Με θετικό πρόσημο ολοκλήρωσαν την συνεδρίαση τα περισσότερα ευρωπαϊκά χρηματιστήρια, με τους επενδυτές να υποδέχονται θετικά την προοπτική εκεχειρίας μεταξύ Ουκρανίας και Ρωσίας.
Οι κινήσεις ακολούθησαν συνομιλίες μεταξύ Ουκρανίας και ΗΠΑ στη Σαουδική Αραβία την Τρίτη, οι οποίες οδήγησαν στην Ουκρανία να συμφωνήσει να εφαρμόσει μια εκεχειρία 30 ημερών. Εάν η Ρωσία συμφωνήσει στη συμφωνία, η παύση των μαχών θα είναι άμεσα αποτελεσματική. Οι ΗΠΑ αποκάλυψαν επίσης ότι θα επαναλάβουν την ανταλλαγή πληροφοριών με την Ουκρανία και θα ξεκινήσουν εκ νέου την αποστολή στρατιωτικής βοήθειας στη χώρα.
Η ανησυχία των επενδυτών σχετικά με τους παγκόσμιους δασμούς παρέμεινε μετά την έναρξη ισχύος των δασμών 25% του προέδρου των ΗΠΑ Ντόναλντ Τραμπ στις εισαγωγές χάλυβα και αλουμινίου την Τετάρτη. Η Ευρωπαϊκή Επιτροπή αντέδρασε σχεδόν αμέσως, λέγοντας ότι θα επιβάλει αντι-δασμούς σε αμερικανικά προϊόντα αξίας 26 δισ. ευρώ, από τον επόμενο μήνα. Ο Τραμπ έγινε επίσης πρωτοσέλιδο την Τρίτη όταν απείλησε να διπλασιάσει τους δασμούς των ΗΠΑ στις καναδικές εισαγωγές χάλυβα και μετάλλων στο 50%, αν και γρήγορα απέσυρε την πρόταση.
«Αφού ο τελευταίος γύρος παρορμητικών δασμολογικών απειλών του Τραμπ συγκλόνισε ξανά τις αγορές χθες, οι ευρωπαϊκές μετοχές ανακάμπτουν σήμερα το πρωί μετά την είδηση μιας πρότασης κατάπαυσης του πυρός στην Ουκρανία. Το δολάριο έχει ανέβει από το χαμηλό τεσσάρων μηνών εν όψει αυτού που είναι πιθανό να είναι μια άλλη κολλώδης έκθεση για τον πληθωρισμό στις ΗΠΑ σήμερα», δήλωσε ο Kyle Chapman, αναλυτής αγορών FX στο Ballinger Group.
Η γερμανική κυβέρνηση προέβη στην έκδοση ομολόγου δεκαετούς διάρκειας με κουπόνι 2,92% έναντι 2,52% της αντίστοιχης προηγούμενης έκδοσης.
Η βρετανική κυβέρνηση προέβη στην έκδοση ομολόγου δεκαετούς διάρκειας με κουπόνι 4,679% έναντι 4,808% της αντίστοιχης προηγούμενης έκδοσης.
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Ο δείκτης Stoxx 600 έκλεισε στις 541,22 μονάδες με άνοδο 0,80%.
Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 22.675,93 μονάδες με άνοδο 1,61%, με το σήμα να μετατρέπεται από sell σε neutral, και με την στήριξη να βρίσκεται στις 20.433 μονάδες και την επόμενη στις 19.854 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 8.541,82 μονάδες με άνοδο 0,54%, με το σήμα να παραμένει σε strong sell, και με την αντίσταση να βρίσκεται στις 8.669 μονάδες και την στήριξη στις 8.503 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.988,96 μονάδες με άνοδο 0,59%, με το σήμα να διατηρείται σε sell, και με την αντίσταση να βρίσκεται στις 8.091 μονάδες και την στήριξη στις 7.966 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Recommendations
Air France-KLM: In a research note published by Andrew Lobbenberg, Barclays advises its customers to Sell the stock. The target price is unchanged at EUR 7.
IAG: Barclays is no longer optimistic and is revising its opinion on the stock. The broker goes from buying to selling. The target price is decreased from GBX 420 to GBX 250.
Lufthansa: Barclays’s analyst Andrew Lobbenberg lowers his rating from Buy to Sell. The target price is decreased from EUR 10.50 to EUR 6.50.
Astrazeneca: In a research note published by Matthew Weston, UBS advises its customers to buy the stock. The target price is still set at GBX 14200.
BP: UBS analyst Joshua Stone maintains his Buy rating on the stock. The target price remains unchanged at GBX 525.
Εταιρικά νέα
Avolta on Wednesday reported a strong financial performance for 2024, with revenues increasing by 8.9% at constant exchange rates and organic growth reaching 6.3%.
The Swiss-based travel retailer posted a turnover of CHF 13.725 billion, with a core EBITDA of CHF 1.27 billion, reflecting a 12.2% year-on-year increase and a margin of 9.4%.
Equity free cash flow saw a rise of 32% from the previous year, reaching CHF 425 million, indicating strong cash generation and disciplined cost management.
Avolta’s commitment to shareholder value was evident in its capital allocation strategy, which included a leverage ratio of 2.1x, or 1.9x when adjusted for treasury share purchases.
The company canceled 6.1 million shares, representing 4% of issued share capital, in December 2024.
Additionally, a dividend of CHF 1.00 per share, marking a 43% increase from the previous year, will be proposed at the May 2025 Annual General Meeting. A share buyback program of up to CHF 200 million for 2025 was also announced.
The company’s financial performance varied across its operational regions. In Europe, the Middle East, and Africa, turnover reached CHF 6.93 billion, reflecting a 10.6% year-on-year growth, with organic growth at 9.4%.
North America experienced an increase in turnover to CHF 4.30 billion, marking an 8.2% reported growth and 5.6% organic growth.
In Latin America, turnover declined by 5% to CHF 1.57 billion, primarily due to external economic factors. Asia Pacific saw a 3.8% revenue increase to CHF 579 million, despite a -2.8% FX impact.
Operationally, Avolta expanded its presence into new markets, making its debut in Saudi Arabia at Riyadh’s King Khalid International Airport and entering Tunisia through five major airports.
The company also secured new concessions at John F. Kennedy International Airport, strengthening its North American presence.
Additionally, the acquisition of Free Duty concessions in Hong Kong reinforced its partnership with the Mass Transit Railway, giving Avolta a comprehensive presence in all border store locations across the region.
Avolta further advanced its digital strategy with the Club Avolta loyalty program, now boasting over 10 million members and contributing more than 5% of annual revenue.
The company also launched Avolta NEXT, an innovation hub designed to accelerate technological advancements in travel retail and F&B, alongside smart stores and the AI-driven Avolta GPT, which enhances customer insights and market analysis.
The company’s strong cash flow performance enabled further investments and debt management.
By the end of 2024, net debt stood at CHF 2.663 billion, down from CHF 2.696 billion in 2023. The company’s Equity Free Cash Flow reached CHF 425 million, a 32% increase year-on-year, reflecting disciplined cost control and active portfolio management.
Avolta successfully refinanced its EUR 800 million bond due in October 2024 and extended its Revolving Credit Facility (RCF) by two years to 2029, a move expected to generate CHF 10 million in annual interest savings.
CEO Xavier Rossinyol emphasized Avolta’s focus on growth through business development, commercial and digital transformation, and financial discipline.
He highlighted the company’s ability to adapt dynamically to evolving consumer trends while maintaining a strong financial footing. “For two consecutive years, we have exceeded our expectations with strong organic growth, driving the travel experience revolution,” Rossinyol stated.
He also expressed confidence in Avolta’s outlook for 2025, citing a 9.5% revenue growth year-to-date as of February 28, and the company’s broad geographic presence across 70 countries as key strengths in navigating global uncertainties.
Avolta reaffirmed its medium-term targets, aiming for organic growth between 5% and 7% per annum, an improvement in core EBITDA margin by 20 to 40 basis points annually, and an increase in EFCF conversion by 100 to 150 basis points per year.
At current exchange rates, the company expects currency translation effects to be neutral in 2025.
Rheinmetall (ETR:RHMG), a major beneficiary of Europe’s renewed push to invest in defence, said on Wednesday it expects significant sales growth in 2025 and promised to update guidance after recent geopolitical developments are taken into account.
The German defence company expects sales to grow by 25% to 30% in 2025 as a result of the Russian invasion of Ukraine and the decoupling of the United States from Europe, it said.
At the same time, Rheinmetall anticipates an improvement in the operating result and an operating margin of around 15.5%, slightly above the 2024 level of 15.2%.
However, it said the outlook did not take into account “improvement in market potential that is expected to arise in the markets that are particularly relevant” and said it would make adjustments as customer needs become more specific.
Last week, European leaders backed plans to spend more on defence and continue to stand by Ukraine in a world upended by President Donald Trump’s reversal of U.S. policies.
The European Commission wants to mobilise up to 800 billion euros ($863 billion) for European defence, including a plan to borrow up to 150 billion euros to lend to national governments.
The company reported group sales of 9.75 billion euros for 2024, under the 9.99 billion in a company-provided estimate by analysts polled by Vara Research.
Puma (OTC:PMMAF)’s shares were seen falling 8% in Wednesday’s premarket indications, after the German sportswear group gave a disappointing outlook for first-quarter sales due to a weak performance in the U.S. and China the night before.
Puma said on Tuesday it expected currency-adjusted sales growth in the first quarter of 2025 to be in a low single-digit percentage, below last year’s level.
It also released an outlook for 2025, saying it expected to incur one-time costs of up to 75 million euros ($81.8 million) as part of its cost efficiency programme.
Northvolt, the Swedish maker of battery cells for electric vehicles, said on Wednesday it has filed for bankruptcy in Sweden, bringing to an end Europe’s best hope of developing a rival to major Asian EV battery players.
Northvolt sought U.S. Chapter 11 bankruptcy protection last November as its cash pile dwindled, trying to secure funds that would allow it to fix persistent problems in scaling up output at its flagship plant in northern Sweden.
“The company was unable to secure the necessary financial conditions to continue in its current form,” the group, which has over 5,000 employees, said in a statement.
Europe had been hoping that Northvolt would reduce Western car makers’ reliance on Chinese rivals such as battery maker CATL and EV and battery maker BYD (SZ:002594).
The company, whose motto was “make oil history”, received more than $10 billion in equity, debt and public financing since its 2016 inception, counting Volkswagen (ETR:VOWG_p), with a 21% stake, and Goldman Sachs, holding 19%, as its biggest owners.
At the end of January this year its debt stood at more than $8 billion, previously released documents showed.
Porsche said on Wednesday it will keep its dividend for 2024 at the previous year’s level despite a 30.4% drop in net profit, according to Reuters calculations, as the luxury carmaker battles high costs and weak demand in China.
Citing a “persistently challenging environment”, the company also pared back its medium-term margin target to 15-17% from 17-19%.
Porsche’s shares suffered their worst day on the stock market last month when it warned its 2025 margin would hit just 10-12% because of an 800-million euro ($872 million) dent to profits as it pivoted back to more combustion engine and hybrid models.
The carmaker, which at its stock market debut in 2022 was valued higher than its parent company Volkswagen AG (OTC:VWAGY), has fallen from grace since, struggling in particular with low sales in China, its top market, where sales dropped 28% in 2024.
Like Volkswagen (ETR:VOWG_p), which warned on Tuesday that margins would remain flat in 2025 as it battles to reduce costs, Porsche is also downsizing in an attempt to boost profitability towards its long-term target of 20%.
The luxury carmaker will cut 2,000 jobs, on top of the 1,900 already announced, and will enter negotiations with unions in the second half of the year over further cuts, it said.
Porsche’s operating profits fell 22.6% last year to 5.6 billion euros, yielding a return on sales of 14.1% despite revenue remaining roughly on the previous year’s level, as renewing five out of six of its model lines weighed on earnings.
With EV demand lagging, the carmaker promised to offer a range of combustion engine, hybrid or electric models “well into the 2030s” and was evaluating a new SUV model line with combustion and hybrid options, to be launched towards the end of the decade, it said.
Zara owner Inditex (MC:ITX) on Wednesday reported sales for its fourth quarter ending January 31 in line with analysts’ expectations, sealing another year of strong growth for the world’s biggest listed fast-fashion retailer.
Inditex’s first quarter started a little more slowly, though, with sales up just 4% in currency-neutral terms over the February 1 to March 10 period, compared to 11% growth a year ago.
Sales grew 10.5% in currency-neutral terms, to 38.6 billion euros ($42.07 billion) for the year, Inditex said, as fourth-quarter sales came in at 11.2 billion euros.
In comments on its 2025 outlook, Inditex said it had a “strong commitment to profitable growth” after net profit for 2024 grew 9% to 5.9 billion euros.
“The excellent sales and profit figures show the solidity of the Inditex Group’s profitable growth,” Chief Executive Officer Oscar Garcia Maceiras said in a statement.
Inditex, which also owns Bershka, Pull&Bear, Massimo Dutti, Stradivarius, and Oysho, said it would hike its dividend by 9% to 1.68 euros per share.
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