IBERIAN DAILY 17 OCTOBER + 3Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, FERROVIAL, IBERDROLA.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 3Q’25 results to be released over the coming days in Spain.
S. Lecornu’s government survives for the time being
European stock markets climbed, benefiting from the lower political risk in France, the expectation of rate cuts by the Fed and the good start to the 3Q’25 earnings season whereas the US was dragged down vy the new crisis of regional banks. In the STOXX 600, Food and Chemicals led gains whereas Insurance and Financial Services saw the biggest drops. On the macro side, in the US Philadelphia Fed index recovered in October less than expected whereas the residential construction confidence index (NAHB) rose more than expected to May’25 highs. In France, the PM S. Lecornu survived the confidence votes presented by France Unbowed (271 votes vs. 289 necessary) and by the National Rally (144 votes). In the US C. Waller from the Fed was in favour of cutting rates in the event of greater weakness in the job market. In Germany, the PM F. Merz was in favour of a single stock exchange in Europe. On the geopolitical level, D. Trump will meet V. Putin next week in an attempt to reach a peace agreement. In US 3Q’25 Results Travelers released disappointing results whereas US Bancorp, M&T Bank and KeyCorp beat expectations.
What we expect for today
European stock markets would open with drops of as much as -1.0%, with cyclical value more hit (banks) and oil groups dragged down by the drop in Brent crude and defence companies sliding due to the Trump/Putin meeting. Currently, S&P futures are down -0.6% (the S&P 500 ended -0.58% lower vs. the European closing bell). Asian markets are sliding (China’s CSI 300 -1.45% and Japan’s Nikkei -1.54%).
Today in the euro zone we will learn September’s inflation. In US business results Financial, American Express and Filth Third Bancorp, among others, will release their earnings.
COMPANY NEWS
CELLNEX. Sale of data centres in France. OVERWEIGHT
CLNX has just announced that it has signed a put option with Vauban Infra Fibre to sell Towerlink France, a company handling CLNX’s main data centre operations in France. The price of the deal was € 391 M. The deal would be subject to certain normal conditions in this type of process. Positive news that allows the company to strengthen its balance sheet and could potentially lead to a slight improvement to shareholder remuneration, although the impact is small. The sale represents ~2% of market cap and ~1.8% of NFD.
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.
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.
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