IBERIAN DAILY 22 APRIL + 1Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS, FCC, FERROVIAL, IBERDROLA, 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 1Q’22 results to be released over the coming days in Spain.
Markets rally, with today set for another drop
European stock markets rallied, spurred by the solid start to the US business results calendar (80 of 87 have beaten expectations), although subsequent statements by J. Powell regarding the possibility of raising rates +50bps each meeting once again cooled US markets after the European closing bell. Separately, in France it appears that Macron has increased his lead slightly for this Sunday’s election. In the Euro STOXX, the best-performing sectors were Basic Materials and Construction, underpinned by the possibility China will increase its monetary stimuli. By contrast, Consumer Goods and Utilities fell the most. As for macro data, in the euro zone, March’s final inflation figure surprisingly fell -0.1% (to 7.4%), as did the core figure (2.9%). Separately, April’s consumer confidence fell slightly less than expected. The EC stated it plans to complete the 6th package of sanctions against Russia in two days although after the statements made by Germany, a veto on Russian oil is apparently unlikely. In the US, weekly jobless claims fell slightly less than expected, whereas April’s Philadelphia Fed index fell unexpectedly. In Japan, March’s inflation rose in line with expectations, whereas the Jibun services PMI improved (while the manufacturing PMI fell). In US business results, Union Pacific and Philip Morris were in line, Snap-on beat expectations and American Airlines slightly beat expectations.
What we expect for today
European stock markets would open with gains of more than +1%, once again with worries on rising IRRs and the flattening of the US slope. Currently, S&P futures are down -0.1% (yesterday the S&P 500 ended -1.4 % lower vs. the European closing bell). Volatility in the US rose (VIX 22.68). Asian markets are mixed (China’s CSI 300 +0.4%, and Japan’s Nikkei -1.6%).
Today in the UK we will learn March’s retail sales and in the euro zone April’s preliminary manufacturing and services PMIs. In US Results, Verizon, American Express and HCA Healthcare, among others, will release their results.
COMPANY NEWS
AEDAS HOMES, BUY
Yesterday Aedas announced that it ended the year with 2,298 homes delivered (+17% vs. 2020), meeting its target of 2,200-2,300 units. The cumulative figure means the delivery of 1,013 homes the last quarter of the fiscal year, doubling the pace seen the previous quarter. This shows a +8% increase vs. the months of January-March’21.
Positive news, as the figure is slightly above our estimates of ~940 units in the last quarter of the fiscal year and dispels some doubts on the delays expected due to supply problems, especially when the stock has fallen -7.7% in 2022.
Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.