IBERIAN DAILY 19 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: OHLA. IBEX hits new yearly high above 14,000 It was a week of gains on both sides of the Atlantic, where stock markets remain euphoric, pricing in an indefinite easing of trade tensions. In the STOXX 600, Technology and Retail were the sectors posting the biggest gains, whereas Insurance and Food fell the most. On the macro side, in the US, May’s U. Michigan consumer confidence fell more than expected, with inflation expectations rising to a record high, whereas April’s building p...

INFORME DIARIO 19 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA. El Ibex 35 marca nuevos máximos anuales por encima de 14.000 puntos. Semana de subidas en las bolsas a ambos lados del Atlántico que siguen eufóricas descontando una relajación indefinida en las tensiones comerciales. En el STOXX 600 Tecnología y Retail fueron los sectores que más subieron frente a Seguros y Alimentación que fueron los que más cayeron. Por el lado macro, en EE.UU. la confianza del consumidor de la U. de Michigan de mayo cayó ...

Credit Morning 05/15/2025

Maxeda: solid Q4 results and Q1 expected to be strong. Further bond buybacks.|Ubisoft: sharp decline in 2024/25 earnings, no rebound expected in 2025/26|Forvia is considering selling its spare parts division|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|

Morning Crédit 15/05/2025

Maxeda : de bons résultats T4 et un T1 qui devrait l’être tout autant. Poursuite des rachats de dettes.|Ubisoft : résultats 2024/25 en forte baisse, pas de rebond attendu en 2025/26|Forvia envisagerait la cession de sa division de pièces détachées|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|

Coffee, Croissants & Credit/CEZ, Engie, National Grid, Unibail, Icade,...

Utilities - CEZ: Good 1Q25 but lower FY25 guidance. Engie: 1Q25 results and guidance flat; we remain neutral. National Grid: Yearly results show strong growth

Telefonica (Neutral, €5.0, +14%) Q1 25 - The three things that stand ...

Telefonica is still in a state of flux ahead of the outcome of its strategic review, but we are positively encouraged by the refined FCF guidance and the better-than-expected trends seen in the German mobile market.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 14/05/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 05/14/2025

Credit Morning 05/14/2025

URW (Investor Day): Focus on growth and shareholder value|Atos unveils ambitious 2028 targets that will be presented during an Investor Day|

TELEFÓNICA: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results Sales: € 9.221 Bn (-2.9% vs. -4.8% BS(e) and -4.2% consensus); EBITDA: € 3.014 Bn (-4.2% vs. -4.2% BS(e) and -4.2% consensus); EBIT: € 1.109 Bn (-1.7% vs. -19.0% BS(e) and -18.9% consensus); Net Profit: € -1.304.0 M (€ 533.0 M in 1Q'24 vs. € -1.349.0 M BS(e) and € -1.319.0 M consensus);

Morning Crédit 14/05/2025

URW (journée investisseurs) : place à la croissance et à la rémunération des actionnaires|Atos dévoile des objectifs 2028 ambitieux dans le cadre de son Investor Day|

MERLIN PROPERTIES: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results Gross Rental Revenues: € 132.5 M (+7% vs. +8% BS(e)); EBITDA: € 101.1 M (+11% vs. +5% BS(e)); FFO/sh.: € 0.15 (-2.6%).

Telefonica : Q1 2025: better in Spain, still mixed in South America

Telefonica : Q1 2025: better in Spain, still mixed in South America

Merlin Properties : T1 2025 – Bonne performance opérationnelle et accé...

Coffee, Croissants & Credit/E.ON, Verbund, Telefonica, Grand City and ...

Utilities - E.ON delivers strong 1Q25 results, already reflected in current spreads. Verbund: 1Q25 performance lower

Merlin Properties : Q1 2025 – Good operating performance and accelerat...

TELEFÓNICA: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'25 vs 1T'24: Ventas: 9.221 M euros (-2,9% vs -4,8% BS(e) y -4,2% consenso); EBITDA: 3.014 M euros (-4,2% vs -4,2% BS(e) y -4,2% consenso); EBIT: 1.109 M euros (-1,7% vs -19,0% BS(e) y -18,9% consenso); BDI: -1.304,0 M euros (533,0 M euros en 1T'24 vs -1.349,0 M euros BS(e) y -1.319,0 M euros consenso).

MERLIN PROPERTIES: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'25 vs 1T'24: Ingresos brutos por rentas: 132,5 M euros (+7% vs +8% BS(e)); EBITDA: 101,1 M euros (+11% vs +5% BS(e)); FFO por acción: 0,15 euros (-2,6%).

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 ind...