reports
- Carole Braudeau
- Carole Braudeau
- Research Department
IBERIAN DAILY 21 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: SANTANDER. Caution continues due to the geopolitical situation European stock markets ended with slight corrections despite the initial gains, with all eyes on the tension in Ukraine and Nvidia’s results (that released good earnings after the closing bell). Thus, in the STOXX 600, Basic Resources and Pharma (for the second consecutive session) led gains vs. Automobiles (once more the worst performer) and Real Estate that ended with the biggest drops. From the ECB, L. de Guindos c...
- Research Department
INFORME DIARIO 21 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER. Continúa la cautela por la geopolítica Pese al buen arranque de las bolsas europeas, las ganancias se fueron diluyendo hasta terminar con tímidas caídas, pendientes de la tensión en Ucrania y los resultados de Nvidia (que publicó buenos resultados con el mercado ya cerrado aunque recortó por dudas con respecto al 4T). Así, dentro del STOXX 600, R.Básicos y Farma (por segundo día consecutivo) lideraron las ganancias, frente a Autos (que ...
- Research Department
INFORME DIARIO 18 NOVIEMBRE + RDOS. ESPAÑA 3T’24. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ENDESA, GRIFOLS, MERLIN PROPERTIES, ROVI. EUROPA: PROSUS. 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. Mercados en fase post-electoral Durante la semana pasada los índices mundiales entraron en la fase post elect...
- Ahmed Ben Salem
- Bruno Cavalier
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Amira Manai
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
EVT EVOTEC SE
GBF BILFINGER SE
SCR SCOR SE
BLC BASTIDE LE CONFORT MEDICAL SA
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
XIOR XIOR STUDENT HOUSING N.V.
REP REPSOL SA
ERG ERG S.P.A.
CARM CARMILA SAS
LTA ALTAMIR ACT PORTEUR
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
DMP DERMAPHARM HOLDING SE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
VK VALLOUREC SA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
CO CASINO GUICHARD-PERRACHON
- Ahmed Ben Salem
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/15/2024
Swiss-based Accelleron was formed from the spin-off of ABB’s highly profitable turbocharger division in 2022. We view the share as a promising investment on 1/ market leadership in an attractive niche, 2/ about ~40% ROCE, 3/ conversion of ~80% of EBITDA into cash, leading to fast deleveraging, and a solid base for shareholder remuneration (75% pay out), and 4/ strong long-term visibility linked to a ~75% service share, the bulk of which is recurring. Despite an already strong stock pe...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
VOLV B VOLVO AB CLASS B
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
ENI ENI S.P.A.
REP REPSOL SA
ANA ACCIONA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SIE SIEMENS AG
ASML ASML HOLDING NV
BP. BP P.L.C.
REY REPLY S.P.A.
LAND LAND SECURITIES GROUP PLC
BNTX BIONTECH SE
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
SHEL SHELL PLC
AGN AEGON N.V.
- Amira Manai
- Jerôme Bodin
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
EVT EVOTEC SE
GBF BILFINGER SE
SCR SCOR SE
BLC BASTIDE LE CONFORT MEDICAL SA
PSM PROSIEBENSAT.1 MEDIA SE
BRBY BURBERRY GROUP PLC
ENI ENI S.P.A.
MBB MBB INDUSTRIES SE
XIOR XIOR STUDENT HOUSING N.V.
REP REPSOL SA
ERG ERG S.P.A.
CARM CARMILA SAS
LTA ALTAMIR ACT PORTEUR
RENE REDES ENERGETICAS NACIONAIS SA
COL INMOBILIARIA COLONIAL SOCIMI SA
BP. BP P.L.C.
DMP DERMAPHARM HOLDING SE
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
S92 SMA SOLAR TECHNOLOGY AG
VK VALLOUREC SA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
MRX MISTER SPEX SE
NVM NOVEM GROUP SA
SHEL SHELL PLC
CO CASINO GUICHARD-PERRACHON
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : IEA report– a surplus and easing of geopolitical tensions pushi...
>Slowdown in demand confirmed for 2025 - The IEA has just published its monthly report in which it has marginally lifted its demand growth estimates by 60 kb/d to +920 kb/d for 2024 but maintains unchanged its 2025 estimate at +1 Mb/d. This level compares with +1.2 Mb/d on average over 2000-2019 and a record of +2 Mb/d in 2023. This slowdown can be explained by the economic slowdown and the deployment of renewable energies. Chinese demand has slowed sharply for th...
- Stephane Foucaud
AUCTUS ON FRIDAY - 15/11/2024
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: 1.9 mbbl/d at latest CN well. Water disposal infrastructure operational. High net cash – The fifth horizontal well at Carrizales Norte (CNB HZ-6) is producing 1.9 mbbl/d of oil (0.95 mbbl/d net to Arrow) with a water cut of 31%. The well reached TD ~ one month ago. After ~1 month of production, CNB HZ-1 and CNB HZ-3 were also producing >30% water with ~1 mbbl/d oil produ...
CVX CHEVRON CORPORATION
EGY VAALCO ENERGY INC.
TXP TOUCHSTONE EXPLORATION
GENL GENEL ENERGY
ENI ENI S.P.A.
PEN PANORO ENERGY ASA
VLE VALEURA ENERGY INC.
MATD PETRO MATAD
NTOG NOSTRA TERRA OIL & GAS COMPANY
DGOC DIVERSIFIED GAS & OIL
AOI AFRICA OIL CORP
JSE JADESTONE ENERGY
BWE BW ENERGY
AXL. ARROW EXPLORATION LTD
TAL PETROTAL (TAL)
KIST KISTOS PLC
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
CDR CONDOR ENERGIES INC
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Rapport AIE –Surplus et accalmie géopolitique pèsent sur les pr...
>Le ralentissement de la demande se confirme en 2025 - L’AIE vient de publier son rapport mensuel et révise légèrement à la hausse ses estimations de croissance de la demande de 60 kb/j à +920 kb/j pour 2024 mais les maintient inchangées à +1 Mb/j pour 2025. Ce niveau se compare à +1.2 Mb/j en moyenne en 2000-2019 et un record de +2 Mb/j en 2023. Ce ralentissement s’explique par le ralentissement économique et le déploiement des énergies renouvelables. La demande ...
- Carole Braudeau
- Carole Braudeau
- Research Department
IBERIAN DAILY 14 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: FERROVIAL, GRIFOLS, 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 3Q’24 results to be released over the coming days in Spain. US inflation continues to follow the script European stock markets ended with drops, although the US inflation data helped distance them from daily lows. In the STOXX 600 the best-performing sectors were Energy and Consumer Goo...
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’24. IDEAS DESTACADAS Y P...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRIFOLS, IBERDROLA. EUROPA: ASML, DEUTSCHE TELEKOM, PROSUS, 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 estadounidense sigue el camino esperado Las bolsas europeas terminaron con caídas, aunque el dato de i...
- Alvaro del Pozo
- 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...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- 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 ...
LHN HOLCIM AG
LI KLEPIERRE SA
COV COVIVIO SA
HO THALES SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
HNR1 HANNOVER RUECK SE
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
RWE RWE AG
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
EVK EVONIK INDUSTRIES AG
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
YPSN YPSOMED HOLDING AG
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
ENR SIEMENS ENERGY AG
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- 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...
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
COFB COFINIMMO SA
VASTN VASTNED RETAIL NV
TEG TAG IMMOBILIEN AG
PSPN PSP SWISS PROPERTY AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
LRE LAR ESPANA REAL ESTATE SOCIMI SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
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