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As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 10 names we followed last week, follow the link below.
While Japan’s automakers have upped their game in the EV space, they remain laggards on the global stage. With the EV markets now in trouble, analyst Julie Boote assesses whether or not the Japanese assemblers have been vindicated in their more cautious approach to electrification.
Rdos. 1T'23 vs 1T'22: EBIT: 5.500 M euros (+5,2% vs -10,3% BS(e) y -6,3% consenso).
Por el lado macro, la política arancelaria de D. Trump y la incertidumbre que genera deteriora las perspectivas macro. Aunque lo peor ya estaría anunciado y esperamos una rebaja progresiva de la tensión en adelante, el riesgo de recesión se aleja, pero no desaparece. De 4T’25 en adelante esperamos más claridad y recuperación (en Europa apoyada además por mayor gasto fiscal). En política monetaria, el BCE tendría más flexibilidad para bajar tipos para apuntalar el crecimiento (el mercado descuenta 2 bajadas adicionales de -25 p.b. hasta 1,75% vs tipo neutral c. 2%). La Fed estaría en la difícil...
1Q'25 vs. 1Q'24 Results Sales: € 154.2 M (-7.4% vs. -4.3% consensus); EBITDA: € 13.6 M (-32.3% vs. -23.4% consensus); Net Profit: € -7.1 M (€ 10.4 M in 1Q'24 vs. € 6.6 M consensus);
Rdos. 1T'25 vs 1T'24: Ventas: 154,2 M euros (-7,4% vs -4,3% consenso); EBITDA: 13,6 M euros (-32,3% vs -23,4% consenso); BDI: -7,1 M euros (10,4 M euros en 1T'24 vs 6,6 M euros consenso).
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