Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
>Solid expected figures ahead of our estimates - This morning, Aedas published this morning a trading update ahead of the FY 2023/24 to be reported on the 29th May. The company provided some of the main milestones achieved during the year as well as some of the main financial metrics expectations for the fiscal year showing strong figures ahead of our expectations. In todays press release, we highlight the following:Revenues to exceed €1.1bn in FY23/24, record ye...
NEWS SUMMARY: ACS, AEDAS HOMES, CELLNEX, EBRO FOODS, IBERDROLA. 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 1Q’24 results to be released over the coming days in Spain. Stock markets deflate European stock markets started the session off well but began to deflate, eventually closing with losses after US stock markets opened in the red and following a new rise in sovereign de...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AEDAS, CELLNEX, EBRO FOODS, IBERDROLA. EUROPA: BASF, BNP, PERNOD RICARD, SANOFI, SCHNEIDER. 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. 1T’24 que se publicarán en España y Europa en los próximos días. Jornada de más a menos Las bolsas europeas comenzaron bien la jornada, pero fueron perdiendo fuelle...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
NEWS SUMMARY: AEDAS, CAF, MAPFRE. The Ibex above 10,600 points It was a new week of gains for European stock markets despite the disappointing US inflation data although with the market betting on the beginning of rate cuts in June by the ECB. In the STOXX 600, Retail (after Inditex’s rally following its results) and Banks were the best-performing sectors whereas Real Estate and Technology ended with the biggest drops in view of the rally of sovereign debt curves. On the macro side, G. Makhlou...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, CAF, MAPFRE. EUROPA: VINCI. El Ibex rompe los 10.600 puntos Nueva semana de subidas en las bolsas Europeas a pesar de las decepciones en los datos de inflación americanos pero con el mercado apostando por el inicio de recortes de tipos en junio por parte del BCE. En el STOXX 600 los mejores sectores de la semana fueron Retail (euforia en Inditex tras los resultados) y Bancos mientras que Inmobiliario y Tecnología terminaron con las may...
>The direct investment market is still muted today, but we think real estate markets could reignite after seeing the first interest rate cuts - We visited the annual real estate conference MIPIM in Cannes last week. Although the weather was great, the mood in the investment market was still a bit muted. The changes in the real estate market leaves many investor uncertain today. It is still too early to see transactions to go up materially and pricing recovery in the ...
GALP, TotalEnergies and Shell have discovered vast oil deposits off the coast of Namibia. Oil services companies see this as a new Eldorado. FPSO-type solutions seem to be favoured, making SBM Offshore a key player, not forgetting subsea companies such as TechnipFMC. The whole sector could help local economic development... and/or have major negative impacts on local communities, biodiversity or the fight against corruption. Not to mention the carbon lock-in. We would therefore urge i...
GALP, TotalEnergies ou Shell ont découvert de colossaux gisements de pétrole au large des côtes namibiennes. Les sociétés de services y voient un nouvel eldorado. Les solutions de type FPSO semblent être privilégiées, mettant ainsi SBM Offshore en position d’acteur incontournable, sans oublier ceux liés au subsea comme TechnipFMC. Tout le secteur pourrait aider au développement économique local… et/ou avoir des impacts négatifs importants sur les communautés locales, la biodiversité o...
3Q'23 vs. 3Q'22 Results Sales: € 214.4 M (+49.9% vs. +60.3% BS(e) and +52.4% consensus); EBITDA: € 25.7 M (+71.3% vs. +88.0% BS(e) and +88.0% consensus); Net Profit: € 18.2 M; 9M'23 vs. 9M'22 Results Sales: € 444.4 M (+24.1% vs. +28.3% BS(e) and +25.1% consensus); EBITDA: € 43.5 M (+20.8% vs. +27.8% BS(e) and +27.8% consensus); Net Profit: € 21.8 M;
Rdos. 3T'23 vs 3T'22: Ventas: 214,4 M euros (+49,9% vs +60,3% BS(e) y +52,4% consenso); EBITDA: 25,7 M euros (+71,3% vs +88,0% BS(e) y +88,0% consenso); BDI: 18,2 M euros. Rdos. 9meses'23 vs 9meses'22: Ventas: 444,4 M euros (+24,1% vs +28,3% BS(e) y +25,1% consenso); EBITDA: 43,5 M euros (+20,8% vs +27,8% BS(e) y +27,8% consenso); BDI: 21,8 M euros.
>Strong earnings result with mix top line due to delivered units vs consensus, concentration of deliveries expected in Q4 - Yesterday after market closed, Aedas Homes published its 9M 2023 results reporting net profit ahead of our estimates and consensus. Large concentration of deliveries to be expected in the last quarter, we foresee 1,626 deliveries to take place while company foresees above 1,800 units. On todays results, we highlight the following: Pre-sales ...
NEWS SUMMARY: ACS, AEDAS. At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain. Back to the previous trend The correction only lasted one day on stock markets and in sovereign debt following the poor US inflation data. Yesterday stock markets on both sides of the Atlantic were back in green numbers (except the IBEX, which was flat), with debt curves stabilising. In the...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AEDAS HOMES. EUROPA: AIRBUS, ESSILORLUXOTTICA, PERNOD RICARD, SAFRAN, SCHNEIDER ELECTRIC, VOLKSWAGEN. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los previews de Rdos. 4T’23 que se publicarán en España y Europa en los próximos días. Vuelve la tendencia Tan sólo un día duró la corrección en bolsa y las ampliaciones soberanas tras el mal dato de inflación en EE.UU. Aye...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, GRIFOLS, NATURGY, REPSOL, SECTOR ELÉCTRICO ESPAÑA. Tras el dato de inflación en EE.UU. las bolsas estarán pendientes de la campaña de resultados Durante la semana, los mercados financieros estuvieron pendientes del dato de inflación en EE.UU. cuya decepción provocó cierta volatilidad transitoria en los activos de riesgo, aunque se terminaron recuperando, al igual que la deuda soberana. Con todo, el Euro STOXX 50 concluyó la semana en positiv...
NEWS SUMMARY: AEDAS, ELECTRICITY SECTOR, GRIFOLS, NATURGY, REPSOL. After the US inflation data all eyes will be on earnings During the week, financial markets were watching the US inflation data, where the disappointment led to some temporary volatility on risk assets, although they ended up recovering, as did sovereign debt. With this in mind, the Euro STOXX 50 ended the week in positive numbers and near 4,500 points, with the DAX rising near +1.0%, while the IBEX 35 closed in negative number...
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