ODDO : Long majors vs short LCC : le choix de 2026

Sur 2026, nous estimons que la dynamique sera plus favorable aux majors européennes tant sur le RASK (croissance plus modérée des capacités et meilleure orientation du réseau long-courrier en particulier transatlantique), que sur le CASK hors carburant aidé par des effets de base positifs. Nous relevons notre opinion à Surperformance sur Air France-KLM et Lufthansa et dégradons Ryanair en Neutre et Wizz Air en Sous-performance.

ODDO : Long legacy carriers vs short LCC: the choice for 2026

For 2026, we think that the trend will be more favourable to the European legacy carriers in terms of both RASK (more modest growth in capacity and a more positive trend on the long-haul network, particularly transatlantic) and CASK excluding fuel, aided by positive base effects. We have upgraded Air France-KLM and Lufthansa to Outperform, downgraded Ryanair to Neutral and Wizz Air to Underperform. A more favourable trend expected in 2026 for legacy carriers

INFORME DIARIO 05 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, IAG, INDRA, SANTANDER, SECTOR AUTOPISTAS. EUROPA: ASML, BNP. 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. 4T’25 que se publicarán en España y Europa en los próximos días. Estabilización de los mercados El Ibex no tiene techo Jornada positiva en las bolsas europeas de la mano de los resultad...

IBERIAN DAILY 05 FEBRUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ARCELORMITTAL, HIGHWAY SECTOR, IAG, INDRA, SANTANDER. 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 4Q’25 results to be released over the coming days in Spain. Ibex continues to climb It was a positive session for European stock markets thanks to business results and despite mounting tension in Iran and the drops in the technology sector. In the STOXX 600, Chemi...

INFORME DIARIO 03 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, INDRA, MELIÁ, TELEFÓNICA, UNICAJA. EUROPA: INTESA SANPAOLO, UNICREDIT. 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. 4T’25 que se publicarán en España y Europa en los próximos días. El Ibex alcanza los 18.000 puntos Jornada de menos a más en las bolsas europeas, con el Ibex liderando de nuevo...

IBERIAN DAILY 03 FEBRUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: AEDAS HOMES, INDRA, MELIÁ, UNICAJA, 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 4Q’25 results to be released over the coming days in Spain. Ibex hits 18,000 points European stock markets saw an increasing performance, with the Ibex leading gains again, climbing more than +1.0% where the volatility of metals continued after the election of K. Warsh ...

IBERIAN DAILY 02 FEBRUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: FERROVIAL, NATURGY, REPSOL. 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 4Q’25 results to be released over the coming days in Spain. Ibex hits new record highs Last week was marked by the earnings season in both Europe and the US, and the geopolitical tensions between the US and Iran did not prevent the Ibex from hitting new record highs. In the STOXX 600, the ...

INFORME DIARIO 02 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, NATURGY, REPSOL. EUROPA: N/A. 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. 4T’25 que se publicarán en España y Europa en los próximos días. Nuevos máximos históricos del Ibex Semana marcada por la temporada de resultados y las tensiones geopolíticas entre EE.UU. e Irán lo que no impidió ver nu...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 01/30/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 01/30/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 30/01/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 30/01/2026

ODDO : US lifts sanctions on Venezuelan oil exports but this will not ...

ODDO : US lifts sanctions on Venezuelan oil exports but this will not ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 01/27/2026

Credit Morning 01/27/2026

APCOA: new bond issuance to reduce its interest burden and pay a dividend|Fnac Darty : Conference call feedback regarding the takeover bid|OPmobility to acquire Hyundai Mobis' lighting business|Jeanbrun scheme: a real boost for new home reservations?|Italmatch: New bond issuance and rating upgrade|

Morning Crédit 27/01/2026

APCOA: new bond issuance to reduce its interest burden and pay a dividend|Fnac Darty : Feedback conference call relative à l’OPA|OPmobility va racheter l’activité d’éclairage de Hyundai Mobis|Dispositif Jeanbrun, véritable coup de pouce pour les réservations de logements neufs ?|Italmatch: New bond issuance and rating upgrade|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 27/01/2026

Coffee, Croissants & Credit/Telecoms Outlook 2026, SES, Telefonica, Ar...

Fitch downgrades SES ratings to BBB- / Telefonica's €1bn green bond bond well placed / Telecoms Outlook 2026: Communicate, work and play / Aroundtown announces €250m buyback programme

ODDO : Preview T4 – La diversification et la croissance permettent d’a...