Energy Morning - 15 November 2024

Brent spot: USD 72.8bbl, up 0.99/bbl from last OSE close.OSX: 78.0, up 0.7% since last OSE close.IEA revises up call-on-OPEC for 2024, lowers 2025e.US crude oil inventory build of 2.1mbbl.PEN (B) Q3 trading update: Dussafu producing >40kboe/d, potential ~9% upside to ’25 EBITDA.BWO Q3 (B): USD 1

Energy Morning - 14 November 2024

Renewable Weekly – 11 November 2024

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024

Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024

Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...

Energy Morning - 6 November 2024

Ørsted : Underlying earnings a shade below our expectations

>Release boosted by reversal of exceptional charges - Ørsted reported yesterday its operating performances for Q3 2024. Adjusted EBITDA came to DKK 9,548m (vs DKK 5,055m forecast by ODDO BHF and DKK 4,657m by the consensus). This significant beat reflects the completion of the negotiation of the contract for Orsted’s exit from Ocean Wind 1 which resulted in lower costs than initially expected at DKK 5.1bn. This amount is recognised in the group’s EBITDA but is not inc...

Ørsted : Des résultats sous-jacents une peu inférieurs à nos attentes

>Une publication aidée par des reprises de charges exceptionnelles - Ørsted a publié hier matin ses performances opérationnelles pour le T3 2024. L'EBITDA ajusté s'est établi à 9 548 MDKK(contre 5 055 MDKK attendus par ODDO BHF et 4 657 MDKK selon le consensus). Ce dépassement important par rapport aux prévisions est lié à la finalisation de la négociation du contrat pour la sortie d’Orsted et d’Ocean Wind 1 qui se traduit par des frais plus faibles que prévu initiale...

Near-term risks outweigh rewards

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/05/2024

European equity markets weakened in October following multiple disappointments across the earnings season. The impending US election, the outcome of which is highly uncertain according to the polls, may also have prompted some traders to adopt a cautious stance. Sovereign long rates rose sharply, particularly in the US, on the back of macro indicators likely to provide arguments to the most hawkish of central bankers. All eyes are now on the November 5 elections and their repercussion...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 05/11/2024

Les marchés actions européens ont fléchi en octobre après les nombreuses déceptions sur la saison des résultats. L’approche de l’élection US, très incertaine selon les sondages, pourrait également avoir poussé à la prudence certains opérateurs. Les taux longs souverains ont nettement remonté, en particulier aux Etats-Unis, sur la base d’indicateurs macro susceptibles de donner des arguments aux plus faucons des banquiers centraux. Tous les yeux sont désormais rivés sur le scrutin du 5...

Ørsted : Underlying performance remains weak

>Result mostly boosted by reversal in cancellation fee - Ørsted released this morning its operational performance for the 9M 2024. Adjusted EBITDA came in at DKK 9,548m (vs DKK 5,055m expected by ODDO BHF and DKK 4,657m by the consensus). This large beat vs forecast is related to the reversal of the cancellation fee for DKK 5.1bn which is a non-cash effect and will have no consequence in the actual operating performance which was below our forecast. EBIT (after impair...

Ørsted : Underlying performance remains weak

>Result mostly boosted by reversal in cancellation fee - Ørsted released this morning its operational performance for the 9M 2024. Adjusted EBITDA came in at DKK 9,548m (vs DKK 5,055m expected by ODDO BHF and DKK 4,657m by the consensus). This large beat vs forecast is related to the reversal of the cancellation fee for DKK 5.1bn which is a non-cash effect and will have no consequence in the actual operating performance which was below our forecast. EBIT (after impair...

Holdings Report - October 2024 KBCS Holdings Universe Returns -2.5% Du...

1M Performance - Absolute: During Oct'24 (1M period), the KBCS Holdings Universe posted a return of -2.5% which was mainly driven by single-asset holdings (-2.8%) while multi-asset holdings  posted a slightly less negative return of -2.3%. The 3 top performers during the period were Financière de Tubize (+6.7%), D'Ieteren Group (+4.5%), and Solvac (+2.8%) while the 3 worst performers were Sofina (-11.4%), Gimv (-9.8%), and Compagnie du Bois Sauvage (-6.3%). YTD Performance - Relative: On a YTD ...

Clean Q3 on the soft side, but nothing big

Energy Morning - 5 November 2024

Renewable Weekly – 1 November 2024

This week, we summarise this week's most important newsflow on the companies under our coverage.

Geberit AG : Q3 2024 much better than forecast, guidance, upped slight...

>Q3 12% better than expected: better revenues, solid margins - The group’s Q3 2024 results, reported this morning, beat expectations by around 13%. Revenues grew by 6.2% on constant currencies (consensus 0.6%). It indicated that volumes rose by around 6% (after 5% in Q2) while price increases made virtually no contribution to growth. While underlying demand remained in decline in the newbuild segment, the group benefited from a solid renovation market. The adjusted EB...