Report
Research Department
EUR 100.00 For Business Accounts Only

IBERIAN DAILY 16 JULY + 2Q'24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS, LAR ESPAÑA, NATURGY, OHLA, SACYR, TALGO..


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 2Q’24 results to be released over the coming days in Spain.

China remains a concern
Moderate drops in European stock markets, pressured by the poor 2Q’24 GDP data out of China. In the STOXX 600, all the sectors were in the red, with the best performers being Travel & Leisure and Media, whereas Consumer Goods and Utilities were hit the hardest. On the macro side, in the euro zone, May’s industrial output fell less than expected. In the US, July’s Empire manufacturing index deteriorated less than expected. On the geopolitical front, the likelihood of Donald Trump winning the election has shot above 60%, whereas his running mate will be Senator JD Vance. From the Fed, J. Powell was confident the latest inflation data is on track to reach the 2.0% target. In Germany, the Cabinet would be on the verge of approving the budget draft, which has a funding gap of € 17 Bn. In US business results, BlackRock and Goldman Sachs beat expectations.
What we expect for today
Stock markets would open with slight drops. Currently, S&P futures are up +0.19% (the S&P 500 ended -0.49% lower vs. the European closing bell). Asian stock markets are climbing (China’s CSI 300 +0.12%, Japan’s Nikkei +0.19%).
Today in Germany we will learn July’s ZEW index, and in the US June’s retail sales and July’s NAHB real estate confidence index. In US business results, UnitedHealth, Bank of America and Morgan Stanley, among others, will release their earnings.
Underlyings
Lar Espana Real Estate SOCIMI SA

Lar Espana Real Estate SOCIMI SA is a Spain-based company primarily engaged in the operation of retail Real Estate Investment Trusts (REITs). The Company specializes in acquiring, managing and renting real estate assets within the Spanish market. Its business activities are divided into three segments: Shopping Centers, Offices, as well as Logistics. The Shopping Centers area is responsible for operation of a number of shopping malls, namely Txingudi, Las Huertas, Albacenter, Anec Blau, Hiper Albacenter, and Nuevo Alisal, among others. The Offices segment invests in office properties, such as Arturo Soria, Cardenal Marcelo Spinola, Egeo and Eloy Gonzalo. The Logistics division focuses on managing logistics warehouses, including Alovera I and Alovera II. The Company also owns a plot for residential properties development. It is a parent of a number of entities, such as Lar Espana Inversion Logistica SA, Gran Via Centrum Holdings SAU, Global Noctua and Puerta Maritima Ondara.

Obrascon Huarte Lain SA

Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.

Sacyr S.A.

Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.

Talgo SA

Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.

Provider
Sabadell
Sabadell

Analysts
Research Department

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