Feintool is perfectly positioned to benefit from a brisker energy transition (75% of revenues in 2027 vs 40% in 2023) in both the automotive and industrial sectors. Growth appears to be limited over 2024, but the medium-term prospects look more attractive (2024-26 CAGR: +9%), buoyed by attractive operating leverage (EBIT margin: 6% by 2026 vs 3.5% in 2023) and growing cash generation (2026 FCF yield: 4%e. vs 2.5% in 2023). Based on our valuation methods, we obtained a target price of ...
Feintool est aujourd’hui parfaitement positionné pour bénéficier de l’accélération de la transition énergétique (75% du CA 2027 vs 40% en 2023) autant sur le marché automobile que sur le secteur industriel. Si la croissance semble limitée sur 2024, la trajectoire à moyen terme est plus attractive (TMVA 2024-26 de +9%) accompagnée par un levier opérationnel intéressant (marge d’EBIT de 6% d’ici 2026 vs 3.5% en 2023) et une génération de cash en croissance (FCF yield 2026 de 4%e vs 2.5%...
>OPEC+ meeting: consensus is for a rollover of the cut but a surprise is not ruled out - OPEC+ is expected to meet this Sunday at 12.00 CET. The meeting was supposed to be held in person but has been changed to a virtual one given the state of health of the Saudi king and a rollover of the existing cuts is being discussed according to Reuters and some Saudi Arabia Newspapers. As a reminder, the existing cut of 3.66 mb/d plus the 2.2 mb/d voluntary cut representin...
>OPEC+ meeting: consensus is for a rollover of the cut but a surprise is not ruled out - OPEC+ is expected to meet this Sunday at 12.00 CET. The meeting was supposed to be held in person but has been changed to a virtual one given the state of health of the Saudi king and a rollover of the existing cuts is being discussed according to Reuters and some Saudi Arabia Newspapers. As a reminder, the existing cut of 3.66 mb/d plus the 2.2 mb/d voluntary cut representin...
>The three main takeaways from Q1: Iliad at a peak, SFR at a trough, promotions return - In commercial terms, Iliad has gained 212,000 mobile contracts vs Bouygues Telecom 17,000, Orange 9,000 and SFR reported a historic loss of 487,000 customers. In the fixed Internet segment, Iliad gained 85,000 contracts vs Bouygues Telecom at 38,000, Orange -43,000 and SFR -77,000. Iliad and Bouygues Telecom continue to gain market share.In our view, the three main takeaways ...
>Les 3 faits du T1 : Iliad au plus haut, SFR au plus bas, le retour des promotions - Commercialement, Iliad gagne 212 000 contrats mobile vs Bouygues Telecom 17 000, Orange 9 000 et SFR publie une perte historique de 487 000 clients. Sur l’internet fixe, Iliad a ajouté 85 000 clients vs Bouygues Telecom 38 000, Orange -43 000 et SFR -77 000. Iliad et Bouygues Telecom continuent à gagner des parts de marché.Les trois faits marquants du T1 2024 pour nous sont : 1/ ...
NEWS SUMMARY: AENA, FERROVIAL, MERLIN PROPERTIES. The Ibex leads Europe European indices rose, led by the Ibex, which climbed more than +1.7% and returned to 11,300 points with sovereign yields tightening again. Thus, in the STOXX 600, all sectors with the exception of Energy, Technology and Basic Resources saw gains, led by Real Estate and Banks. On the macro side, in the euro zone, May’s economic confidence rose less than expected and May’s unemployment rate dropped one tenth to 6.4%. In Sp...
4Q'23 vs. 4Q'22 Results Sales: € 700.6 M (+24.7% vs. +22.6% BS(e)); EBITDA: € 129.5 M (+1.0% vs. +0.2% BS(e)); Net Profit: € 87.2 M (n/a vs. n/a BS(e)); FY2023 vs. FY2022 Results Sales: € 1.145 Bn (+24.5% vs. +23.2% BS(e)); EBITDA: € 173.0 M (+5.4% vs. +4.8% BS(e)); Net Profit: € 109.0 M (+3.7% vs. +4.2% BS(e));
Rdos. 4T'23 vs 4T'22: Ventas: 700,6 M euros (+24,7% vs +22,6% BS(e)); EBITDA: 129,5 M euros (+1,0% vs +0,2% BS(e)); BDI: 87,2 M euros (n/a vs n/a BS(e)). Rdos. 2023 vs 2022: Ventas: 1.145 M euros (+24,5% vs +23,2% BS(e)); EBITDA: 173,0 M euros (+5,4% vs +4,8% BS(e)); BDI: 109,0 M euros (+3,7% vs +4,2% BS(e)).
>Solid results and resilient demand trends despite weaking margins - Yesterday after market closed, Aedas Homes published its FY 2023/24 results reporting solid earnings growth of 3.6%, 3.7% ahead of our estimates, while 1.0% lower than average consensus figures. For most part of the financial and operational performance, figures reported were in line with the trading update published by the company last month with almost no surprises despite lower mix of margins pres...
NEWS SUMMARY: ACERINOX, AEDAS HOMES, CELLNEX, ELECTRICITY SECTOR, REDEIA, TELEFÓNICA. Markets back in the red It was a session of corrections at both sides of the Atlantic, with sovereign yields widening significantly and with the Ibex below 11,200 points. Thus, in the STOXX 600, all sectors saw drops, led by Basic Resources and Utilities vs. Retail and Insurance that were the best relative performers. On the macro side, in the euro zone, M3 climbed in line with expectations for the fifth con...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, AEDAS HOMES, CELLNEX, REDEIA, SECTOR ELÉCTRICO, TELEFÓNICA. Vuelta a los números rojos Jornada de caídas a ambos lados del Atlántico de la mano de unas rentabilidades soberanas que ampliaron con fuerza con el Ibex cayendo por debajo de los 11.200 puntos. Así, en el STOXX 600 todos los sectores cayeron, liderados Recursos Básicos y Utilities frente a Retail y Seguros que protagonizan el mejor comportamiento relativos. Desde el lado macro, ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SOLARIA. Pendientes de los mensajes de la Fed Jornada de más a menos que terminó con caídas tras los avances de ayer y sin grandes novedades desde la esfera macroeconómica mientras que en EE.UU. volvieron a brillar las tecnológicas, sobre todo NVIDIA. Así, en el STOXX 600 Inmobiliario y Bancos presentaron las mayores ganancias (sólo subieron 5 de 20 sectores) frente a Viajes&Ocio y Media que presentaron las mayores caídas. Desde el BCE, F. Villeroy...
Two Directors at Schneider Electric SE bought/sold 8,200 shares at 237.785EUR. The significance rating of the trade was 100/100. 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...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, REPSOL, SECTOR ELÉCTRICO, TALGO, UNICAJA. Poco volumen en Europa Jornada de tímidos avances en las bolsas europeas con los mercados de EE.UU. y R. Unido cerrados (Memorial Day y Spring Bank Holiday respectivamente) y con el Ibex cerrando por encima de los 11.300 puntos. Así, en el STOXX 600 todos los sectores salvo Tecnología, Farma y Bancos cerraron con ganancias, lideradas por Utilities y Autos. Por el lado macro, en Alemania el IFO de mayo...
NEWS SUMMARY: CAF, ELECTRICITY SECTOR, REPSOL, TALGO, UNICAJA. Low volume in Europe It was a session of slight gains for European stock exchanges, with the US and UK markets closed for Memorial Day and Spring Bank Holiday, respectively, where the Ibex closed above 11,300 points. Thus, in the STOXX 600, all sectors with the exception of Technology, Pharma and Banks ended with gains, led by Utilities and Autos. On the macro side, in Germany May’s IFO remained at April’s levels, as opposed to exp...
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