Renewable Weekly – 13 Sept 2024

On aggregate, the R&C stocks underperformed (equal weight) the MSCI Nordic by ~1% throughout the reporting season (10 July to today).

Holdings Report - August 2024 KBCS Holdings Universe Up 0.5% Thanks To...

1M Performance - Absolute: During July'24 (1M period), the KBCS Holdings Universe posted a return of 0.5% which was mainly driven by multi-asset holdings (+1.7%) while single-asset holdings posted a negative return of -1.3%. The 3 top performers during the period were HAL Trust (+5.1%), Texaf (+2.9%), and The Infrastructure Company (TINC, +9.6%) while the 3 worst performers were Brederode (-2.8%), Solvac (-5.3%), and Whitestone Group (-7.2%). YTD Performance - Relative: On a YTD basis (as of A...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/09/2024

At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/09/2024

At the 15th edition of our Corporate Conference, hosted jointly by ODDO BHF and Commerzbank, the presenting corporates were still focused on the macroeconomic environment and the related impact on their sectors. Regionally, the US remains resilient at good levels, while China and Europe are lagging behind. Germany in particular is seen as sluggish. Hence, we observed a mixed picture across the 89 companies presenting at our conference. We were positively surprised by statements from a...

ODDO : Curtailments in Brazil, limited impact on Iberdrola, Enel and E...

>Recap of the announcement made by Votalia on 20 August - On 20 August, Voltalia announced that the Brazilian transmission network operator was imposing a sizeable curtailment on some parts of the network which will impact group 2024 EBITDA to the tune of € 40m, if these measures to reduce inflow continue over the next few months and if the group is not compensated financially. The curtailment on production volumes for Voltalia in the northeast portion of the network ...

ODDO : Les effacements au Brésil, peu d’impacts sur Iberdrola, Enel et...

>Rappel des faits annoncés par Voltalia le 20 août dernier - Le 20 août dernier, Voltalia a annoncé que l’opérateur du réseau de transmission brésilien impose actuellement des écrêtements prononcés dans certaines parties du réseau qui impacterait l’EBITDA 2024 du groupe à hauteur de 40 M€, si ces mesures de réduction d’injection se prolongeaient au cours des prochains mois et si le groupe n’était pas compensé financièrement. Le volume d’écrêtement de la production de ...

Renewable Weekly – 4 Sep 2024

A soft week for renewables: of our basket of 38 stocks, returns were positive for 10 and negative for 28 on the week.

AR6 wins solidify NAV outlook

Renewable Weekly – 30 August 2024

A soft week for renewables: of our basket of 38 stocks, returns were positive for 21 and negative for 17 on the week.

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/30/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/08/2024

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HAL Trust : Strengthening its core holding positions

>Strong earnings improvement in unquoted companies - Net earnings H1: € 5.65 per share. HAL reports 24H1 earnings of € 510m (€ 5.65 per share) , which is down 7% from the € 550m (€ 6.09 per share) reported in 23H1. Net income from the quoted interests in 24H1 amounted to € 144m, slightly up from € 140m in 23H1. /Market NAV: € 163.7 per share. On 30 June, the market NAV amounted to € 14,474m (€ 160.17 per share), up 6.7% from € 13,563m (€ 150.12 per share) at...

Hal Trust 1H FY24: NAV up 6.7%, Boskalis Goes Shopping & Coolblue To E...

At end-1H FY24, NAVps was at €160.2 (€14,474m), up 6.7% vs. €150.1 during FY23-end. HAL Trust has agreed to sell its entire stake in Pro Gamers Group, an asset with little to no value due to impairments. On the other hand, the group increased its stake in Coolblue to 56.4% by investing €25.0m for an additional 7.5% (implied equity value = €333m vs. €340m KBCSe). Boskalis' posted a robust set of 1H results with revenue rising 5% to €2.1b, EBITDA rising 50.0% to 0.55m and net profit rising 65% to ...

Vermilion Int'l Compass: Global Equity Strategy

Shift Now to Defensives Snap-back rallies have continued in the largest global equity markets (U.S., Japan, and Europe). With that said, Japan's TOPIX is still below 2690-2700 and the EURO STOXX 50 is below 4884, and whether they roll over here or from marginally higher levels, we continue to believe lower highs remain likely in both Japan and Europe. The S&P 500 is testing its YTD highs, something we have been looking for since our August 13, 2024 Compass, and we still believe it could make a ...

Renewable Weekly – 19 August 2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/16/2024

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ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/08/2024

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Ørsted : Fresh impairments spoil the party

>Underlying performance nonetheless solid - Ørsted yesterday published a satisfactory level of operating performance for Q2 2024, but impairments penalised net profit. Adjusted EBITDA was up 98% y-o-y to DKK 6,570m (vs DKK 5,850m expected by ODDO BHF and DKK 5,394m by consensus), EBIT (after impairment) came to -DKK 26m (down 103% y-o-y) compared with ODDO BHF's estimate of DKK 3,350m and the consensus estimate of DKK 2,869m, and net profit came to DKK -1,678m (compar...

Fortum : Confirms its profile as a yield company

>Interim results publication undershoots our expectations but ahead of the consensus - Fortum published on Thursday, 15 August, a set of H1 2024 results which were undershot our expectations but topped those of the consensus. Like-for-like EBITDA totalled €948m (down 16% y-o-y), below ODDO BHF (€ 980m) but above the Vara consensus estimate (€ 923m). Like-for-like operating profit came in at € 763m (-21%), compared with our forecast of € 813m (consensus € 735m). Recurr...