reports
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Buy the Pullback in MSCI ACWI and S&P 500 Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&P 500 holding above their respective bases at $117 and 5650-5670. We have discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the S&P 500 (the U.S. remains our only country overweight) as an opportunity to add exposure, and that we see a high probability of significant upside going into year-end and the early part of 2025. This remain...
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Carole Braudeau
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Carole Braudeau
- Olfa Taamallah
- Yan Derocles
IAG : Q3 2024 EBIT > 13% above css - € 350m SBB launched
>Q3 2024 results 13% above company compiled css - IAG released a strong set of Q3 2024 results with operating profit reported at € 2.013bn (+15% y-o-y), 19% above our estimates and 13% above company compiled consensus. This positive operational performance comes on the back of strong demand on all core markets leading to a passenger unit revenue increase of 1.2% (vs. our virtually flat expectation of 0.3%) despite an exceptionally strong comps and a capacity gr...
- Olfa Taamallah
- Yan Derocles
IAG : Q3 2024 EBIT > 13% above css - € 350m SBB launched
>Q3 2024 results 13% above company compiled css - IAG released a strong set of Q3 2024 results with operating profit reported at € 2.013bn (+15% y-o-y), 19% above our estimates and 13% above company compiled consensus. This positive operational performance comes on the back of strong demand on all core markets leading to a passenger unit revenue increase of 1.2% (vs. our virtually flat expectation of 0.3%) despite an exceptionally strong comps and a capacity gr...
- Rafael Bonardell
IAG: 3Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'24 vs. 3Q'23 Results Sales: € 9.329 Bn (+7.9% vs. +6.1% BS(e) and n/a consensus); EBIT: € 2.013 Bn (+15.4% vs. +4.8% BS(e) and +1.8% consensus); 9M'24 vs. 9M'23 Results Sales: € 24.053 Bn (+8.2% vs. +7.5% BS(e) and n/a consensus); EBIT: € 3.322 Bn (+10.5% vs. +4.4% BS(e) and +2.7% consensus);
- Rafael Bonardell
IAG: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 9.329 M euros (+7,9% vs +6,1% BS(e) y n/a consenso); EBIT: 2.013 M euros (+15,4% vs +4,8% BS(e) y +1,8% consenso). Rdos. 9meses'24 vs 9meses'23: Ventas: 24.053 M euros (+8,2% vs +7,5% BS(e) y n/a consenso); EBIT: 3.322 M euros (+10,5% vs +4,4% BS(e) y +2,7% consenso).
- Rafael Bonardell
- Research Department
IBERIAN DAILY 08 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: FCC, GRIFOLS, IAG. 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’24 results to be released over the coming days in Spain. Rally in the euro zone Yesterday European stock markets recovered ground whereas the rally to new record highs continued in the US. Thus, in the STOXX 600, most sectors ended with gains (15/20), led by Basic Resources and Autos vs. the big...
- Research Department
INFORME DIARIO 08 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FCC, GRIFOLS, IAG. EUROPA: AIRBUS. 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’24 que se publicarán en España y Europa en los próximos días. Rebote en la Eurozona Ayer las bolsas europeas se recuperaron mientras en EE.UU. continuaron su particular rally renovando nuevos máximos. Así, en el STOXX 60...
- Javier Esteban
ING GROEP: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: M. Intereses: 3.689 M euros (-8,4% vs -4,7% BS(e) y -4,7% consenso); M. Bruto: 5.909 M euros (+1,1% vs -3,1% BS(e) y -2,4% consenso); M. Neto: 3.004 M euros (-1,5% vs -10,7% BS(e) y -8% consenso); BDI: 1.880 M euros (-5,2% vs -15,6% BS(e) y –12,7% consenso). Rdos. 3T'24 vs 2T'24: M. Intereses: 3.689 M euros (-3,7% vs +0,3% BS(e) y +0,2% consenso); M. Bruto: 5.909 M euros (+3,4% vs -0,9% BS(e) y -0,3% consenso); M. Neto: 3.004 M euros (+4,7% vs -5,1% BS(e) y -2,2% consenso)...
- Research Department
INFORME DIARIO 31 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, EBRO FOODS, FCC, FLUIDRA, NATURGY, SECTOR BANCOS, SECTOR ENERGÉTICO. EUROPA: AB INBEV, AXA, AIRBUS, DHL GROUP, ING, SIEMENS. 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’24 que se publicarán en España y Europa en los próximos días. La inflación repunta en octubre Caídas en los mercados euro...
- Research Department
IBERIAN DAILY 14 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IAG, NEINOR, SACYR, TALGO. The earnings season kicked off to a good start It was a positive week for most European indices, driven by the earnings release of large banks in the US last Friday, with the Ibex closing above 11,700 points. Thus, in the STOXX 600, most sectors closed with gains (15/20), led by Pharma and Insurance vs. the bigger losses of Basic Resources and consumer Goods. On the macro side, in the US, September’s production prices climbed more than expected and the U...
- Research Department
INFORME DIARIO 14 0CTUBRE + RDOS. EUROPA 3T’24. PREVIEWS (ANÁLISIS BAN...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IAG, NEINOR, SACYR, TALGO. 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’24 que se publicarán en España y Europa en los próximos días. La campaña de Rdos. empezó con buen pie Terminó una semana positiva para la mayoría de las bolsas europeas, alentadas el viernes por la presentación de Rdos. de algunos...
- Olfa Taamallah
- Yan Derocles
ODDO : Majors begin a phase of upward revisions
Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - >Sights on the legacies: IAG remains our top pick, Air France and Lufthansa upgraded to Neutral - We have the legacies in our ...
- Olfa Taamallah
- Yan Derocles
ODDO : Les majors amorcent leur phase de montée
Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - >Cap sur les majors: IAG en top pick, Air France et Lufthansa relevées à Neutre - Nous mettons le cap sur le...
- Rafael Bonardell
IAG: NUEVAS OPCIONES DE M&A (ANÁLISIS BANCO SABADELL)
Nuevas opciones de M&A. Ajustamos P.O. hasta 3,00 euros/acc. SOBREPONDERAR Tras no salir adelante la compra de Air Europa (AE) en el corto plazo está TAP Portugal, a la que IAG ya ha guiñado el ojo. Creemos que tiene sentido estratégico principalmente por su posicionamiento en LatAm (cuota de mercado c. 7%; con menores solapamientos vs AE) y porque ahonda en la concentración del sector y además se generan sinergias (entre 250-600 M euros BS(e)). El éxito de la operación dependerá de las condicio...
- Research Department
IBERIAN DAILY 16 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, IAG, NATURGY. Stock markets rallied last week Stock markets ended with gains on both sides of the Atlantic last week, recovering part of the latest corrections and trying to return to the highs hit thanks to cyclical and growth sectors. The Ibex35 led gains last week, hitting new annual highs above 11,500 points. Thus, in the STOXX 600 most sectors closed with gains, led by Technology and Retail, with Autos and Consumer Goods being the only sectors ending in negative terr...
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