reports
- Suvi Platerink Kosonen
Bank on it/We prefer BBVA over Banco Santander
Banco Santander reported a substantial decline in 4Q20 earnings, with €1bn in restructuring costs. Loan loss provisions remained elevated and corresponded to 45% of its pre-provision profit (vs 32% for BBVA). BBVA has beaten Santander in profitability and its cost of risk has remained lower in 2H20. With the sale of its US operation, BBVA has a substantially stronger (pro forma) capital position for now but, unlike Santander, could well be considering M&A opportunities. BBVA's issuance plans are...
- Anis Zgaya
- Antoine Boivin-Champeaux
- Delphine Brault
- Fatma Agnès Hamdani
- Jerôme Bodin
- Louis Boujard
- CFA
- Michael Foundoukidis
- Nicolas David
- Olfa Taamallah
- Roland Pfaender
- MBA
- CFA
- CCRA
- Yan Derocles
BMW BAYERISCHE MOTOREN WERKE AG
PUB PUBLICIS GROUPE SA
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
UG PEUGEOT SA
EO FAURECIA SA
FORTUM FORTUM OYJ
RCO REMY COINTREAU SA
POM PLASTIC OMNIUM SE
NESN NESTLE S.A.
EZJ EASYJET PLC
AF AIR FRANCE-KLM SA
RY4C RYANAIR HOLDINGS PLC
AM DASSAULT AVIATION SA
AMS AMADEUS IT GROUP SA CLASS A
CABK CAIXABANK SA
ALMER SAPMER S.A.
ALTER THERADIAG SA
CAPRI BBVA CAPITAL PRIVADO ETF
MLSRP SPEED RABBIT PIZZA
SAAG11 FUNDO DE INVESTIMENTO IMOBILIARIO SANTANDER AGENCIAS
DA. DANONE S.A. CEDEAR
ODDO : Spanish banks – previews Q2 2018
>BBVA (Neutral / target price: € 6.50 unchanged) - The group is set to publish its Q2 2018 figures on 27 July before the market open.What is expected: we are forecasting a pre-tax underlying profit of € 2.02bn in Q2 2018, close to the consensus anticipations (+1%) / see details on table p2What to retain from/monitor in the publication; we will be particularly attentive to the operating trend on the group’s three main markets, i.e. Spain, Mexico and Turkey.§r...
- Anis Zgaya
- Antoine Boivin-Champeaux
- Delphine Brault
- Fatma Agnès Hamdani
- Jerôme Bodin
- Louis Boujard
- CFA
- Michael Foundoukidis
- Nicolas David
- Olfa Taamallah
- Roland Pfaender
- MBA
- CFA
- CCRA
- Yan Derocles
BMW BAYERISCHE MOTOREN WERKE AG
PUB PUBLICIS GROUPE SA
FRA FRAPORT AG
ADP AEROPORTS DE PARIS SA
UG PEUGEOT SA
EO FAURECIA SA
FORTUM FORTUM OYJ
RCO REMY COINTREAU SA
POM PLASTIC OMNIUM SE
NESN NESTLE S.A.
EZJ EASYJET PLC
AF AIR FRANCE-KLM SA
RY4C RYANAIR HOLDINGS PLC
AM DASSAULT AVIATION SA
AMS AMADEUS IT GROUP SA CLASS A
CABK CAIXABANK SA
ALMER SAPMER S.A.
ALTER THERADIAG SA
CAPRI BBVA CAPITAL PRIVADO ETF
MLSRP SPEED RABBIT PIZZA
SAAG11 FUNDO DE INVESTIMENTO IMOBILIARIO SANTANDER AGENCIAS
DA. DANONE S.A. CEDEAR
ODDO : Banques espagnoles – previews 2ème trimestre 2018
>BBVA (opinion Neutre / OC 6.50 € inch.) - Le groupe doit publier ses chiffres au T2 2018 le 27 juillet avant Bourse.Ce qui est attendu : nous tablons sur un RCAI de 2.02 Md€ au T2 2018, proche des anticipations du consensus (+1%) / voir détails tableau p2Ce qu’il faut retenir/surveiller los de la publication ; nous serons particulièrement attentifs à l’évolution de l’opérationnel sur les 3 principaux marchés du groupe à savoir l’Espagne, le Mexique et la Tu...
- Anis Zgaya
- Antoine Boivin-Champeaux
- Delphine Brault
- Emira Sagaama
- Jerôme Bodin
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2018
The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...
PUB PUBLICIS GROUPE SA
EDEN EDENRED SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
UHR SWATCH GROUP LTD. BEARER
SGSN SGS SA
ILD ILIAD
VER VERBUND AG CLASS A
EZJ EASYJET PLC
GAS NATURGY ENERGY GROUP S.A.
ASSA B ASSA ABLOY AB CLASS B
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
AIR AIRBUS GROUP SE
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
CAPRI BBVA CAPITAL PRIVADO ETF
- Anis Zgaya
- Antoine Boivin-Champeaux
- Delphine Brault
- Emira Sagaama
- Jerôme Bodin
- Johanna Jourdain
- Louis Boujard
- CFA
- Matthias Desmarais
- Michael Foundoukidis
- Olfa Taamallah
- Oussema Denguir
- Philippe Ourpatian
- Pierre Tegner
- Stephane Houri
- Yan Derocles
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 19/07/2018
The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...
PUB PUBLICIS GROUPE SA
EDEN EDENRED SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN SCA
UHR SWATCH GROUP LTD. BEARER
SGSN SGS SA
ILD ILIAD
VER VERBUND AG CLASS A
EZJ EASYJET PLC
GAS NATURGY ENERGY GROUP S.A.
ASSA B ASSA ABLOY AB CLASS B
NOVNEE NOVARTIS N 2. LINIE
ASML ASML HOLDING NV
AIR AIRBUS GROUP SE
ALSTOM - NEW
BBVJ11 FUNDO DE INVESTIMENTO IMOBILIARIO BB VOTORANTIM JHSF CIDADE
ERIC. L.M. ERICSSON TELEPHONE CO. CEDEAR
BVINV BUREAU VERITAS REGISTRE INTERNATIONAL DE CLASSIFICATION DE NAVIRES ET D'AERONEFS
CAPRI BBVA CAPITAL PRIVADO ETF
BBVA : Storm warning for the Bosporus!
>Turkey: headwinds building… - Several negative signals prompt greater caution on macro prospects in Turkey in the short/medium term.Overheating economy: clear slowdown for growth as of 2018. It is increasingly clear that the Turkish economy is slowing after a 2017 in trompe-l’œil (GDP +3.5% in 2018e vs. +7% in 2017 & ~6% on average since 2010).Devaluation of the Turkish lira & hyperinflation: bad cocktail. Inflation reached an alarming 15.4% in June and the...
BBVA : Avis de tempête sur le Bosphore !
>Turquie: accumulation de vents contraires… - Plusieurs signaux négatifs suggèrent davantage de prudence sur les perspectives macroéconomiques de la Turquie à court/moyen termes.Economie en surchauffe : net ralentissement de la croissance dès 2018. Le ralentissement de l’économie turque est de plus en plus apparent après une année 2017 en trompe-l’œil (PIB +3.5% en 2018e vs +7% en 2017 & ~6% en moyenne depuis 2010).Dévaluation de la livre turque & hyperinfla...
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