reports
- Roy Külter
- Steven Boumans
G1A GEA GROUP AG
CBK COMMERZBANK AG
CEZ CEZ AS
AFX CARL ZEISS MEDITEC AG
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
MRK MERCK KGAA
G ASSICURAZIONI GENERALI S.P.A.
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
CRG CRH PLC
LEG LEG IMMOBILIEN AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DRI 1&1 DRILLISCH AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
ENR SIEMENS ENERGY AG
CTPNV CTP NV
H2O HIDROELECTRICA S.A.
UN0 UNIPER SE
- Roy Külter
- Steven Boumans
G1A GEA GROUP AG
CBK COMMERZBANK AG
CEZ CEZ AS
AFX CARL ZEISS MEDITEC AG
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
MRK MERCK KGAA
G ASSICURAZIONI GENERALI S.P.A.
HEN3 HENKEL AG & CO. KGAA PREF
DTE DEUTSCHE TELEKOM AG
CRG CRH PLC
LEG LEG IMMOBILIEN AG
AD KONINKLIJKE AHOLD DELHAIZE N.V.
SIE SIEMENS AG
DRI 1&1 DRILLISCH AG
IHG INTERCONTINENTAL HOTELS GROUP PLC
ENR SIEMENS ENERGY AG
CTPNV CTP NV
H2O HIDROELECTRICA S.A.
UN0 UNIPER SE
- James Ratzer
Deutsche Telekom (Buy, €40, +33%) Q2 25 - Solid financials, but broad...
DT’s Q2 financial results were in line with expectations and all guidance has been reiterated. However, now that all of the German operators have reported we can see that there are increasing signs of the broadband market in Germany slowing faster in Q2, albeit this is being offset by more encouraging pricing trends.
- Stephane Beyazian
- Stephane Beyazian
- Research Department
INFORME DIARIO 07 AGOSTO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: EUROPA: ALLIANZ, DEUTSCHE TELEKOM, SIEMENS. Europa ignora a Trump Las últimas amenazas de D. Trump a la Eurozona con más aranceles no tuvieron ningún efecto en el mercado, que prosiguió la racha alcista con la que arrancó la semana y empujó al Ibex nuevamente a máximos de 2008. Así, en el STOXX 600 Energía e Inmobiliario fueron los sectores que más subieron frente a Farma y Tecnología que fueron los que más cayeron. Por el lado macro, en la Eurozona las ven...
BRE MBANK SA
CS AXA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
PEO BANK POLSKA KASA OPIEKI SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
UBSN UBS GROUP AG
JMT JERONIMO MARTINS SGPS S.A.
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
DTE DEUTSCHE TELEKOM AG
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
MRNA MODERNA INC.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
BRE MBANK SA
CS AXA
VONN VONTOBEL HOLDING AG
ENX EURONEXT NV
SGO COMPAGNIE DE SAINT-GOBAIN SA
PEO BANK POLSKA KASA OPIEKI SA
RR. ROLLS-ROYCE HOLDINGS PLC
ENGI ENGIE SA.
UBSN UBS GROUP AG
JMT JERONIMO MARTINS SGPS S.A.
BNP BNP PARIBAS SA CLASS A
MC LVMH MOET HENNESSY LOUIS VUITTON SE
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
PBB DEUTSCHE PFANDBRIEFBANK AG
EBS ERSTE GROUP BANK AG
LSEG LONDON STOCK EXCHANGE GROUP PLC
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
EL ESSILORLUXOTTICA SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BRBY BURBERRY GROUP PLC
KER KERING SA
G ASSICURAZIONI GENERALI S.P.A.
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
VER VERBUND AG CLASS A
DTE DEUTSCHE TELEKOM AG
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
MIL BANK MILLENNIUM SA
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
MONC MONCLER SPA
OTP OTP BANK NYRT
CABK CAIXABANK SA
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
UNI UNICAJA BANCO S.A.
BG BAWAG GROUP AG
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SAB BANCO DE SABADELL SA
MRNA MODERNA INC.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALLFG ALLFUNDS (UK) LTD
DTG DAIMLER TRUCK
LIN LINDE PUBLIC LIMITED COMPANY
CVC CVC CAPITAL PARTNERS PLC
TRIO TRIODOS BANK N.V.
- Stephane Beyazian
- Stephane Beyazian
- Research Department
IBERIAN DAILY 04 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BANKING SECTOR, SANTANDER, TALGO, TELEFÓNICA. Trump and the job market lead to another market selloff The tariff rise approved by D. Trump to dozens of countries instead of lower tariffs as part of the negotiations under way and the slowdown signs of the US economy led to losses >-2.5% in European stock markets. Thus, in the STOXX 600 last week was marked by the earnings calendar and by Friday’s sell-off where energy was the only sector not ending in negative territory, whereas A...
- Research Department
INFORME DIARIO 04 AGOSTO + RDOS. EUROPA 2T’25. PREVIEWS (ANÁLISIS BANC...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER, SECTOR BANCARIO, TALGO, TELEFÓNICA. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 2T’25 que se publicarán en España y Europa en los próximos días. Trump y el mercado laboral provocan otro sell-off en el mercado El incremento arancelario aprobado por D. Trump a decenas de países en lugar de reduc...
- Russell Waller
Orange (Buy, TP: €15.8, +19%) MasOrange (Equal Weight) It’s not all a...
We have been long-term Buyers of Orange, and are pleased about the YTD share price performance (+37% vs the sector +10%). Some of that outperformance is probably due to the prospect of French market repair (France is 56% of the value), but actually it is the Spanish and AME divisions that cause our target to rise to €15.8 from €14.9 post the Q2 results.
- Alvaro del Pozo
TELEFÓNICA: 2Q’25 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'25 vs. 2Q'24 Results Sales: € 8.953 Bn (-12.7% vs. -13.0% consensus); EBITDA: € 2.905 Bn (-9.8% vs. -9.5% consensus); EBIT: € 1.034 Bn (+1.3% vs. -0.7% consensus); Net Profit: € -51.0 M (€ 447.0 M in 1H'24 vs. € 104.0 M consensus); 1H'25 vs. 1H'24 Results Sales: € 18.013 Bn (-11.7% vs. -11.0% consensus); EBITDA: € 5.895 Bn (-8.2% vs. -7.7% consensus); EBIT: € 2.109 Bn (+2.2% vs. +1.3% consensus); Net Profit: € -1.355.0 M (€ 979.0 M in 1H'24 vs. € -1.200.0 M consensus);
- James Ratzer
Telefonica (Neutral, €4.4, -2%) Q2 25 – Solid quarter ahead of strate...
The main event for Telefonica shareholders in H2 will be the strategic review outcome, rather than the Q2 or Q3 results, but nonetheless these are a solid set of results with all guidance reiterated. On one hand, we see upside from consensus FCF for 2025 being too low, but on the other hand, we worry that the outcome of the strategic review might not be as shareholder-friendly in the near-term as some might like.
- Carole Braudeau
BFIT BASIC-FIT NV
EN BOUYGUES SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
KER KERING SA
ALTA ALTAREA SCA
GRF GRIFOLS S.A. CLASS A
NEX NEXANS SA
KGX KION GROUP AG
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
SAN BANCO SANTANDER S.A.
TEF TELEFONICA SA
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Carole Braudeau
BFIT BASIC-FIT NV
EN BOUYGUES SA
KORI KORIAN SA
POM PLASTIC OMNIUM SE
KER KERING SA
ALTA ALTAREA SCA
GRF GRIFOLS S.A. CLASS A
NEX NEXANS SA
KGX KION GROUP AG
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
CABK CAIXABANK SA
WLN WORLDLINE SA
SAN BANCO SANTANDER S.A.
TEF TELEFONICA SA
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
- Stephane Beyazian
- Stephane Beyazian
- Alvaro del Pozo
TELEFÓNICA: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'25 vs 2T'24: Ventas: 8.953 M euros (-12,7% vs -13,0% consenso); EBITDA: 2.921 M euros (-9,8% vs -9,5% consenso); EBIT: 1.034 M euros (+1,3% y -0,7% consenso); BDI: -51,0 M euros (417,0 M euros en 2T'24 vs y 104,0 M euros consenso); Rdos. 1S'25 vs 1S'24: Ventas: 18.013 M euros (-11,7% vs -11,0% consenso); EBITDA: 5.895 M euros (-8,2% vs -7,7% consenso); EBIT: 2.109 M euros (+2,2% vs +1,3% consenso); BDI: -1.355,0 M euros (950,0 M euros en 1S'24 vs -1.200,0 M euros consenso).
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