reports
- Anthony Dick
- Michael Foundoukidis
BMW : Weak Q3 Auto results below expectations; pace of recovery will b...
>Q3 even weaker than feared on supply chain/China - BMW reported Q3 results that came below expectations (Autos EBIT -16% below consensus).Q3 revenues came in at € 32.4bn, -16% y-o-y, -12% q-o-q, slightly below expectations (company-compiled css at € 33.3bn, ODDO BHF€ 32.8bn) with adj. EBIT at € 1.7bn, -61% y-o-y, -56% q-o-q implying a margin of 5.2%, -600 bps y-o-y, below estimates (css at 5.0%, ODDO BHF 5.6%).Looking at individual business units, Autos ...
- Anthony Dick
- Michael Foundoukidis
BMW : Weak Q3 Auto results below expectations; pace of recovery will b...
>Q3 even weaker than feared on supply chain/China - BMW reported Q3 results that came below expectations (Autos EBIT -16% below consensus).Q3 revenues came in at € 32.4bn, -16% y-o-y, -12% q-o-q, slightly below expectations (company-compiled css at € 33.3bn, ODDO BHF€ 32.8bn) with adj. EBIT at € 1.7bn, -61% y-o-y, -56% q-o-q implying a margin of 5.2%, -600 bps y-o-y, below estimates (css at 5.0%, ODDO BHF 5.6%).Looking at individual business units, Autos ...
- Arancha Pineiro
AHOLD DELHAIZE: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 22.003 M euros (+0,3% vs 0,0% BS(e) y -0,1% consenso); EBIT: 855,0 M euros (+1,9% vs +0,5% BS(e) y -0,2% consenso); BDI: 372,0 M euros (-5,6% vs +8,1% BS(e) y +7,6% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 66.080 M euros (+0,7% vs +0,6% BS(e) y +0,6% consenso); EBIT: 2.649 M euros (+1,6% vs +1,2% BS(e) y +0,9% consenso); BDI: 1.384 M euros (-2,7% vs +1,1% BS(e) y +0,9% consenso).
- Oscar Rodriguez
BMW: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 32.406 M euros (-15,7% vs -11,0% BS(e) y -11,3% consenso); EBIT: 1.696 M euros (-61,0% vs -62,5% BS(e) y -63,4% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 105.964 M euros (-5,8% vs -4,2% BS(e) y -4,3% consenso); EBIT: 9.627 M euros (-31,6% vs -32,0% BS(e) y -32,3% consenso).
- Research Department
INFORME DIARIO 06 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, SANTANDER. EUROPA: AHOLD DELHAIZE, BMW, SIEMENS, UNICREDIT. 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. Trump gana las elecciones A la espera de conocer el desenlace oficial, todo parece indicar que Trump habría ganado las...
- Research Department
IBERIAN DAILY 06 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACCIONA ENERGÍA, SANTANDER. 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. Trump wins the elections Awaiting the official results, all indications suggest that Donald Trump would have won the US presidential election (248 of 270 necessary electoral votes), where four of the so-called swing states would h...
- Carole Braudeau
- Carole Braudeau
- Research Department
IBERIAN DAILY 04 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, GRIFOLS. 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. European markets fell last week Despite Friday’s rally, last week ended with corrections >-3.0% in the STOXX index, with the better performance of the Ibex that “only” fell around -1.0%, with US stock markets practically fl...
- Research Department
INFORME DIARIO 04 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, GRIFOLS. EUROPA: SCHNEIDER ELECTRIC. 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. Semana de caídas europeas Pese al rebote de las bolsas el viernes, la semana terminó con caídas superiores al -3,0% en el STOXX, co...
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
CS AXA
AKRBF AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
CS AXA
AKRBF AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
FDR FLUIDRA S.A.
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Delphine Brault
- Quentin Borie
Siemens AG : Siemens to acquire Altair for $ 10.6bn and finance the de...
>Altair offers Siemens a world no. 2 spot in EDA simulation and PLM - Siemens yesterday evening confirmed its plan to acquire Altair for $ 113 a share or $ 10.6bn, which is a premium of 19% to the closing price on 21 October (ahead of the Bloomberg articles announcing a deal in the works on Siemens’ part). Altair provides software and cloud solutions in simulation, HPC (High-Performance Computing) and data analytics (IA, data intelligence, etc). It is expected to...
- Delphine Brault
- Quentin Borie
Siemens AG : Siemens acquiert Altair pour 10.6 Md$ et financera l’acqu...
>Altair offre à Siemens une place de n°2 mondial en simulation EDA et PLM - Siemens a confirmé hier soir son intention d’acquérir Altair pour 113 $ par action ou 10.6 Md$, soit une prime de 19% par rapport au cours de clôture du 21 octobre (avant les articles Bloomberg annonçant une opération à venir de la part de Siemens). Altair est un éditeur de solutions logicielles et cloud dans les domaines de la simulation, du HPC (High-Performance Computing) ainsi que dan...
- 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...
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Benoit Valleaux
- Steven Gould
Santander : Further solid trends in Q3 2024, evidencing the group’s sm...
>Outperform rating and € 5.6 target price maintained - Santander’s Q3/9M 2024 figures lend weight to our Outperform rating on the stock. We have shaded down our net income estimates (-1% on average) for 2024-2026e, based on a slightly more cautious stance on the top line, but our target price of € 5.6 is unchanged. The bank’s continuing solid operating performances further underpin the smooth progress in terms of its strategic initiatives and the main financial guidan...
- Benoit Valleaux
- Steven Gould
Santander : Un T3 2024 de nouveau solide et qui conforte la (bonne) st...
>Opinion Surperformance maintenue – OC inchangé à 5.6 € - Les chiffres T3/9M 2024 confortent notre call positif (Surperformance) sur Santander. Nous révisons légèrement en baisse nos estimations de RN (-1% en moyenne) sur 2024-26e, en raison d’un biais un peu plus prudent sur la topline. Notre OC reste néanmoins inchangé à 5.6 €. L’évolution de nouveau solide des performances opérationnelles valide un peu plus la bonne avancée des initiatives stratégiques et les princ...
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