IBERIAN DAILY 12 MAY + 1Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, CAIXABANK, IBERDROLA, INDRA, NEINOR, SANTANDER.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’25 results to be released over the coming days in Spain.
Stability returns to stock markets, nearing highs
It was a week of gains for most European indices, with the market remaining confident in a prolonged de-escalation of the trade war. Thus, the Ibex returned to 2008 highs and the Dax (that climbed almost +2.0% last week) hit new record highs. In the STOXX 600, most sectors (15/20) ended the week with gains, led by Autos and Banks vs. defensive sectors such as Pharma and Utilities that suffered the biggest losses. On the macro side, the meeting between the US and China on tariffs would have ended with significant progress, agreeing a consultation mechanism that was not very helpful in the past. In Brazil, April’s inflation rose slightly and in line with expectations to 5.5% YoY. In China, April’s inflation remained at -0.1% YoY, as expected, whereas production prices slowed down slightly less than expected. In US business results, Alliant Energy beat expectations.
What we expect for today
Stock markets would open with gains of around +1.0%, with cyclical companies faring better. Currently, S&P futures are up +1.5% (the S&P 500 ended -0.22% lower vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.7% and Japan’s Nikkei +0.3%).
Today we will learn the details on the trade agreement between the US and China and in Mexico March’s industrial output. In US business results, NRG Energy and Fox among others, will release its earnings.
COMPANY NEWS
ALMIRALL. 1Q’25 results slightly above expectations. Guidance’25 maintained. OVERWEIGHT The 1Q’25 results were slightly above expectations in EBITDA (€ 71 M vs. € 68 M consensus and € 69 M BS(e); +35% vs. 1Q’24), with solid performance from Ebglyss (€ 19 M of sales vs. € 17 M BS(e)) and Ilumetri (sales +13% vs. +14% BS(e)). Strong NFD performance, which fell € -3 M to € 26 M (vs. € 11 M BS(e); 0.1x NFD/EBITDA). The company maintains its guidance’25 of sales growth between +10% and +13% (vs. +12% consensus) and EBITDA between € 220-240 M (midpoint € 230 M; +19% vs. 2024), in line with the consensus (€ 227 M). We do not rule out a positive reception, but it would be small after having rallied +19% in 2025 (+2% vs. IBEX).
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.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.
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.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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