IBERIAN DAILY 25 JULY + 2Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, IAG, LOGISTA, TALGO.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 2Q’24 results to be released over the coming days in Spain.
US Technology stocks saw strong corrections
It was a negative session at both sides of the Atlantic following the poor PMI data released in the euro zone and the weak results of some US companies (mainly Google and Tesla). Thus, most sector in the STOXX 600 ended with corrections, led by Consumer Goods and Technology vs. Utilities and Basic Resources that were the best performers. On the macro side, in the euro zone, July’s PMI data dropped unexpected, with that of Services remaining above growth zone (>50) vs. the manufacturing PMI that continues below. In the US, mixed PMI data, that of Services climbed unexpectedly and the Manufacturing PMI dropped below growth zone. July’s home sales fell as opposed to expectations. In China, the PBoC unexpectedly cut the 1Y medium-term lending facility rate by 20bps to 2.3%. In US business results, IBM came in better and Ford Motor worse than expected
What we expect for today
Stock markets would open with drops of -0.5% following yesterday’s poor closing bell in the US. The S&P 500 and Nasdaq reported the worst session since 2022, sliding -2.31% and -3.64%, respectively. Currently, S&P futures are up +0.2% (the S&P 500 ended -0.3% lower vs. the European closing bell). Asian stock markets are sliding (China’s CSI 300 -0.85%, Japan’s Nikkei -3.0%).
Today in the Germany we will learn July’s IFO, in the US durable goods and capital goods orders. In US business results, Nasdaq and American Airlines, among others, will release their earnings.
COMPANY NEWS
LOGISTA. 9M’24 Results fully in line with expectations with interim dividend announcement. OVERWEIGHT
9M’24 economic sales: € 1.32 Bn (+4.6% vs. +4.5% BS(e)); Adjusted EBIT: € 290 M (+6.1% vs. +6.1% BS(e)); Net Profit: € 237 M (+22.5% vs. +22.0% BS(e)). Economic sales grew thanks mainly to transport and pharma, inventory revaluation and tobacco in Italy. Net Profit reported significant growth thanks to financial results and one-offs (restructuring costs and capital gains). The company reiterated its FY2024 guidance, announcing a € 0.56 DPS (+14%, 2.0% yield vs. € 0.54 BS(e)). Good results although we do not expect a relevant market impact.
ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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