Iberdrola S.A.: 1 director

A director at Iberdrola S.A. sold 40,000 shares at 11.490EUR and the significance rating of the trade was 85/100. 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 ...

Bouygues Telecom Q1 24: Better SR growth - possibly supported by a c...

Bouygues Telecom has reported a solid set of Q1 numbers: SR growth is better at +4.2% y/y from +3.4% y/y, albeit EBITDAaL growth is a little slower at +7.5% y/y from +11.4% y/y in Q4 23. Bouygues and Orange have now both reported, and so we can begin to think about a possible read-across for SFR and Iliad.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2024

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Arkema : No major surprises in the quarterly publication

>EBITDA down in Q1 but not by as much as expected - Arkema has just reported its Q1 2024 results. EBITDA was down 5% to € 350m, 3% above forecasts (ODDO BHF / consensus = € 340m/€ 341m) and 6% above the guidance (€ 331m corresponding to Q4 2023).The group continues to operate in a context of weak demand (volumes = 0%, of which +3% for speciality chemicals and -28% intermediates – as a reminder Q4 2023= +2%). By division, adhesives and advanced materials delivere...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2024

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Bouygues : A Q1, with no major surprises

>Revenues up 2% vs consensus and COPA lower than expected - Bouygues this morning reported Q1 2024 revenues up 2.6% with +3.6% l-f-l, in line with consensus expectations (+1.4%e). Revenue growth came to +3.2% l-f-l in construction and services (vs +3.8% l-f-l at Vinci) driven by Colas (+2.2% l-f-l) and Bouygues Construction (+6.8% l-f-l) while real estate (-16% l-f-l) showed negative growth. Bouygues Telecom posted a decline of -2%. EBITDA was down -5.6% given fa...

Arkema : Publication trimestrielle sans surprise majeure

>EBITDA en baisse au T1 mais moins que prévu - Arkema vient de publier ses résultats T1 2024. L’EBITDA ressort en baisse de 5% à 350 M€, un niveau 3% au-dessus des attentes (ODDO BHF / consensus = 340/341 M€) et 6% au-dessus de la guidance (331 M€ correspondant au T4 2023).Le groupe a continué d’opérer dans un contexte de faible demande (volumes = 0% dont +3% pour les spécialités et -28% pour les intermédiaires – rappel T4 2023= +2%). Par division, les Adhésifs ...

Coloplast : Q2 review – Top and bottom line a slight miss, focus on LC...

>Q2 review – Miss on top and bottom line - Coloplast’s Q2 2024 revenues of DKK 6,586m (+8.7% y-o-y) were -1%/-2% vs ODDO BHF/consensus, driven by organic growth of 8% (7.3%/7.6% ODDO BHF/consensus). External growth contributed to the tune of 4% and forex created a headwind of 300bp. Coloplast achieved an EBIT of DKK 1,772m (+7.3% y-o-y, margin 26.9%), which was -3%/-4% vs expectations. Profitability was supported by operating leverage and efficiency savings but impact...

Bouygues : Comme un T1 sans grande surprise

>CA 2% vs consensus et ROCA inférieur aux attentes - Bouygues a publié ce matin un CA T1 2024 en hausse de 2.6% dont +3.6% lfl, en ligne avec les attentes du consensus (+1.4%e). La croissance du CA ressort à 3.2% lfl dans la construction et les services (vs +3.8% lfl chez Vinci) tirée par Colas (+2.2% lfl) et Bouygues Construction (+6.8% lfl) alors que l’immobilier (-16% lfl) est négatif. Bouygues Telecom affiche une baisse de 2%. L’EBITDA ressort en baisse de 5....

Weak margin and lack of guidance upgrade

SCOR : Solid Q1 results expected despite cautious provisioning

>Strong premium growth and net income expected at € 192m - Scor is due to publish its Q1 2024 results on 17 May. We forecast gross written premiums of € 5.1bn, up 6.7%, with strong growth in P&C (+11% l-f-l), following on the from the solid renewals in January, and much more moderate growth in life reinsurance (+2% l-f-l). Given the decline in written P&C premiums last year, we should see growth of a little over 2% in insurance revenues (+3.5%e in P&C, +1.2%e in life...

SCOR : Un RN solide attendu au T1 malgré un provisionnement prudent

>Forte croissance des primes et RN publié attendu à 192 M€ - Scor publiera son RN du T1 2024 le 17 mai prochain. Nous prévoyons des primes brutes émises de 5.1 Md€, en hausse de 6.7%, avec une forte croissance en dommages (+11% à données comparables), dans le prolongement des bons renouvellements de janvier dernier, et beaucoup plus modérée en réassurance vie (+2% à d.c.). Compte tenu de la baisse des primes dommages émises l’année dernière, cela devrait se traduire ...