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Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2024

We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...

Martin Marandon-Carlhian ... (+3)
  • Martin Marandon-Carlhian
  • Stephane Houri
  • Steven Boumans

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2024

Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...

Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Spain: the PSOE and SUMAR looking to abolish the SOCIMI regime

>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...

Florent Laroche-Joubert ... (+3)
  • Florent Laroche-Joubert
  • Roy Külter
  • Steven Boumans

ODDO : Espagne : le PSOE et SUMAR souhaiteraient abolir le régime SOCI...

>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...

Aedas Homes S.A: 1 director

A director at Aedas Homes S.A sold 1,678 shares at 23.750EUR and the significance rating of the trade was 52/100. 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 ...

Ignacio Romero
  • Ignacio Romero

AEDAS HOMES: 1H’24 RESULTS, CHANGE OF RECOMMENDATION TO UNDERWEIGHT AN...

2Q'24 vs. 2Q'23 Results Sales: € 145.0 M (+24.4% vs. +10.6% BS(e) and +17.9% consensus); EBITDA: € 10.8 M (+35.0% vs. +50.0% BS(e) and +57.5% consensus); 1H'24 vs. 1H'23 Results Sales: € 306.0 M (+33.0% vs. +26.1% BS(e) and +29.8% consensus); EBITDA: € 27.8 M (+56.2% vs. +62.9% BS(e) and +66.3% consensus); Net Profit: € 24.7 M (+586.1% vs. n/a BS(e) and +236.1% consensus);

Ignacio Romero
  • Ignacio Romero

AEDAS HOMES: RDOS. 1S’24, CAMBIO DE RECOMENDACIÓN A INFRAPONDERAR Y DE...

Rdos. 2T'24 vs 2T'23: Ventas: 145,0 M euros (+24,4% vs +10,6% BS(e) y +17,9% consenso); EBITDA: 10,8 M euros (+35,0% vs +50,0% BS(e) y +57,5% consenso). Rdos. 1S'24 vs 1S'23: Ventas: 306,0 M euros (+33,0% vs +26,1% BS(e) y +29,8% consenso); EBITDA: 27,8 M euros (+56,2% vs +62,9% BS(e) y +66,3% consenso); BDI: 24,7 M euros (+586,1% vs n/a BS(e) y +236,1% consenso).

Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Nour El Houda Hammami

AEDAS Homes : H1 2024-25: Continued strong operating momentum in sales...

>Acceleration in pre-sales and deliveries in H1 2024-25 - AEDAS Homes released yesterday after market closing its H1 2024-25 results that reflect a solid operational performance within a Spanish residential market that presents still good fundamentals:Pre-sales are up +42% in value at € 641 m vs H1 2023-24 for a total of 1,492 units (+68% vs H1 2023-24) at an ASP (average selling price) of € 429k, including 148 units in co-investment. BTS sales focused on primar...

Florent Laroche-Joubert ... (+5)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA
  • Nour El Houda Hammami

AEDAS Homes : H1 2024-25: Continued strong operating momentum in sales...

>Acceleration in pre-sales and deliveries in H1 2024-25 - AEDAS Homes released yesterday after market closing its H1 2024-25 results that reflect a solid operational performance within a Spanish residential market that presents still good fundamentals:Pre-sales are up +42% in value at € 641 m vs H1 2023-24 for a total of 1,492 units (+68% vs H1 2023-24) at an ASP (average selling price) of € 429k, including 148 units in co-investment. BTS sales focused on primar...

Research Department
  • Research Department

IBERIAN DAILY 07 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, AEDAS, AMADEUS, ARCELORMITTAL, INDRA, INMOBILIARIA COLONIAL, ROVI, TELEFÓNICA. 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 stock markets do not welcome Trump European stock markets saw strong corrections, particularly the Ibex after D. Trump’s victory. On the contra...

Christophe Chaput ... (+3)
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Steven Boumans

ODDO : The recovery is only beginning and the best is yet to come

The rate cut carried out and yet to come (ECB: -125bp to -150bp to come by end-2025e) is a real driver for listed real estate and creates the conditions enabling it to outperform. In this context, we are lifting 23 target prices for the 42 stocks covered. Covivio, CTP, Merlin Properties, URW, Vonovia and Xior Student Housing are now our Top Picks. Aedifica (Outperform vs Neutral) should also benefit. Lastly, we are lowering Care Property to Neutral and SFL to Underperform. - >...

Christophe Chaput ... (+3)
  • Christophe Chaput
  • Florent Laroche-Joubert
  • Steven Boumans

ODDO : La reprise ne fait que commencer et le meilleur est à venir

La baisse de taux actée et à venir (BCE : -125 à 150 pb à venir d’ici fin 2025e) agit comme un véritable catalyseur pour l’immobilier côté et crée les conditions lui permettant de surperformer. Dans ce cadre, nous relevons 23 objectifs de cours sur 42 valeurs suivies. Covivio, CTP, Merlin Properties, URW, Vonovia et Xior Student Housing constituent désormais nos top picks. Aedifica (Surperformance vs Neutre) devrait également en bénéficier. Enfin, nous abaissons Care Property à N...

Research Department
  • Research Department

INFORME DIARIO 12 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, CAF, CAMBIOS IBEX 35, NEINOR. EUROPA: BAYER, UNICREDIT. El Ibex roza los 11.300 puntos Jornada positiva en Europa, con un dato de inflación en EE.UU. que no ofreció sorpresas y donde el Ibex lideró los avances tras los buenos resultados de Inditex. Así, en el STOXX 600 Retail (impulsado por los resultados de Inditex) y Tecnología presentaron las mayores ganancias mientras que Inmobiliario (el segundo mejor sector en los últimos 3 meses) y B. ...

Research Department
  • Research Department

INFORME DIARIO 11 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, INDITEX, SANTANDER, TALGO. EUROPA: BMW, UNICREDIT. Continua la volatilidad Jornada de más a menos en las bolsas europeas, que sin un catalizador claro fueron perdiendo altura hasta terminar con números rojos. Así, la mayoría de sectores del STOXX 600 cerró con pérdidas, lideradas por Autos y Energía (caídas del brent del 4,5%) frente a los defensivos Inmobiliario y Utilities que presentaron el mejor comportamiento. Por el lado macro, en...

Research Department
  • Research Department

IBERIAN DAILY 11 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS HOMES, INDITEX, SANTANDER, TALGO. Volatility continues It was a session of decreasing performance on European markets which, lacking a clear driver, fell into the red by the end of the day. In the STOXX 600, most sectors ended with losses, led by Autos and Energy (Brent fell -4.5%), compared to defensive sectors like Real Estate and Utilities, which were the best performers. On the macro side, in Spain July’s industrial output fell unexpectedly. In the UK, quarterly wage gro...

Research Department
  • Research Department

IBERIAN DAILY 14 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AEDAS HOMES, GRIFOLS. US macro data strengthens expectations of rate cuts and drives markets The US production prices data, which came in below expectations, also foreshadows solid inflation data for today (14:30 CET) and helps strengthen expectations of the Fed cutting rates in September to halt the deterioration of the job market and lengthen the economic cycle. In any event, the future market continues to price in slightly less than -50bps in September and more than -100bps by ...

Research Department
  • Research Department

INFORME DIARIO 14 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, GRIFOLS. Los últimos datos americanos afianzan las expectativas de bajada de tipos e impulsan las bolsas El dato en EE.UU. de Precio de la Producción, por debajo de lo esperado, anticipa también un buen dato de inflación para hoy (14:30) y contribuye a afianzar las expectativas de que la Fed baje tipos en septiembre para frenar el deterioro del mercado laboral y alargar el ciclo económico. En todo caso el mercado de futuros sigue descon...

Florent Laroche-Joubert ... (+4)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA

AEDAS Homes : Strong start of the year with Q1 KPI very well oriented

>Excellent net Sales performance (+59% vs Q1 2023/24) between April and June 2024 - AEDAS Homes has released this morning its trading update for the Q1 2024/25 presenting solid capacity to continue delivering its targets and maintain still good visibility ahead despite the slowdown of demand. Within this morning’s trading update, we highlight the following:415 units delivered (+23.1% vs. Q1 2023/24) generating € 153 m revenue from deliveries (+35% vs. Q 1 2023...

Florent Laroche-Joubert ... (+4)
  • Florent Laroche-Joubert
  • Manuel Martin
  • CEFA
  • CREA

AEDAS Homes : Strong start of the year with Q1 KPI very well oriented

>Excellent net Sales performance (+59% vs Q1 2023/24) between April and June 2024 - AEDAS Homes has released this morning its trading update for the Q1 2024/25 presenting solid capacity to continue delivering its targets and maintain still good visibility ahead despite the slowdown of demand. Within this morning’s trading update, we highlight the following:415 units delivered (+23.1% vs. Q1 2023/24) generating € 153 m revenue from deliveries (+35% vs. Q 1 2023...

Fehmi Ben Naamane
  • Fehmi Ben Naamane

ODDO BHF Small & MIDCAP MORNING NEWS - 07/24/2024

The Platform Group (TPG) is a software company that is active across 20 industries through its digital platform solutions. Via its four segments (consumer goods, freight goods, industrial goods, service and retail goods), it serves both B2B and B2C customers. Given the growing revenues (2023-2026e CAGR +14.7%) and adjusted EBITDA margins (+270bp to 7.8% in 2026e vs 2023), as well as a solid financial profile (equity ratio >30%, average positive FCF of c.€ 8m for 2024e to 2026e) and un...

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