IBERIAN DAILY 06 MAY + 1Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, IBERDROLA, INDRA, 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.
IBEX back above 13,500
European stock markets mostly rose, except the CAC which ended in the red and the Eurostoxx 50, which was flat. In the STOXX 600, most sectors posted gains (14/20), led by Insurance and Real Estate, whereas Energy (Brent fell -2.5%) and Chemicals ended with the biggest drops. On the macro side, in the euro zone May’s Sentix index improved much more than expected. In the US, April’s non-manufacturing ISM rose unexpectedly, with noteworthy rises in new orders and prices. As for tariffs, D. Trump would announce tariffs for pharmaceuticals in two weeks. In China, April’s Caixin services PMI dropped more than expected. In US business results, Tyson Foods, ON Semiconductor and Ford beat expectations, Realty Income released disappointing figures and Palantir in line with expectations.
What we expect for today
Stock markets would open with slight losses, but with some recovery in the oil sector following yesterday’s rout. Currently, S&P futures are down -0.3% (the S&P 500 ended -0.29% lower vs. the European closing bell). Asian markets are rising (China’s CSI 300 +0.95%,and Japan’s Nikkei is closed).
Today in Spain we will learn April’s unemployment, in the euro zone April’s final services PMI and in the US March’s trade balance. In US business results, Global Payments, Marriott International, Duke Energy, Devon, Electronic Arts and Advance Micro Systems, among others, will release their earnings.
COMPANY NEWS
INDRA. 1Q’25 Results slightly below the consensus. We place our T.P. Under Revision, maintaining our OVERWEIGHT recommendation.
1Q’25 sales grew +4.2% (vs. +4.5% BS(e) and +5.2% consensus), with 1Q’25 EBIT totalling € 95 M (+5.9% vs. +8.7% BS(e) and +10.7% consensus) with an 8.2% margin vs. 8.1% in 1Q’24. The company maintains its positive prospects (and guidance’25), with the good momentum of Defence. Although we could see profit taking today after the strong share price outperformance in 2025 (+73.4% vs. +16.6% IBEX) we reiterate our OVERWEIGHT recommendation. We will revise our estimates to include the good earnings momentum and its guidance’25 that is above our estimates (EBIT > € 490 M vs. € 455 M BS(e) and FCF > € 300 M vs. € 265 M BS(e)). IDR continues to trade at appealing multiples and below its peers (10x EV/EBIT’25 vs. ~14x IT companies and ~24x Defence groups).
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.
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.
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