ODDO : Long majors vs short LCC : le choix de 2026

Sur 2026, nous estimons que la dynamique sera plus favorable aux majors européennes tant sur le RASK (croissance plus modérée des capacités et meilleure orientation du réseau long-courrier en particulier transatlantique), que sur le CASK hors carburant aidé par des effets de base positifs. Nous relevons notre opinion à Surperformance sur Air France-KLM et Lufthansa et dégradons Ryanair en Neutre et Wizz Air en Sous-performance.

ODDO : Long legacy carriers vs short LCC: the choice for 2026

For 2026, we think that the trend will be more favourable to the European legacy carriers in terms of both RASK (more modest growth in capacity and a more positive trend on the long-haul network, particularly transatlantic) and CASK excluding fuel, aided by positive base effects. We have upgraded Air France-KLM and Lufthansa to Outperform, downgraded Ryanair to Neutral and Wizz Air to Underperform. A more favourable trend expected in 2026 for legacy carriers

INFORME DIARIO 05 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELORMITTAL, IAG, INDRA, SANTANDER, SECTOR AUTOPISTAS. EUROPA: ASML, BNP. 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. 4T’25 que se publicarán en España y Europa en los próximos días. Estabilización de los mercados El Ibex no tiene techo Jornada positiva en las bolsas europeas de la mano de los resultad...

IBERIAN DAILY 05 FEBRUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: ARCELORMITTAL, HIGHWAY SECTOR, IAG, INDRA, SANTANDER. 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 4Q’25 results to be released over the coming days in Spain. Ibex continues to climb It was a positive session for European stock markets thanks to business results and despite mounting tension in Iran and the drops in the technology sector. In the STOXX 600, Chemi...

INFORME DIARIO 03 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, INDRA, MELIÁ, TELEFÓNICA, UNICAJA. EUROPA: INTESA SANPAOLO, UNICREDIT. 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. 4T’25 que se publicarán en España y Europa en los próximos días. El Ibex alcanza los 18.000 puntos Jornada de menos a más en las bolsas europeas, con el Ibex liderando de nuevo...

IBERIAN DAILY 03 FEBRUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...

NEWS SUMMARY: AEDAS HOMES, INDRA, MELIÁ, UNICAJA, TELEFÓNICA. 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 4Q’25 results to be released over the coming days in Spain. Ibex hits 18,000 points European stock markets saw an increasing performance, with the Ibex leading gains again, climbing more than +1.0% where the volatility of metals continued after the election of K. Warsh ...

Bankinter S.A.: 1 director

A director at Bankinter S.A. sold 2,198 shares at 14.380EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

IBERIAN DAILY 30 JANUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...

NEWS SUMMARY: CAIXABANK, GLOBAL DOMINION, INDRA. 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 4Q’25 results to be released over the coming days in Spain. Euro STOXX drops below 5,900 European stock markets fell, with the market highly conditioned by results releases. In the STOXX 600, the gains were led by Energy (Brent above 70 d/b) and Food, whereas Technology (in view of ...

INFORME DIARIO 30 ENERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁLI...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, GLOBAL DOMINION, INDRA. EUROPA: ADIDAS. 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. 4T’25 que se publicarán en España y Europa en los próximos días. El Euro STOXX se juega los 5.900 puntos Caídas en un mercado muy condicionado por las presentaciones de Rdos. En el STOXX 600 lideraron Energía ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 01/23/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 23/01/2026

Bankinter : Q4 2025/2026 guidance OK... but lacklustre given the stret...

Bankinter : T4 2025/guidances 2026 OK … mais sans éclat face à une val...

Bank Brunch/HCOB senior preferred bond, Bankinter 4Q and AT1

Hamburg Commercial Bank kicks off German senior preferred supply. Bankinter reports solid numbers for 4Q25, value in Sabadell AT1

Bank Brunch/HCOB senior preferred bond, Bankinter 4Q and AT1

Hamburg Commercial Bank kicks off German senior preferred supply. Bankinter reports solid numbers for 4Q25, value in Sabadell AT1

BANKINTER: MENSAJES DE LA CONFERENCE CALL RDOS. 4T’25 (ANÁLISIS BANCO ...

En la conference call de Rdos. 4T’25 se confirma el guidance conservador que anticipábamos en nuestra idea del pasado 15/01:

BANKINTER: 4Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'25 vs. 4Q'24 Results NII: € 570 M (+3.6% vs. +2% BS(e) and +3.5% consensus); Total Revenues: € 795 M (+6% vs. +4% BS(e) and +4.7% consensus); Operating Income: € 511 M (+15.8% vs. -+12% BS(e) and +12.7% consensus); Net Profit: € 278 M (+25.5% vs. +23.4% BS(e) and +22.6% consensus). 4Q'25 vs. 3Q'25 Results NII: € 570 M (+0.7% vs. -0.9% BS(e) and +0.5% consensus); Total Revenues: € 795 M (+511% vs. +3.1% BS(e) and +3.7% consensus); Operating Income: € 511 M (+6.7% vs. +3.3% BS(e) and +3.9% cons...

BANKINTER: RDOS. 4T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'25 vs 4T'24: M. Intereses: 570 M euros (+3,6% vs +2% BS(e) y +3,5% consenso); M. Bruto: 795 M euros (+6% vs +4% BS(e) y +4,7% consenso); M. Neto: 511 M euros (+15,8% vs -+12% BS(e) y +12,7% consenso); BDI: 278 M euros (+25,5% vs +23,4% BS(e) y +22,6% consenso). Rdos. 4T'25 vs 3T'25: M. Intereses: 570 M euros (+0,7% vs -0,9% BS(e) y +0,5% consenso); M. Bruto: 795 M euros (+511% vs +3,1% BS(e) y +3,7% consenso); M. Neto: 511 M euros (+6,7% vs +3,3% BS(e) y +3,9% consenso); BDI: 278 M euro...

IBERIAN DAILY 22 JANUARY + 4Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SAB...

NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, BANKINTER, MELIÁ HOTELS, TELEFÓNICA. 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 4Q’25 results to be released over the coming days in Spain. Trump announces agreement in principle on Greenland European stock markets recovered from the initial sales and ended flat after Trump’s slightly more conciliatory message in Davos. Meanwhile, US...

INFORME DIARIO 22 ENERO + RDOS. ESPAÑA Y EUROPA 4T’25. PREVIEWS (ANÁLI...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, BANKINTER, MELIÁ, TELEFÓNICA. EUROPA: DANONE, VOLKSWAGEN. 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. 4T’25 que se publicarán en España y Europa en los próximos días. Trump anuncia un principio de acuerdo sobre Groenlandia Las bolsas europeas se fueron recuperando de las venta...