Gecina (GFCFP) is a solid low-A office-focused credit. Fundamentals weakened slightly during 2023, and the LTV ticked up on relatively large valuation declines which may continue further in 2024, albeit this will likely remain manageable for ratings. The outlook for the Office market in France remains mixed, but we think that any weakness will be offset by good disposal progress and stable credit metrics, as shown in 1Q24. We remain comfortable with the name and think that it should trade at ti...
PARIS--(BUSINESS WIRE)-- Regulatory News: Gecina (Paris:GFC) : Date d’arrêté des informations Nombre total d’actions Nombre total de droits de vote Avril 2024 76 670 861 Nombre de droits de vote théoriques : 76 670 861 Nombre de droits de vote exerçables : 73 905 985 Déclaration précédente Date d’arrêté des informations Nombre total d’actions Nombre total de droits de vote Mars 2024 76 670 861 Nombre de droits de vote théoriques : 76 670 861 Nombre de droi...
A director at Safran S.A. sold 2,095 shares at 208.000EUR and the significance rating of the trade was 83/100. 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 sho...
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - >Our copper ...
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) ...
>Neutral vs Outperform - TP revised to € 220 - After gains of 30.8% ytd, the stock is now trading on best in class multiples for the European aerospace sector, with an EV/EBIT of 18.2x (premium of c.25%) and a discount limited to c5% vs GE Aero. Admittedly, Safran is the best-quality stock in our coverage universe and we do not see any clouds on the horizon, but investors seem to have already priced in an upward revision of the 2024 guidance. Furthermore, we believe t...
>Neutre vs Surperformance - OC révisé à 220 € - Après une appréciation de 30.8% YtD, le titre se traite désormais sur des multiples de best in class dans le secteur aéronautique européen avec un multiple VE/EBIT de 18.2x (prime de c25%) et une décote limitée à c5% par rapport à GE Aero. Certes, Safran est le titre le plus qualitatif dans notre univers de couverture et nous ne percevons pas de nuage à l’horizon mais les investisseurs nous semblent avoir déjà intégré un...
A director at L'Oreal sold 10,000 shares at 440.894EUR and the significance rating of the trade was 68/100. 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 showin...
>Solid operating performance, with organic growth remaining strong at 6.2% - Gecina delivered a solid operating performance in Q1 2024, in line with 2023, with gross rental income of € 173.8m (€ 170.9m), up 4.3% as reported and 6.2% on a like-for-like basis, driven in particular by indexation of +5.2% yoy, the effects of a generally stable occupancy rate over the quarter (contribution -0.2%) and the positive impact of reversion in both offices and residential properti...
>Q1 2024 sales 1.2% above css thanks to volume recovery in Equipment and services across the board - Q1 2024 sales came out 1.2% above consensus expectations at € 6,220m (ODDO BHF: € 6,080m, company compiled css: € 6,145m), showing a 19.1% l-f-l increase. In details:Propulsion sales were up 15.4% l-f-l to € 3,097m thanks to a solid civil aftermarket growth of 27.3% (vs 24% expected) driven by stronger-than-expected growth in LTSA (CFM56 and Leap) as well as incre...
>Solide performance opérationnelle avec une croissance organique toujours aussi soutenue de +6.2% - Gecina a délivré une performance opérationnelle solide sur le T1 2024 dans la continuité de 2023 avec des revenus locatifs bruts à 173.8 M€ (170.9 M€e) en croissance aussi bien à périmètre courant de 4.3% qu’à périmètre constant (pc) de 6.2% sous l’effet notamment d’une indexation à +5.2% yoy, des effets liés au taux d’occupation globalement stable sur le trimestre (con...
>Q1 2024 sales 1.2% above css thanks to volume recovery in Equipment and services across the board - Q1 2024 sales came out 1.2% above consensus expectations at € 6,220m (ODDO BHF: € 6,080m, company compiled css: € 6,145m), showing a 19.1% l-f-l increase. In details:Propulsion sales were up 15.4% l-f-l to € 3,097m thanks to a solid civil aftermarket growth of 27.3% (vs 24% expected) driven by stronger-than-expected growth in LTSA (CFM56 and Leap) as well as incre...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAF, CELLNEX, IBERDROLA, FERROVIAL, ROVI. EUROPA: AIRBUS, DEUTSCHE TELEKOM, SAFRAN, VINCI. 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. Los resultados y la macro lastran las bolsas Tras tres días de ganancias, los r...
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