reports
- Luis de Toledo Heras
Fluidra : A safe harbour in not so troubled waters
We reiterate our Outperform rating with an increased TP to € 26.5 (+3%, 11x implied EV/ adjusted EBITDA) and consider that the recent share price weakness (-18% y-t-d vs -2% Ibex-35) opens up an interesting opportunity. The release of 2026 guidance is well aligned with our estimates (+9% adjusted EPS growth), despite our estimates lying towards the low-end of the adjusted EBITDA margin range (23.3%). We do not expect current market uncertainties (global growth, Middle East conflict, energy costs...
- James Ratzer
Inwit (Buy, €9.5, +52%) Previously: €11.8 Relationship status: It's c...
Inwit has issued new guidance reflecting the breakdown in the relationship with the two anchor tenants (TIM and Swisscom), implying a mid-teens cut to our cash flow forecasts. But the market thinks there’s more to come, with the current share price implying a substantial cut to MSA revenue at renewal (whether that be in 2028 or 2038).
- Jan Frederik Slijkerman
Cellnex/Risks from RAN sharing limited; cash flows are increasing
2025 marked a turning point for Cellnex as its Free Cash Flow generation accelerated. Moreover, the company continues to reduce leverage, through growth and divestments, to meet its leverage target of 5.0-6.0x net debt to EBITDA. We continue to believe the notes look attractive.
- James Ratzer
- Delphine Brault
- Emira Sagaama
- Juan Ros-Padilla
- Luis de Toledo Heras
- Marc Lavaud
- Nathan Mietlicki
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
BKW BKW AG
KNEBV KONE OYJ CLASS B
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SAND SANDVIK AB
KNIN KUEHNE & NAGEL INTERNATIONAL AG
RXL REXEL SA
SZG SALZGITTER AG
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASRNL ASR NEDERLAND NV
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
NVG NAVIGATOR COMPANY SA
YPSN YPSOMED HOLDING AG
SPIE SPIE SA
VACN VAT GROUP AG
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Delphine Brault
- Emira Sagaama
- Juan Ros-Padilla
- Luis de Toledo Heras
- Marc Lavaud
- Nathan Mietlicki
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BVI BUREAU VERITAS SA
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
BKW BKW AG
KNEBV KONE OYJ CLASS B
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
HO THALES SA
SSAB A SSAB AB CLASS A
ABB ABB LTD.
SAND SANDVIK AB
KNIN KUEHNE & NAGEL INTERNATIONAL AG
RXL REXEL SA
SZG SALZGITTER AG
BEI BEIERSDORF AG
ITRK INTERTEK GROUP PLC
VOE VOESTALPINE AG
ACX ACERINOX SA
G ASSICURAZIONI GENERALI S.P.A.
ALO ALSTOM SA
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
ERA ERAMET SA
REP REPSOL SA
NDA AURUBIS AG
DOKA DORMAKABA HOLDING AG
MOCORP METSO OUTOTEC OYJ
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ASRNL ASR NEDERLAND NV
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
NVG NAVIGATOR COMPANY SA
YPSN YPSOMED HOLDING AG
SPIE SPIE SA
VACN VAT GROUP AG
RIO RIO TINTO PLC
SIE SIEMENS AG
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
SRAIL STADLER RAIL AG
ENR SIEMENS ENERGY AG
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
VUL VULCAN ENERGY RESOURCES
EPI A EPIROC AB
ATCO A ATLAS COPCO AB
SGSN SGS SA
AAL ANGLO AMERICAN PLC
AENA AENA S.M.E. SA
CIRSA CIRSA ENTERPRISES S.A.
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Andres Bolumburu
CELLNEX: FY2025 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'25 vs. 4Q'24 Results Sales: € 1.058 Bn (+1.9% vs. -1.4% BS(e) and +1.0% consensus); EBITDA: € 881.0 M (+2.1% vs. +0.1% BS(e) and +1.0% consensus); FY2025 vs. FY2024 Results Sales: € 3.995 Bn (+1.4% vs. +0.5% BS(e) and +1.1% consensus); EBITDA: € 3.317 Bn (+2.1% vs. +1.5% BS(e) and +1.8% consensus); Net Profit: € -361.0 M (€ -28.0 M in FY2024);
- James Ratzer
- Ahmed Ben Salem
LHN HOLCIM AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
BAS BASF SE
BCP BANCO COMERCIAL PORTUGUES S.A.
UCB UCB S.A.
WPP WPP PLC
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
KGX KION GROUP AG
IBE IBERDROLA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SAN BANCO SANTANDER S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
DHER DELIVERY HERO SE
BIM BIOMERIEUX SA
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
STMN STRAUMANN HOLDING AG
H2O HIDROELECTRICA S.A.
- Ahmed Ben Salem
LHN HOLCIM AG
GET GETLINK SE
VIE VEOLIA ENVIRONNEMENT SA
SGO COMPAGNIE DE SAINT-GOBAIN SA
ENGI ENGIE SA.
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
REE RED ELECTRICA CORP. SA
ENI ENI S.P.A.
GRF GRIFOLS S.A. CLASS A
BAS BASF SE
BCP BANCO COMERCIAL PORTUGUES S.A.
UCB UCB S.A.
WPP WPP PLC
ANA ACCIONA SA
ACKB ACKERMANS & VAN HAAREN NV
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
KGX KION GROUP AG
IBE IBERDROLA SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SAN BANCO SANTANDER S.A.
GRF.P GRIFOLS S.A. PREF CLASS B
DHER DELIVERY HERO SE
BIM BIOMERIEUX SA
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
STMN STRAUMANN HOLDING AG
H2O HIDROELECTRICA S.A.
- Andres Bolumburu
CELLNEX: RDOS. 2025 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'25 vs 4T'24: Ventas: 1.058 M euros (+1,9% vs +1,4% BS(e) y +1,0% consenso); EBITDA: 881,0 M euros (+2,1% vs +0,1% BS(e) y +1,0% consenso). Rdos. 2025 vs 2024: Ventas: 3.995 M euros (+1,4% vs +1,2% BS(e) y +1,1% consenso); EBITDA: 3.317 M euros (+2,1% vs +1,5% BS(e) y +1,8% consenso); BDI: -361,0 M euros (-28,0 M euros en 2024).
- Ana Arjona-Martinez
- Research Department
IBERIAN DAILY 27 FEBRUARY + 4Q'25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACERINOX, AMADEUS, CELLNEX, COLONIAL, ELECTRICITY SECTOR, FCC, GLOBAL DOMINION, GRIFOLS, IAG, MERLIN, OHLA, REDEIA, SACYR, SOLARIA, VISCOFAN. 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. Doubts continue to plague Nasdaq, but software rallies after harsh punishment European s...
ACX ACERINOX SA
SYV SACYR S.A.
GRF GRIFOLS S.A. CLASS A
OHL OBRASCON HUARTE LAIN SA
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
DOM GLOBAL DOMINION ACCESS SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
RE21 RED ELECTRICA CORP. S.A.
GRF SM GRIFOLS (GRF SM)
COL.SM COLONIAL
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Research Department
INFORME DIARIO 27 FEBRERO + RDOS. ESPAÑA Y EUROPA. PREVIEWS (ANÁLISIS ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACERINOX, AMADEUS, CELLNEX, COLONIAL, FCC, GLOBAL DOMINION, GRIFOLS, IAG, MERLIN, OHLA, REDEIA, S. ELÉCTRICO, SACYR, SOLARIA, VISCOFAN. EUROPA:.n/a. 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. Siguen las dudas en e...
ACX ACERINOX SA
SYV SACYR S.A.
OHL OBRASCON HUARTE LAIN SA
ANA ACCIONA SA
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AMS AMADEUS IT GROUP SA CLASS A
DOM GLOBAL DOMINION ACCESS SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
CLNX CELLNEX TELECOM S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
RE21 RED ELECTRICA CORP. S.A.
COL SM INMOBILIARIA COLONIAL (COL SM)
GRF SM GRIFOLS (GRF SM)
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
GXI GERRESHEIMER AG
FNAC FNAC DARTY SA
ATE ALTEN SA
EBRO EBRO FOODS SA
G24 SCOUT24 AG
GLB GLANBIA PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SUN SULZER AG
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
EMMN EMMI AG
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EDR EDREAMS ODIGEO SA
CON CONZZETA AG
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
WLN WORLDLINE SA
FNTN FREENET AG
MEL MELIA HOTELS INTERNATIONAL S.A.
IDR INDRA SISTEMAS S.A. CLASS A
TRP TERAPLAST
FTG111 FLATEXDEGIRO AG
HOME NEINOR HOMES SA
BFSA BEFESA SA
NFN NFON AG
GRE GRENERGY RENOVABLES
FQT FREQUENTIS AG WIENER
UPG UNIFIEDPOST GROUP
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
ALAFY AFYREN
DEME DEME GROUP NV
ADTN ADTRAN HOLDINGS INC
7V0 DARWIN AG
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
PLNW PLANISWARE
CO CASINO GUICHARD-PERRACHON
4X0 STEYR MOTORS AG
- Ignacio Romero
FLUIDRA: FY2025 RESULTS AND T.P. INCREASE (ANÁLISIS BANCO SABADELL)
4Q'25 vs. 4Q'24 Results Sales: € 460.0 M (-1.1% vs. +2.6% BS(e) and +1.9% consensus); EBITDA: € 90.0 M (-1.1% vs. +4.4% BS(e) and +5.5% consensus); FY2025 vs. FY2024 Results Sales: € 2.184 Bn (+3.9% vs. +4.7% BS(e) and +4.6% consensus); EBITDA: € 501.0 M (+5.0% vs. +6.1% BS(e) and +6.3% consensus); Net Profit: € 176.0 M (+27%);
- Oliver Metzger
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
NXI NEXITY SA CLASS A
SBMO SBM OFFSHORE NV
MF WENDEL SE
POM PLASTIC OMNIUM SE
ITP INTERPARFUMS
GXI GERRESHEIMER AG
FNAC FNAC DARTY SA
ATE ALTEN SA
EBRO EBRO FOODS SA
G24 SCOUT24 AG
GLB GLANBIA PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SUN SULZER AG
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
FTON FEINTOOL INTERNATIONAL HOLDING AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
RIEN RIETER HOLDING AG
EMMN EMMI AG
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
EDR EDREAMS ODIGEO SA
CON CONZZETA AG
ROVI LABORATORIOS FARMACEUTICOS ROVI S.A.
CSM CORBION NV
WLN WORLDLINE SA
FNTN FREENET AG
MEL MELIA HOTELS INTERNATIONAL S.A.
IDR INDRA SISTEMAS S.A. CLASS A
TRP TERAPLAST
FTG111 FLATEXDEGIRO AG
HOME NEINOR HOMES SA
BFSA BEFESA SA
NFN NFON AG
GRE GRENERGY RENOVABLES
FQT FREQUENTIS AG WIENER
UPG UNIFIEDPOST GROUP
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
ALAFY AFYREN
CTPNV CTP NV
DEME DEME GROUP NV
ADTN ADTRAN HOLDINGS INC
7V0 DARWIN AG
SHUR SHURGARD SELF STORAGE LIMITED
ACAG AUSTRIACARD HOLDINGS AG
PLNW PLANISWARE
CO CASINO GUICHARD-PERRACHON
4X0 STEYR MOTORS AG
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