IBERIAN DAILY 13 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, CELLNEX, GLOBAL DOMINION, GREENING, NATURGY.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’24 results to be released over the coming days in Spain.
Stock markets rallied last week
Stock exchanges rallied last week, trading near annual highs after the Bank of England paved the way to initiate rate cuts next month and the governor Andrew Bailey stated that there could be more cuts than those expected by investors (that could be extrapolated to the ECB). In the STOXX 600, Insurance and Utilities led the weekly gains, whereas Autos (with drops) and Real Estate were the worst performers last week. On the macro side, in the UK the 1Q’24 GDP came in above expectations (+0,6%). In the US, the University of Michigan Consumer Confidence fell more than expected in May to 67.4 from 76.0. In Spain, the Socialist party won the Catalonian regional elections, but were unable to obtain a majority. In Mexico, March’s industrial output grew MoM in line with expectations. In Brazil, April’s inflation rose slightly above expectations (3.69% vs. 3.66%). In China, April’s inflation rose more than expected, although production prices saw a steeper YoY contraction. In Japan, the BoJ plans to reduce bond purchases in the 5Y-10Y range.
What we expect for today
Stock markets would open with gains of less than +0.3%. Currently, S&P futures are up +0.10% (the S&P 500 ended up +0.10% vs. the European closing bell). Asian stock markets are sliding (China’s CSI 300 -0.04%, Japan’s Nikkei -0.30%).
Today in the euro zone the Eurogroup will meet.
COMPANY NEWS
ALMIRALL. Better 1Q’24 results on operating level. Guidance’24 maintained. BUY
The 1Q’24 results beat expectations on the operating level (€ 53 M EBITDA vs. € 49 M BS(e) and € 48 M consensus) due to better sales performance (+7% vs. +5% BS(e) and +4% consensus) and margins (21.2% vs. 20.2% BS(e) and consensus). Cash performed more weakly (NFD grew € 70 M to € 98 M; 0.6x NFD/EBITDA; € 83 M BS(e)) due to higher payments for marketing milestones. The company maintains its guidance’24 of high-single-digit growth in sales (vs. +9.6% BS(e) and +8.4% consensus) and EBITDA between € 175-190 M (vs. € 183 M BS(e) and € 184 M consensus). Solid initial reception of Ebglyss (€ 3.6 M of sales). We expect a positive reaction, despite the stock’s recent performance (+9% in 2024; -1% 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.
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.
Global Dominion Access SA is a Spain-based company primarily engaged in the construction and engineering sector. The Company's activities are divided into two segments: Multi-technological Services, which offers design, implementation and maintenance of fixed and mobile telecommunications networks, manages sales and distribution processes for telecommunications carriers, as well as renders of inspection, maintenance, repair and renovation services for industrial and energy firms, and Solutions and EPCs, which executes turnkey Engineering-Procurement-Construction (EPC) projects, provides construction, repair and renovation of industrial heating installations, as well as develops processes and other technological and business solutions in numerous sectors. Its services are provided in three areas: Technology and Telecommunications (T&T), Industry and Renewable energies. It operates worldwide in Europe, the Americas, Asia and Africa. The Company is a subsidiary of CIE Automotive SA.
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