IBERIAN DAILY 22 JULY + 2Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AMPER, ENAGAS, GLOBAL DOMINION, IAG.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 2Q’25 results to be released over the coming days in Spain.
Ibex returns to 14,000 points
Despite the increasing performance seen yesterday thanks to the positive opening bell of US stock markets, European stock exchanges ended with drops in a session without macroeconomic references. Thus, this week will be marked by the trade negotiations, the earnings season and the ECB meeting to be held next Thursday. In the STOXX 600, Media and Pharma suffered the biggest losses vs. Basic Resources and Real Estate that rose the most. On the macro side, in the US June’s leading indicator dropped -0.3% MoM, as expected. On the geopolitical front, Russia and Ukraine will hold peace talks tomorrow. In US business results, Verizon and Roper Technologies were in line with expectations, Dominos Pizza worse than expected.
What we expect for today
European stock markets would open with losses of around -0.5% at the opening bell, with cyclicals performing worse. Currently, S&P futures are down -0.1% (the S&P 500 ended -0.4% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.6% and Japan’s Nikkei -0.4%).
Today in Mexico we will learn May’s IGAE economic activity and retail sales. In US business results, Coca Cola, Halliburton, Phillip Morris and General Motors, among others, will release their earnings.
COMPANY NEWS
ENAGAS. 1H’25 Results in line in recurring terms. Capital gains in reported Net Profit and guidance reiterated. OVERWEIGHT
EBITDA totalled € 329.3 M (-14.6% vs. -14% BS and -13.5% consensus), whereas recurring Net Profit came in at € 129.8 M (--12.8% vs. 1H’24 vs. -12.3% BS and consensus) and reported Net Profit at € 176 M, driven by the capital gains of Soto de La Marina and the rectification of the arbitration process of Peru. The negative reading vs. 1H’24 is explained by lower remuneration revenues and the lower contribution after the sale of Tallgrass and Soto de La Marina. NFD and FFO/NFD remain in line with the levels seen the previous quarter. The company reiterated its guidance 2025 (EBITDA € 670 M, Net Profit € 265 M). We do not expect any market reaction to these results (Conference Call 8:30 CET).
IAG. 2Q’25 Preview: Still beating records. OVERWEIGHT
On 01 August the company will release its 2Q’25 results (conference call at 9:30 CET). We expect EBIT (pre-one-offs) to reach €~1.43 Bn (+15% vs. 2Q’24; € 1.43 Bn consensus) with a 16.2% margin (+120bps vs. 2Q’24), underpinned by strong demand and lower fuel costs. Another key will be the outlook to be given. Thus, we can expect the company to update the fuel item (~30% of the cost base) which, if it remains at current levels, could be reduced by up to € -300 M (>6% of EBIT’25e). We expect these results to allow IAG to close the valuation gap with itself (around -19% vs. pre-pandemic share price, with +32% EBIT) and its peers (-20% in EV/EBIT’25e).
Amper is the parent company of a group engaged in the telecommunications industry. Co. and its subsidiaries are engaged in the research, development, manufacture, sale, repair and maintenance of electronic systems and telecommunication equipment. Co.'s range of expertise includes network management systems, local loop technology, switching center modernization systems, data communications systems, combat radio sets, parking meter engineering, installation and maintenance services, vehicle localization and navigation systems, and energy systems. Products include private and public telephones, digital commutation systems, and cellular phone equipment.
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
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.
International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.
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