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IBERIAN DAILY 11 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ALMIRALL, CELLNEX, ELECTRICITY SECTOR, GRIFOLS, GRUPO SANJOSE.

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 3Q’24 results to be released over the coming days in Spain.

Trump leads US indices to all-time highs
The week was marked by the US election, the meetings (with no surprises) from the Fed and BoS and Friday’s disappointment due to the lack of fiscal stimuli in China. US indices managed to hit new record highs, while in Europe peripheral indices fell sharply over the week. In the STOXX 600, sectors like Autos, Chemicals and Utilities led the losses, with the biggest gains coming in Travel & Leisure, Financial Services and Media. On the macro side, in the US November’s U Michigan consumer confidence rose more than expected (73 vs. 71 expected). In China, the NPC (National People’s Congress) announced it has authorised local governments the possibility of issuing up to US$ 1.4 Tn of debt (between newly-issued bonds and to exchange hidden debt), which disappointed the market, as no new available money was announced, nor more direct stimuli, although the Govt. left the door open to more announcements in the future. In US business results, NRG came in below expectations and Paramount surprisingly beat expectations. Separately, October’s inflation fell more than expected, as did production prices.
What we expect for today
Stock markets would open with gains of around +0.5%, with some improvement in cyclicals, but with bond proxies hit by the rising debt yields. Currently, S&P futures are up +0.23% (the S&P 500 ended unchanged vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.13%, Japan’s Nikkei -0.12%).
Today in Mexico we will learn September’s industrial output. In US business results, Live Nation, among others, will release its earnings.



COMPANY NEWS

ALMIRALL, OVERWEIGHT
The 3Q’24 results were in line on the operating level (€ 38 M of EBITDA vs. € 38 M BS(e)), with solid performance by Ilumetri (€ 52 M of sales; +24% vs. 3Q’23) and slightly below in Ebglyss (€ 9.6 M of sales vs. € 11 M BS(e)), which in any case continues to gain tractions. NFD fell by € -17 M on the quarter to € 60 M (~0.3x NFD/EBITDA), beating our forecast (€ 85 M BS(e)). On the outlook level, the company maintains its guidance’24 of high-single-digit growth in sales (vs. +9.6% BS(e) and +9.2% consensus) and EBITDA between € 175-190 M (vs. € 183 M BS(e) and € 185 M consensus).
We do not expect a big impact following the recent performance (+4% in 2024; -10% vs. IBEX).
Underlyings
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.

Cellnex Telecom S.A.

Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.

Grupo Empresarial San Jose S.A.

Grupo Empresarial San Jose SA is a Spain-based holding company. The Company's main activities are structured in four business areas: Construction, which comprises the construction, design and execution of public and private infrastructure projects; Real Estate, which specializes in the acquisition and development of residential and non-residential properties; Energy and Environment, focused on the initiation, development and operation of energy efficiency projects using renewable energy, and Concessions and Services, which includes the management, operation, exploitation and maintenance of infrastructure, hospitals, public and private facilities, urban real estate, parks and gardens. The Company is a parent of such a number of controlled entities as Constructora San Jose SA, Cartuja Inmobiliaria SAU, Desarrollos Urbanisticos Udra SAU, San Pablo Plaza SAU and Comercial Udra SA, among others.

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Sabadell

Analysts
Research Department

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