reports
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
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,...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
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, ...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Q3 results release reflects lack of momentum
>Q3 2024 results release in line, quarterly earnings benefited from a one-off - DHL Group released its final Q3 2024 results yesterday before the market (preliminary publication on 30 October), which were in line with EBIT expectations thanks to a positive one-off of € 70m in the P&P Germany division. The group benefited from the increase in volumes in the freight forward business (+8%+ in Q3) as well as in the domestic parcels business thanks to the B2C segment, whic...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : La publication T3 reflète le manque de momentum
>Publication T3 24 en ligne, qui a bénéficié d’un one-off - DHL Group a publié hier avant Bourse ses résultats T3 24 définitifs (publication préliminaire le 30/10), qui sont ressortis en ligne avec les attentes sur l’EBIT grâce à un one-off positif de 70 M€ dans la division P&P Allemagne. Le groupe a bénéficié de la progression des volumes dans l’activité Freight Forward (+8%+ au T3) ainsi que dans l’activité de colis domestiques grâce au segment B2C qui poursuit sa b...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
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...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
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...
- Arancha Pineiro
DHL GROUP: RDOS. 3T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 20.592 M euros (+6,2% vs +3,4% BS(e) y +3,8% consenso); EBIT: 1.373 M euros (+0,1% vs -2,0% BS(e) y -1,5% consenso); BDI: 751,0 M euros (-6,9% vs -3,3% BS(e) y -2,5% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 61.482 M euros (+1,8% vs +0,9% BS(e) y +1,0% consenso); EBIT: 4.038 M euros (-14,1% vs -14,7% BS(e) y -14,6% consenso); BDI: 2.238 M euros (-17,0% vs -15,9% BS(e) y -15,7% consenso).
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Q3 2024 final release confirms last week’s FY 2024 guidanc...
>Final Q3 2024 results in line, benefiting from a one-off - DHL Group released its final Q3 2024 results before trading, in line with last week’s preliminary release and broadly in line with expectations (thanks to a positive one-off of € 70m in the P&P division related to a positive net effect from developments in various legal disputes). Total revenue came in at € 20,592m (+6.2% y-o-y), 2% above the consensus at € 20,140m, supported by an improvement in air and oce...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Q3 2024 final release confirms last week’s FY 2024 guidanc...
>Final Q3 2024 results in line, benefiting from a one-off - DHL Group released its final Q3 2024 results before trading, in line with last week’s preliminary release and broadly in line with expectations (thanks to a positive one-off of € 70m in the P&P division related to a positive net effect from developments in various legal disputes). Total revenue came in at € 20,592m (+6.2% y-o-y), 2% above the consensus at € 20,140m, supported by an improvement in air and oce...
- Research Department
INFORME DIARIO 05 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FLUIDRA, NATURGY, OHLA. EUROPA: DHL GROUP. 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. Calma antes de las elecciones Sesión de poco movimiento y cautela con caídas moderadas en Europa en la jornada previa a las elecciones en Estados Unidos...
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
FDR FLUIDRA S.A.
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Guidance cuts for 2024 and medium term, though not a big s...
>Preliminary Q3 2024 results in line, benefiting from a one-off, FY 2024 guidance cut due notably to no improvement in B2B volumes - DHL Group released preliminary Q3 2024 results yesterday during trading ahead of the initial date (Tuesday, 5 Nov.), which are broadly in line with expectations (thanks to a positive one-off of € 70m in the P&P division related to a positive net effect from developments in various legal disputes). The group has lowered its EBIT guidance ...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Guidance cuts for 2024 and medium term, though not a big s...
>Preliminary Q3 2024 results in line, benefiting from a one-off, FY 2024 guidance cut due notably to no improvement in B2B volumes - DHL Group released preliminary Q3 2024 results yesterday during trading ahead of the initial date (Tuesday, 5 Nov.), which are broadly in line with expectations (thanks to a positive one-off of € 70m in the P&P division related to a positive net effect from developments in various legal disputes). The group has lowered its EBIT guidance ...
- Research Department
INFORME DIARIO 31 0CTUBRE + RDOS. ESPAÑA Y EUROPA 3T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, EBRO FOODS, FCC, FLUIDRA, NATURGY, SECTOR BANCOS, SECTOR ENERGÉTICO. EUROPA: AB INBEV, AXA, AIRBUS, DHL GROUP, ING, 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 repunta en octubre Caídas en los mercados euro...
- Arancha Pineiro
DHL GROUP: PREPUBLICA EBIT 3T’24 Y REBAJA OBJETIVOS 24/26 (ANÁLISIS BA...
Ha pre-publicado la cifra de EBIT’23 de 1.370 M euros (en línea con 3T’23, BS(e) y consenso) pero ha rebajado su objetivo de EBIT’24 hasta >5.800 M euros (vs ~5.950 M euros BS(e) y consenso). Esto compara con su objetivo anterior 6.000/
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/25/2024
Iberdrola is the strategic benchmark in the universe of integrated utilities. Since 2001, the group has pursued a resilient strategy of profitable growth (renewables and networks), geographic expansion and attractive shareholder returns (TSR average annual of 17.9%). But based on the strong share's performance and the low residual upside on our target price of € 15.30, we have lowered our rating to Neutral vs Outperform. - ...
- Delphine Brault
- Quentin Borie
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/09/2024
Iberdrola est la référence stratégique dans le secteur des utilities intégrées. Depuis 2001, le groupe poursuit une stratégie résiliente de croissance rentable (renouvelable et réseaux), d’expansion géographique et de rémunération attractive des actionnaires (TSR annuel moyen 17.9%). Toutefois, la forte performance du titre et le faible potentiel résiduel à notre objectif de cours de 15.3 €, nous amènent à abaisser l’opinion à Neutre vs Surperformance. - ...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : A clear message on the long-term outlook even though visib...
>Target for revenue growth of >5% per annum for 2024-2030 - Yesterday before market open and during a strategy update, DHL unveiled its target for revenue growth of +50% in 2030 vs 2023 i.e. c.€ 120bn targeted for 2030, based on the assumption of a 2024-2030 CAGR of >5%. This target is based on initiatives for each division (quality of operations at the express activity, improvements to productivity at freight forwarding, operational leverage and technology support at...
- Fehmi Ben Naamane
- Johanna Jourdain
DHL Group : Message clair sur les perspectives long terme même si la v...
>Objectif de croissance du CA de >5% par an sur 2024/2030 - Lors d’un Strategy Update, DHL a dévoilé hier avant Bourse son objectif de croissance du CA, à +50% en 2030 vs 2023 soit c. 120 Md€ visé en 2030, qui repose sur une hypothèse de TMVA de >5% sur 2024/2030. Cet objectif s’appuie sur des initiatives pour chaque division (qualité des opérations chez Express, amélioration de la productivité chez Freight Forward, levier opérationnel et appui technologique chez Supp...
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