EUR 100.00 For Business Accounts Only

IBERIAN DAILY 02 FEBRUARY + 4Q'23 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAIXABANK, FERROVIAL, GRIFOLS.

At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain.

The Fed cools the markets
Another session of slight losses in Europe after the possibility of a Fed rate cut in March was reduced, with the IBEX almost falling below 10,000 points. In the STOXX 600, the best-performing sectors were Energy and Travel & Leisure, whereas Basic Materials and Real Estate ended with the worst relative performance. On the macro side, in the euro zone January’s inflation slowed less than expected to 2.8% YoY, with the core component at 3.3%, which despite being higher than expected, is the lowest level since May’22. December’s unemployment rate remained at 6.4%, as expected. In Spain January’s manufacturing PMI rose more than expected, nearing a level of expansion. In the UK, the BoE kept interest rates at 5.25% after a six to three vote. In the US, the manufacturing ISM and weekly jobless claims rose more than expected. In US business results, Merck Amazon and Meta beat expectations, Apple in line.
What we expect for today
European stock markets would open with moderate gains after the good results of the technology sector in the US, with all eyes on the job data to be released this afternoon. Currently, S&P futures are up +0.57% (the S&P 500 ended +0.71% higher vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -2.19%, Japan’s Nikkei +0.41%).
Today in Spain we will learn January’s unemployment variation. In US business results, Aon, Cigna Group and Exxon, among others, will release their earnings.



COMPANY NEWS

CAIXABANK. 4Q’23 Results in line in trends and new buyback announcement. BUY
Results came in slightly below expectations due to some weakness in non-core revenues (trading revenues and equity method) and stagnation of the NII (+0.3% 3Q’23 and vs. +0.6% consensus). The rest of headings were slightly better, mainly insurance (+16% vs. +9% consensus) and costs (+5% vs. +7% expected), meaning an improvement in net operating profit of +49% (in line). The CoR of 28bps (in line) and the slightly higher provisions left Net Profit around -4% below expectations. CET1 came in at 12.38% (+13bps), without surprises. The bank announced a € 0.39 DPS (8% yield) and another buyback programme in the 1H’24, not quantified. The guidance’24 is very much in line with expectations in revenues (flat NII and low-single-digit growth in the rest), slightly better in costs (