Sabadell - Almirall SA (ALM) ALMIRALL: VEMOS RECORRIDO CON EL CUMPLIMIENTO DE SUS GUÍAS (ANÁLISIS BANCO SABADELL)

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Sabadell

Luis Arredondo

EUR 400.00 For Business Accounts Only

ALMIRALL: VEMOS RECORRIDO CON EL CUMPLIMIENTO DE SUS GUÍAS (ANÁLISIS BANCO SABADELL)

Vemos recorrido con el cumplimiento de sus guías. SOBREPONDERAR.
Tras los Rdos.4T’25, revisamos estimaciones un +5% en EBITDA promedio’26-28e para ajustarnos a su guidance’26e (EBITDA entre 270/290 M euros; +20% vs 2025) y hacemos roll over, con un impacto conjunto de +16% en nuestro P.O. hasta 14,50 euros/acc. (+27% potencial). En nuestra opinión, ALM ofrece un perfil defensivo en el entorno de volatilidad actual y tras su mal performance reciente (-11% en 2026; -11% vs IBEX) vemos margen de revalorización atractivo con el “delivery” en resultados este año y el cumplimiento de sus guías a medio plazo (crecimiento en ventas a doble dígito hasta 2030e y margen EBITDA del 25% en 2028e (+400pb vs 2025)).

18/03/2026 1 ES

Underlying

Almirall SA

Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.

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ES0157097017 Madrid Stock Exchange Spain

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Sabadell

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Analysts

Luis Arredondo

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IBERIAN DAILY 18 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ALMIRALL, PUIG BRANDS. The Ibex returns to 17,200 points Yesterday Brent crude remained above US$ 100/b for the fourth session, with stock markets seeing gains for the second consecutive session, where Israel confirmed the death of Iran’s national security chief, A. Larijani. In the STOXX 600, most sectors ended with gains, led by Energy (for the second consecutive session) and Utilities vs. the drops of Media an Consumer Goods On the macro side, in Germany March’s ZEW index slowed down significantly, as opposed to expectations due to the war in Iran, reporting the lowest readi...

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INFORME DIARIO 18 MARZO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, PUIG BRANDS. El Ibex recupera los 17.200 puntos Ayer fue la cuarta jornada con el precio del Brent por encima de 100 dólares y la segunda sesión consecutiva al alza de las bolsas en el día que Israel confirmaba la muerte del jefe de la seguridad nacional iraní A. Larijani. En el STOXX 600, la mayoría de sectores cerraron con ganancias, lideradas por Energía (por segundo día consecutivo) y Utilites frente a las caídas de Media y B. de Consumo. Por el lado macro, en Alemania el índice ZEW de marzo se contrajo fuertemente en contra de lo ...

EUR 100.00

2h / 50m 2h / 50m 1 ES

IBERIAN DAILY 18 MARCH (ANÁLISIS BANCO SABADELL)

EUR 100.00

2h / 45m 2h / 45m 1 EN

Research Department

Research Department

INFORME DIARIO 18 MARZO (ANÁLISIS BANCO SABADELL)

EUR 100.00

2h / 50m 2h / 50m 1 ES

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ALMIRALL: VEMOS RECORRIDO CON EL CUMPLIMIENTO DE SUS GUÍAS (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 18 MARCH (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 18 MARZO (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 18 MARCH (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 18 MARZO (ANÁLISIS BANCO SABADELL)

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