IBERIAN DAILY 26 APRIL + 1Q'24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAF, CELLNEX, FERROVIAL, IBERDROLA, ROVI.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.
Results and macro data drag down stock markets
After three straight days of gains, the business results and the macro data in the US led to stock market losses on both sides of the Atlantic. Within the STOXX 600 sectors, most closed with losses (16 of 20), led by Industrials and Chemicals, with Basic Materials and Household Goods rising more than +1.0%. On the macro side, in the US, the 1Q’24 GDP came in below expectations, but showing strength in consumption and investments, and a core consumption deflator far above expectations. March’s pending home sales rose more than expected and weekly jobless claims fell unexpectedly. In Japan, April’s Tokyo inflation fell more than expected. In its quarterly statement, the BoJ suggested that in 2H’24 inflation will be consistent with price stability, ruling out many rate hikes, and brining the yen to a 34-year low. In US business results, American Airlines, Caterpillar and Nasdaq came in below expectations, Microsoft and Alphabet beat expectations.
What we expect for today
Stock markets would recover part of yesterday’s losses, climbing >+0.5%. Currently, S&P futures are up +0.86% (the S&P 500 ended up +0.62% vs. the European closing bell). Asian stock markets are rising (China’s CSI 300 +1.24%, Japan’s Nikkei +1.12%).
Today in the euro zone we will learn March’s M3, in Spain the 1Q’24 unemployment rate and March’s retail sales and in the US personal consumption and the core deflator for April, as well as U. Michigan consumer confidence. In US business results, Aeon, Chevron, Roper, Phillips 66, Exxon and Colgate, among others, will release their earnings.
COMPANY NEWS
CELLNEX. Robust 1Q’24 Results and in line with expectations. BUY
1Q’24 sales ex -pass through totalled € 946 M, meaning +6.6% growth (+7.5% organic growth). Adjusted EBITDA came in at € 778 M (+7% vs. 1Q’23 and +8,9% organic) with an 82% margin. EBITDAaL grew up to € 535 M (+9% and +11.2% organic) with a 57% margin and RLFCF cash totalled € 384 M (+14%) with € 103 M of FCF (vs. € -130 M in 1Q’23), both figures underpinned by France’s € 152 M remedies. The share price did not report a significant impact from these results, climbing +0.3% (vs. -0.4% Ibex). However, we believe that the continuation of the delivery and the existence of drivers (asset sales leading to an anticipated start of shareholder remuneration) should mark a good entry point.
Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
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.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
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