reports
- Research Department
IBERIAN DAILY 18 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS HOMES, AENA, AMADEUS, CIE AUTOMOTIVE, EBRO FOODS, NATURGY, NEINOR HOMES, TELEFÓNICA. Awaiting new drivers Most European indices, with the exception of peripheral markets, ended with slight corrections in a session without macroeconomic data. In the STOXX 600, almost all sectors (16/20) ended with gains, led by Basic Resources and Telecommunications vs. the bigger drops of Technology and Construction. On the macro side, in the euro zone, November’s final inflation was cut one...
- Research Department
INFORME DIARIO 18 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, AENA, AMADEUS, CIE AUTOMOTIVE, EBRO FOODS, NATURGY, NEINOR HOMES, TELEFÓNICA A la espera de nuevos catalizadores Poco movimiento en Europa en una jornada descargada de datos macro que terminó con tímidas pérdidas en la mayoría de los índices salvo para la periferia. En el STOXX 600, casi todos los sectores (16/20) terminaron con ganancias, lideradas por R. Básicos y Telecomunicaciones frente a las mayores caídas de Tecnología y Construc...
Neinor Homes successfully acquires over 79% of AEDAS, fulfilling its o...
Neinor Homes successfully acquires over 79% of AEDAS, fulfilling its objective of securing a controlling interest before year-end At the Voluntary Tender Offer launched on 25 November, Neinor successfully acquired 79.20% stake in AEDAS, fulfilling its objective of securing a controlling interest in the company before year-endAs previously communicated, Neinor expects to launch a subsequent mandatory tender offer at €24.00/share, representing a 12.5% premium over the voluntary offer price, subject to CNMV’s authorisation Madrid, 17 December, 2025 – Neinor Homes (“Neinor”), Spain’s leading...
- Research Department
IBERIAN DAILY 17 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, INDRA. Doubts do not disappear they change Calm prevailed at both sides of the Atlantic with a battery of macroeconomic data that did not convince the market. In the STOXX 600, almost all sectors (16/20) ended with drops, led by Energy and Industrials vs. the larger gains of Consumer Goods, Financial Services and Retail Estate. On the macro side, in the euro zone, November’s PMI fell more than expected (the manufacturing PMI was at its lowest level in 8 months) but the co...
- Research Department
INFORME DIARIO 17 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, INDRA Las dudas no desaparecen, se transforman Volvió la cautela a ambos lados del Atlántico con una batería de datos macro que no convenció al mercado. En el STOXX 600, casi todos los sectores (16/20) terminaron con caídas, lideradas por Energía e Industriales frente a las mayores ganancias de B. de Consumo, Servicios Financieros e Inmobiliario. Por el lado macro, en la Eurozona los PMI’s de noviembre cayeron más de lo esperado (manufactur...
- Research Department
IBERIAN DAILY 15 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FERROVIAL, GREENING, REPSOL, TALGO. The Fed continues to underpin stock markets The Fed’s dovish message underpinned the weekly gains of stock markets, conveying confidence on lower rates in 2026 and higher liquidity with the Fed’s short-term asset purchase. This led the Ibex to climb above 17,000 points. In the STOXX 600, Banks and Insurance, closely followed by Travel&Leisure, led the gains whereas Autos and Real Estate were the only sectors ending with drops. On the macro side,...
- Research Department
INFORME DIARIO 15 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GREENING, REPSOL, TALGO. EUROPA: SANOFI. La Fed sigue apoyando el mercado El mensaje dovish de la Fed apoyó a las bolsas en la semana, transmitiendo confianza a los mercados en que habrá tipos más bajos en 2026 y más liquidez con la compra de activos a corto plazo. No obstante, las dudas en torno a las tecnológicas provocaron tomas de beneficios en la recta final. Así, en el STOXX 600, los mejores sectores fueron Bancos y Seguros seguido ...
- Research Department
INFORME DIARIO 05 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FLUIDRA, GREENING, OHLA. El Ibex sigue de fiesta El buen tono se mantuvo en Europa con avances generalizados en las principales plazas bursátiles y donde el Ibex 35 registró nuevos máximos y encadenó nueve sesiones seguidas al alza. En el STOXX 600, Autos e Industriales fueron los sectores que más subieron, frente a Utilities y Ocio que fueron los que más cayeron. Por el lado macro, en la Eurozona las ventas al por menor de octubre repuntaron más ...
- Research Department
IBERIAN DAILY 05 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FLUIDRA, GREENING, OHLA. IBEX party continues The solid performance continued in Europe, with widespread gains on the main stock markets and where the IBEX 35 hit a new high, making it now nine straight sessions with gains. In the STOXX 600, Autos and Industrials were the best performers, with Utilities and Leisure the sectors falling the most. On the macro side, in the euro zone October’s retail sales rose more than expected. In Germany, the coalition Govt. is facing a vote on th...
- Research Department
IBERIAN DAILY 04 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS, CIE AUTOMOTIVE. IBEX on verge of new high The Spanish index once again stood out among European stock markets thanks to Inditex, thus stringing together its seventh straight session of gains. In the STOXX 600, Retail and Basic Resources were the best-performing sectors, with Financials falling the most. On the macro side, in the euro zone, November’s final services PMI was raised thanks to the improvements in Italy, Spain and France, which reached levels consistent with exp...
- Research Department
INFORME DIARIO 04 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, CIE AUTOMOTIVE, NEINOR HOMES. EUROPA: LVMH. El Ibex roza nuevos máximos El selectivo español volvió a sobresalir en las bolsas europeas de la mano de Inditex, sumando así su séptima sesión consecutiva al alza. En el STOXX 600, Retail y R. Básicos fueron los sectores que mejor comportamiento relativo tuvieron, frente a los Financieros (Seguros y Bancos) que fueron los que más cayeron. Por el lado macro, en la Eurozona el PMI de servici...
- Carole Braudeau
- Carole Braudeau
- Research Department
INFORME DIARIO 02 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: INDITEX, REPSOL, SANTANDER. EUROPA: BAYER, L’ORÉAL. Diciembre arranca con caídas Las bolsas a ambos lados del Atlántico comenzaron la semana con descensos, en una jornada marcada por la cautela. El Ibex 35 interrumpió su racha de cinco sesiones consecutivas al alza mientras que el riesgo geopolítico sigue en aumento después de que D. Trump ordenara cerrar el espacio aéreo de Venezuela. En el STOXX 600, Hogar y R. Básicos fueron los que más subieron...
- Bruno Cavalier
- Jerôme Bodin
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
VIV VIVENDI SE
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
LPE LAURENT-PERRIER SA
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
COR CORTICEIRA AMORIM SGPS SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
FACC FACC AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Olfa Taamallah
- Steven Boumans
- Thomas Zlowodzki
- Yan Derocles
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
ITRK INTERTEK GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ALO ALSTOM SA
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ASML ASML HOLDING NV
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
AM DASSAULT AVIATION
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
UTG UNITE GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Luis Arredondo
OHLA: 3Q’25 RESULTS, CHANGE OF RECOMMENDATION TO UNDERWEIGHT AND T.P. ...
3Q’25 vs. 3Q’24: Sales: € 882 M (-5.1% vs. 2.2% BS(e)); EBITDA: € 29 M (-1.0% vs. 4.3% BS(e)); EBIT: € 6 M (-57.8% vs. -8.8% BS(e)); Net Profit: € -16 M (-33.8% vs. -41.0% BS(e)); 9M’25 vs. 9M’24: Sales: € 2.571 Bn (-3.0% vs. -0.4% BS(e)); EBITDA: € 113 M (30.3% vs. 32.1% BS(e)); EBIT: € 52 M (56.3% vs. 77.0% BS(e)); Net Profit: € -46 M (-21.8% vs. -24.7% BS(e)).
- Luis Arredondo
OHLA: RDOS. 3T’25, CAMBIO DE RECOMENDACIÓN A INFRAPONDERAR Y DE P.O. A...
Rdos. 3T'25 vs 3T'24: Ventas: 882 M euros (-5,1% vs 2,2% BS(e)); EBITDA: 29 M euros (-1,0% vs 4,3% BS(e)); EBIT: 6 M euros (-57,8% vs -8,8% BS(e)); BDI: -16 M euros (-33,8% vs -41,0% BS(e)); Rdos. 9M'25 vs 9M'24: Ventas: 2.571 M euros (-3,0% vs -0,4% BS(e)); EBITDA: 113 M euros (30,3% vs 32,1% BS(e)); EBIT: 52 M euros (56,3% vs 77,0% BS(e)); BDI: -46 M euros (-21,8% vs -24,7% BS(e)).
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