Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.
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Pedro Echeguren
- Pedro Echeguren
Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales...
Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies Growth in sales and EBITDA fuelled by the COVID-19 effect and the Bioibérica acquisition The key features are organic growth of +10%, a higher EBITDA margin and the COVID-19 vaccine Valuation
Pedro Echeguren
- Pedro Echeguren
Pedro Echeguren
- Pedro Echeguren
Pedro Echeguren
- Pedro Echeguren
Reig Jofre: A sound 9M19 but TP cut on concerns about Bioibérica
Reig Jofre: A sound 9M19 but TP cut on concerns about Bioibérica Growth in sales and adjusted EBITDA accelerated in 9M19 after a strong 3Q19 Bioibérica: Medicaments to treat arthrosis may no longer be subsidized in Spain Valuation: Our target price is cut to €3.80/share (from €3.92/share)
Pedro Echeguren
- Pedro Echeguren
Reig Jofre: 2Q19 results grow 3% in sales and net profit
Reig Jofre: 2Q19 results grow 3% in sales and net profit Sales in 1H19 increased +3%, but sales and earnings dipped in 2Q19 from 1Q19 An equity issue in 2Q19 to prepare for an acquisition that closed in July 2019 Net debt falls sharply following the equity increase but is set to increase again in 3Q19 Valuation
Pedro Echeguren
- Pedro Echeguren
Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales...
Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies Growth in sales and EBITDA fuelled by the COVID-19 effect and the Bioibérica acquisition The key features are organic growth of +10%, a higher EBITDA margin and the COVID-19 vaccine Valuation
Pedro Echeguren
- Pedro Echeguren
Javier Hombria
- Javier Hombria
TUBOS REUNIDOS: too many known unknowns. We initiate with a Hold (Bank...
The main points of our research are: After the US shale market crashed in 2016, Tubos Reunidos management took some time to readjust. After changing its leadership it unveiled a turnaround plan (Transforma 360º) with the ambitious goal of reaching at least an EBITDA of €45mn within two years, thanks to improved commercial activity (i.e: moving its geography-focused approach to a sector-based one), increased operating efficiency (i.e: reduce operating costs per ton by at least 10%) and improv...
Juan Moreno
- Juan Moreno
Juan Moreno
- Juan Moreno
Infrastructure Sector: The Kingdom of Spain will take over the motorwa...
Good news for infrastructure sector because this decision could open bank financing for some infrastructure projects in Spain. The Government will only assume highways’ debt of €3.34Bn, not paying anything for the equity invested in the roads. It is completely in line with our base case scenario, what implies to worth the equity invested by infrastructure companies at zero.
Marisa Mazo
- Marisa Mazo
Spain 2018: A slower pace of growth
2018e GDP growth may slow to 2.5% Spain’s GDP will increase +2.5% and +2.2% in 2018e and 2019e (vs. +3.1% in 2017e) according to our forecasts. Despite the slowdown, the figures compare positively with the Eurozone’s expected growth rates (+1.8% and +1.6% for 2018e and 2019e). But the miracle still continues: positive contribution of both domestic and external demand We estimate domestic and external demand to contribute +2.0pp and +0.5pp to GDP growth in 2018e (+2.5pp and +0.6pp in 2017...