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Luis de Toledo Heras
  • Luis de Toledo Heras

Fluidra : Management meeting reflects growth ambitions already reflect...

>Neutral stance reiterated, adjusting estimates and valuation to recent developments - We reiterate our Neutral stance on Fluidra as we believe the group’s strong fundamentals are fairly reflected in its valuation multiples (>12x EV/ EBITDA 2025e, c.5.5% FCF yield) and that the gradual normalisation of results is factored into the company’s financial guidance and consensus estimates. We are slightly lowering our 2024 estimates (adjusted EBITDA -5%) to reflect some one...

Roy Külter ... (+3)
  • Roy Külter
  • Steven Boumans
  • Thomas Zlowodzki
DHL DHL GROUP
AKE ARKEMA ... (+25)

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,...

Roy Külter ... (+3)
  • Roy Külter
  • Steven Boumans
  • Thomas Zlowodzki
DHL DHL GROUP
AKE ARKEMA ... (+25)

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, ...

Fehmi Ben Naamane ... (+2)
  • 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 ... (+2)
  • 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 ... (+3)
  • 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 ... (+3)
  • 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
  • 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 ... (+2)
  • 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 ... (+2)
  • 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
  • Research Department

IBERIAN DAILY 05 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: FLUIDRA, OHLA. 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 3Q’24 results to be released over the coming days in Spain. Calm ahead of the elections It was a calm session with moderate corrections in Europe ahead of the US elections (with a tight race) and the Fed meeting to be held next Thursday. In the STOXX 600, Banks and Energy saw the biggest gains vs. Tech...

Research Department
  • 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...

Luis Arredondo
  • Luis Arredondo

OHLA: ACUERDOS ALCANZADOS EN RELACIÓN CON EL PROCESO DE AMPLIACIÓN DE ...

Acaba de comunicar nuevos detalles de los acuerdos alcanzados en relación de su proceso de ampliación de capital de 150 M euros

Ignacio Romero
  • Ignacio Romero

FLUIDRA: 9M’24 RESULTS AND T.P. UPGRADE (ANÁLISIS BANCO SABADELL)

3Q'24 vs. 3Q'23 Results Sales: € 466.0 M (+6.6% vs. +7.9% BS(e) and +4.8% consensus); EBITDA: € 90.21 M (+15.7% vs. +14.4% BS(e) and +11.8% consensus); Net Profit: € 82.0 M (+182.8%). 9M'24 vs. 9M'23 Results Sales: € 1.637 Bn (+0.9% vs. +1.2% BS(e) and +0.4% consensus); EBITDA: € 386.0 M (+5.5% vs. +5.2% BS(e) and +4.6% consensus); Net Profit: € 194.0 M (+7.8%).

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