-parts (€ 26.0) approach. This publication was reassuring on the group's capacity to achieve the mid-term targets of the strategic plan announced i...
- Anis Zgaya
- Philippe Ourpatian
Solaria : Une publication 2023 en ligne, un alourdissement de la fisca...
>Recommandation Surperformance et OC 23.2 € inchangés - A l’issue de la publication des résultats 2023, ressortis en ligne avec nos attentes et celles du consensus, nous confirmons notre recommandation Surperformance et notre objectif de cours de 23.2 €, qui ne prend en compte que l’objectif 2025, sur la base d’un DCF (20.5 €) et d’une somme des parties (26.0 €). Cette publication est rassurante sur la capacité du groupe a atteindre les objectif intermédiaires de son ...
- Rafael Bonardell
SOLARIA: RDOS. 2023 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'23 vs 4T'22: Ventas: 57,58 M euros (+24,1% vs +11,9% BS(e) y +4,9% consenso); EBITDA: 46,27 M euros (+21,5% vs +23,2% BS(e) y +19,0% consenso). Rdos. 2023 vs 2022: Ventas: 230,0 M euros (+37,4% vs +34,0% BS(e) y +32,1% consenso); EBITDA: 199,88 M euros (+35,9% vs +36,3% BS(e) y +35,2% consenso).
- Research Department
IBERIAN DAILY 29 FEBRUARY + 4Q’23 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: AMADEUS, MERLIN, SOLARIA, TALGO, VIDRALA. 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 4Q’23 results to be released over the coming days in Spain. Results hurt the IBEX It was a session of moderate drops in most European indices (except the German DAX), with the IBEX leading the drops after the release of several companies’ results. In the STOXX 600, most secto...
- Research Department
INFORME DIARIO 29 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’23. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AMADEUS, MERLIN PROPERTIES, SOLARIA, TALGO, VIDRALA. EUROPA: AB INBEV. 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 con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. La campaña penaliza al Ibex Jornada de caídas moderadas en la mayoría de índices europeos (a excepción del DAX alemá...
- Oscar Rodriguez
ARCELOR MITTAL: 4Q’23 RESULTS
4Q'23 vs. 4Q'22 Results Sales: $ 14.552 Bn (-13.8% vs. -14.8% BS(e)); EBITDA: $ 1.266 Bn (+0.6% vs. -2.0% BS(e) and -4.6% consensus); Net Profit: $ -2.966.0 M ($ 261 M in FY2022 vs. $ -1.585 Bn BS(e) and $ -1.645 Bn consensus); FY2023 vs. FY2022 Results Sales: $ 68.275 Bn (-14.5% vs. -14.7% BS(e)); EBITDA: $ 7.558 Bn (-46.6% vs. -46.9% BS(e) and -47.1% consensus); Net Profit: $ 919.0 M (-90.1% vs. -75.3% BS(e) and -75.9% consensus);
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