Με κέρδη ολοκλήρωσαν την σημερινή συνεδρίαση τα περισσότερα ευρωπαϊκά χρηματιστήρια, με τις μετοχές του κλάδου ενέργειας να σημειώνουν τα μεγαλύτερα κέρδη και αυτές του κλάδου των τηλεπικοινωνιακών υπηρεσιών τις μεγαλύτερες απώλειες.
Θετικά αντέδρασαν οι επενδυτές στα ευρωπαϊκά χρηματιστήρια και στην προοπτική μείωσης των επιτοκίων, μετά την συνεδρίαση της Ευρωπαϊκής Κεντρικής Τράπεζας, όπου το επιτόκιο των πράξεων κύριας αναχρηματοδότησης καθώς και τα επιτόκια της διευκόλυνσης οριακής χρηματοδότησης και της διευκόλυνσης αποδοχής καταθέσεων παρέμειναν αμετάβλητα στο 4,50%, 4,75% και 4,00% αντιστοίχως.
Μετά την τελευταία συνεδρίαση του Διοικητικού Συμβουλίου τον Ιανουάριο, ο πληθωρισμός υποχώρησε περαιτέρω, αναφέρει η κεντρική τράπεζα σε ανακοίνωση που έδωσε στη δημοσιότητα.
Όπως επισημαίνει, στις πιο πρόσφατες προβολές των εμπειρογνωμόνων της ΕΚΤ, ο πληθωρισμός έχει αναθεωρηθεί προς τα κάτω, ιδίως για το 2024, πράγμα που αντανακλά κυρίως μια μικρότερη συμβολή των τιμών της ενέργειας.
Σύμφωνα με τις τελευταίες προβολές, ο πληθωρισμός αναμένεται πλέον να διαμορφωθεί κατά μέσο όρο σε 2,3% το 2024 (από 2,7% που ήταν στην πρόβλεψη του Δεκεμβρίου), σε 2,0% το 2025 (από 2,1% προηγουμένως) και 1,9% το 2026 (χωρίς μεταβολή).
Τα hedge funds αγόρασαν σε παγκόσμιες μετοχές με τον ταχύτερο ρυθμό σε σχεδόν ένα χρόνο τον Φεβρουάριο, καθώς οι επενδυτές γίνονται πιο αισιόδοξοι στις χρηματιστηριακές αγορές από τις ΗΠΑ έως την Ιαπωνία, ανέφερε η Goldman Sachs.
Η σημαντική ώθηση στις καθαρές αγορές μετοχών των hedge funds παρατηρήθηκε σε όλες τις μεγάλες περιοχές παγκοσμίως τον περασμένο μήνα, σηματοδοτώντας την ισχυρότερη μηνιαία καθαρή εισροή από αυτά τα κεφάλαια σε παγκόσμιες μετοχές από τον Μάρτιο του 2023, ανέφερε η Goldman Sachs σε σημείωμα της ομάδας βασικών υπηρεσιών της με ημερομηνία 6 Μαρτίου. (περισσότερα εδώ)
Στα κυριότερα μακροοικονομικά νέα:
Στην Βρετανία, ο δείκτης τιμών κατοικιών Halifax για τον μήνα Φεβρουάριο πραγματοποίησε αύξηση 0,4% έναντι εκτιμήσεων των οικονομολόγων για αύξηση 0,8% και αύξησης 1,2% τον προηγούμενο μήνα (αναθεωρημένο από το 1,3%).
Στην Γερμανία, οι εργοστασιακές παραγγελίες για τον μήνα Ιανουάριο σημείωσαν πτώση 11,3% έναντι εκτιμήσεων των οικονομολόγων για πτώση 6% και αύξησης 12% τον προηγούμενο μήνα (αναθεωρημένο από το +8,9%).
Ο δείκτης Stoxx 600 έκλεισε στις 503,30 μονάδες με άνοδο 1,02%.
Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 17.853,75 μονάδες με άνοδο 0,72%, με το σήμα να διατηρείται σε strong buy, και με την στήριξη να βρίσκεται στις 17.049 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.694,57 μονάδες με άνοδο 0,20%, με το σήμα να παραμένει σε strong buy, και με την αντίσταση να βρίσκεται στις 7.733 μονάδες και την στήριξη στις 7.508 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 8.016,22 μονάδες με άνοδο 0,77%, με το σήμα να παραμένει σε strong buy, και με την στήριξη να βρίσκεται στις 7.685 μονάδες.
Μεγαλύτερη άνοδος
Μεγαλύτερη πτώση
Recommendations
Renault: In a research note published by Jose Asumendi, JP Morgan advises its customers to buy the stock. The target price is still set at EUR 64.
SYMRISE: JP Morgan analyst Edward Hockin maintains his Buy rating on the stock. The target price is unchanged and still at EUR 115.
SAP: Analyst Michael Briest from UBS research considers the stock attractive and recommends it with a Buy rating. The target price is still set at EUR 191.
SYMRISE: UBS analyst Charles Eden maintains his Buy rating on the stock. The target price is revised upwards from EUR 120 to EUR 113.
EON: UBS analyst Wanda Serwinowska maintains his Buy rating on the stock. The target price is unchanged and still at EUR 14.
SYMRISE: Charlie Bentley from Jefferies retains his positive opinion on the stock with a Buy rating. The target price is still set at EUR 120.
ENCAVIS: In a research note, Jefferies analyst Martin Comtesse has maintained his recommendation on the stock with a Buy rating. The target price remains set at EUR 19.
PUMA: In a research note published by Thomas Maul, DZ Bank advises its customers to buy the stock.
Εταιρικά νέα
Hugo Boss said that it expects sales and earnings to grow this year, but warned that it might not meet its 2025 sales guidance amid weak consumer sentiment.
The German premium-fashion firm said Thursday that it expects sales to grow between 3% and 6% to around 4.30 billion to 4.45 billion euros ($4.69 billion-$4.85 billion) in 2024. Earnings before interest and taxes should increase by 5% to 15% to around EUR430 million to EUR475 million, while the EBIT margin is expected to improve to between 10.0% and 10.7%.
The company’s 2024 expectations are below analysts’ forecasts of EUR4.56 billion in sales and EBIT of EUR491 million, according to a FactSet-compiled poll of estimates. In 2021, the company set targets for 2025 as part of its so-called Claim 5 strategy, which aims to revamp its brands and accelerate growth. The company confirmed its EBIT margin guidance of at least 12% by 2025, but said there could be a slight delay in achieving its sales outlook of EUR5 billion due to macroeconomic and geopolitical uncertainties. For 2023, Hugo Boss posted net profit of EUR258 million, up 23% from the prior year and beating analysts’ expectations of EUR250 million, according to FactSet.
The group confirmed preliminary results, released in January, with sales of EUR4.2 billion, up 18% on year on a currency-adjusted basis, and EBIT of EUR410 million, a 22% increase. The company will propose a dividend of EUR1.35 a share, up from EUR1 previously.
Legal & General Group is on track to meet its midterm goals, the financial services provider said as it posted operating profit for 2023 short of expectations.
The London-listed provider of life insurance, pensions, retirement and investment services reported an operating profit of 1.67 billion pounds ($2.12 billion) for the 12 months ended Dec. 31, missing the GBP1.75 billion expected by a company-compiled consensus and slightly above the previous year’s GBP1.66 billion. Pretax profit attributable to equity holders fell to GBP76 million from GBP868 million, it said. Excluding longevity and internal pension scheme accounting, the figure was GBP561 million, down from GBP1.035 billion, due to investment and other variances.
The group’s store of future profit rose 9% to GBP14.7 billion, having achieved record new business volumes in pension risk transfer, U.K. annuities and U.S. protection, it said. Its solvency II coverage ratio–a key measure of balance-sheet strength–stood at 224%, compared with 236% a year prior and consensus’s 217%.
“We are on course to achieve our five-year targets,” said Chief Executive Antonio Simoes in his first set of results since taking up the role in January, adding he will outline his strategy on June 12 as L&G reaches the end of its 2020 to 2024 plan. The board declared a final dividend of 20.34 pence a share, in line with views and its guidance.
Continental said it would hike its dividend after net profit soared and sales rose.
The German car-parts manufacturer said Thursday that net profit for 2023 jumped to 1.16 billion euros ($1.26 billion) from EUR66.6 million a year earlier. Analysts had expected net profit of EUR1.35 billion, according to a poll from Visible Alpha. Group sales rose to EUR41.42 billion from EUR39.41 billion, slightly below the Visible Alpha consensus of EUR41.66 billion. The company proposed a dividend of EUR2.20 a share compared with EUR1.29 in 2022.
Adjusted earnings before interest and taxes rose to EUR2.52 billion from EUR1.95 billion, while the adjusted EBIT margin finished the year at 6.1%, compared with 4.9% in 2022, Continental said. Adjusted free cash flow finished 2023 at EUR1.29 billion. For the current year, Continental expects group sales between EUR41 billion and EUR44 billion, and targets a group adjusted EBIT of margin of 6%-7%, it said.
Adjusted free cash flow should finish the year at between EUR700 million and EUR1.1 billion, said Continental, which is in the midst of a restructuring program that is expected to cut more than 7,150 jobs.
Telecom Italia said it aims to deliver growth in earnings and revenue over the next three years as well as a reduction in net debt, helped by a planned sale of its fixed-network assets.
The Italian telecommunications company late Wednesday outlined its targets for the 2024-26 period and reported a narrowed net loss for 2023. Telecom Italia expects annual revenue growth of 3% between 2023 and 2026, with growth in its domestic operations as well. It projects earnings before interest, taxes, depreciation and amortization after leases will rise 8% annually over the same period.
The targets are based on the new footprint of the company following the planned network sale–including submarine-cable unit Sparkle–and are organic and exclude currency fluctuations, Telecom Italia said. The network sale will allow the company to operate with fewer financial and regulatory constraints, it said. The company anticipates a reduction in its ratio of debt to Ebitda after leases to between 1.6 and 1.7 in 2026 from a pro forma ratio of 3.8 at the end of 2023.
Telecom Italia said it expects to step up cost-cutting in its Italian operations, with a target of 400 million euros ($435.9 million) to 2026. For 2023, the company’s net loss was EUR1.44 billion compared with a loss of EUR2.93 billion in 2022. Revenue rose 3.2% to EUR16.30 billion, in line with preliminary figures released last month.
Nexi said it plans to launch a share buyback program of up to 500 million euros ($544.9 million) in an effort to return capital to shareholders after seeing growth in revenue and earnings.
The Italian payments company on Thursday reported revenue of EUR912.9 million for the three months to the end of December, up 6.8% on year. Revenue at Nexi’s core merchant-solutions division grew 6.2% to EUR497.9 million. Earnings before interest, taxes, depreciation and amortization–a key measure of profitability–climbed 9.7% to EUR484.1 million.
Total costs rose to EUR428.8 million from EUR413.3 million. Analysts had forecast quarterly revenue of EUR904 million–including EUR501 million from the merchant-solutions division–Ebitda of EUR479 million and total costs of EUR425 million, according to a market consensus provided by the company. “Nexi’s management and the board believe that the current share price does not reflect the full value of our business and its outlook and that a share buyback offers the most effective value creating opportunity for the shareholders to deploy the excess cash,” the group said.
Nexi plans to propose the 18-month share-buyback program at its shareholders’ meeting on April 30. This year, Nexi expects mid-single-digit year-on-year net revenue growth and mid-to-high single-digit Ebitda growth.
Germany’s Merck KGaA expects to gradually return to organic growth this year after reporting a slump in earnings during 2023, which it called a “transitional” year.
The life-sciences and electronics company said profit after tax last year fell to 2.83 billion euros ($3.09 billion) from EUR3.34 billion in 2022 as sales slipped 5.6% to EUR20.99 billion. Earnings before interest, taxes, depreciation and amortization before one-time items–the company’s preferred profitability metric–fell 14% to EUR5.88 billion. Analysts expected 2023 pre-items Ebitda at EUR5.86 billion on net sales of EUR20.97 billion, according to consensus estimates provided by the company.
Merck said the 2023 sales and earnings performance of the life science business sector was hurt by sharply lower Covid-19-related sales while the process solutions business slowed due to inventory destocking. In electronics, earnings were weighed by the continuing cyclical slowdown in the semiconductor industry, but healthcare earnings rose. “We delivered solid results in a transitional year 2023,” said Chief Executive Belen Garijo. “Now, we are fully focusing on gradually returning to growth during fiscal 2024.”
The company expects slight to moderate organic sales and pre-items Ebitda growth in 2024. The company proposed an unchanged dividend for 2023 of EUR2.20 a share.
Deutsche Lufthansa is planning its first dividend payout since the pandemic after profit more than doubled last year, and said it expects air-travel demand will continue to rise as passengers rush to book tickets for the Easter and summer vacation periods.
The German carrier group on Thursday posted a net profit of 1.67 billion euros ($1.82 billion) for 2023 compared with EUR791 million the year earlier. Lufthansa said it would propose a dividend of EUR0.30 a share at its annual general meeting on May 7, following its policy of distributing between 20% and 40% of profit. “For the first time since the coronavirus pandemic, shareholders are to participate directly in the company’s strong earnings again,” the company said. However, Lufthansa reported revenue and earnings below analysts’ forecasts for the fourth quarter. Revenue for the three months to the end of December increased 5% on year to EUR8.76 billion.
Net profit slumped by 78% to EUR67 million in the quarter. Adjusted earnings before interest and taxes–Lufthansa’s preferred measure of profitability–slipped to EUR402 million from EUR581 million, generating a 4.6% adjusted margin. Analysts had forecast quarterly revenue of EUR9.57 billion on a net profit of EUR206 million and adjusted EBIT of EUR419 million, according to a market consensus provided by the company.
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