IBERIAN DAILY 14 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FERROVIAL, MERLIN PROPERTIES, TELEFÓNICA.The Ibex nearing 13,800 points
Gains continued yesterday after the strong rises seen last Monday with positive surprises in macroeconomic data. In the STOXX 600, Retail and Autos were the best-performing sectors vs. Real Estate and Food that suffered the biggest losses. On the macro side, in the UK, March’s ILO unemployment rate rose to 4.5%, as expected. In Germany, April’s ZEW climbed more than expected whereas the current situation index was disappointing, falling and remaining at record lows. In the US, April’s general inflation moderated, as opposed to expectations to 2.3% YoY with the core data unchanged at 2.8%. April’s SMEs confidence fell less than expected. In tariff news, China criticised the US-UK agreement for attacking other countries, while Trump signed an agreement with Saudi Arabia opening the door to microchip purchases from NVIDIA, AMD and technology services. NATO stated that the countries are on track to reach spending levels of 5.0% of GDP by 2035.
What we expect for today
European stock markets would open with a slight bearish slant following the sharp gains accumulated over the past few days. Currently, S&P futures are up +0.1% (the S&P 500 ended -0.1% lower vs. the European closing bell). Asian markets are mixed (China’s CSI 300 +0.9% and Japan’s Nikkei -0.3%).
Today in Spain and Germany we will learn April’s final inflation. In US business results, Cisco and STERIS, among others, will release its earnings.
COMPANY NEWS
FERROVIAL. Better 1Q’25 Results on the operating level with a robust performance of Managed Lanes. OVERWEIGHT.
1Q’25 Results slightly above consensus expectations (EBITDA € 309 M vs. € 304 M consensus and € 291 M BS(e)), marked by the robust performance of Highways (EBITDA € 235 M vs. € 224 M BS(e) and € 231 M consensus), where the Managed Lanes showed a positive performance in average revenues per trip once more (≥+9% in all assets vs. inflation
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.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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