reports
- Research Department
IBERIAN DAILY 11 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS. Ibex ended last week with daily gains Last week ended without relevant corporate results or macroeconomic data and with the implementation of tariff not entailing market volatility. The focus will now be on the US inflation (Tuesday) and peace talks in Ukraine between the US and Russia (Friday). The Ibex registered the best week in the past 4 months, ending above 14,800 points, returning to annual highs and near 2007 highs. Thus, in the STOXX 600 almost all sectors (16/20) en...
- Research Department
INFORME DIARIO 11 AGOSTO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS. EUROPA: VINCI. El Ibex cierra un pleno de subidas semanal Terminó la semana sin datos macro ni resultados empresariales de relevancia, y sin que la entrada en vigor de los aranceles trajera volatilidad a los mercados. Ahora toda la atención estará en la inflación en EE.UU. (martes) y las conversaciones de paz en Ucrania entre EE.UU. y Rusia (viernes). El Ibex cerró su mejor semana en 4 meses, renovando máximos anuales por encima de los 14.800 p...
- Research Department
IBERIAN DAILY 07 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: N/A. European markets ignore D. Trump D. Trump’s latest threats to the euro zone through higher tariffs did not have any impact on stock markets, which continued to climb as seen earlier this week, with the Ibex hitting again 2008 highs. Thus, in the STOXX 600 Energy and Real Estate saw the biggest gains vs. Pharma and Technology that were the worst performers. On the macro side, in the euro zone, June’s retail sales climbed more than expected. In Germany, June’s factory orders s...
- Keith Hiscock
- Mark Thomas
Hardman & Co Monthly: August 2025
Feature article: Economic growth: Cry me a river The UK press and politicians are fixated on growth. The Labour Government came into office 12 months ago promising a new dawn. Its top priority was growth. Its manifesto, “Labour Party Manifesto 2024: Our plan to change Britain” devoted an entire chapter to “Kickstart economic growth”. In this article, we cover: ► Why growth is important ► The downside of growth ► What do politicians and markets mean by growth? ► Is growth in aggregate GDP th...
- Louis Boujard
- CFA
- Philippe Ourpatian
- Thomas Zlowodzki
V1S ARKEMA
LHN HOLCIM AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
VIE VEOLIA ENVIRONNEMENT SA
IPN IPSEN SA
RR. ROLLS-ROYCE HOLDINGS PLC
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
UBSN UBS GROUP AG
MT ARCELORMITTAL SA
ADP AEROPORTS DE PARIS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
LI KLEPIERRE SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
01913 PRADA S.P.A.
BA. BAE SYSTEMS PLC
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
EDW EDP RENOVAVEIS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI BANCO SANTANDER S.A.
RIO ANHEUSER-BUSCH INBEV SA/NV
LDO RIO TINTO PLC
SNP LEONARDO SPA
ARGX PETROM S.A.
SHL ARGEN-X SE
ULA SIEMENS HEALTHINEERS AG
KBX UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEXI KNORR-BREMSE AG
FDJ NEXI S.P.A.
SHEL LA FRANCAISE DES JEUX SA
P911 SHELL PLC
DSFIR DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM KONINKLIJKE DSM N.V.
TEN ARM HOLDINGS PLC
SYENS TENARIS S.A.
AAL SYENSQO
ANGLO AMERICAN PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
V1S ARKEMA
LHN HOLCIM AG
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
AC ACCOR SA
VIE VEOLIA ENVIRONNEMENT SA
IPN IPSEN SA
RR. ROLLS-ROYCE HOLDINGS PLC
EDP EDP-ENERGIAS DE PORTUGAL SA
DG VINCI SA
UBSN UBS GROUP AG
MT ARCELORMITTAL SA
ADP AEROPORTS DE PARIS SA
DGE DIAGEO PLC
SU SCHNEIDER ELECTRIC SE
RNO RENAULT SA
LI KLEPIERRE SA
RI PERNOD RICARD SA
RMS HERMES INTERNATIONAL SCA
DAI DAIMLER AG
EN BOUYGUES SA
LSEG LONDON STOCK EXCHANGE GROUP PLC
KOMB KOMERCNI BANKA A.S.
ISP INTESA SANPAOLO S.P.A.
SAN SANOFI
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
VER VERBUND AG CLASS A
CAP CAPGEMINI SE
UCB UCB S.A.
01913 PRADA S.P.A.
BA. BAE SYSTEMS PLC
NEM NEMETSCHEK SE
ARCAD ARCADIS NV
EDW EDP RENOVAVEIS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ABI BANCO SANTANDER S.A.
RIO ANHEUSER-BUSCH INBEV SA/NV
LDO RIO TINTO PLC
SNP LEONARDO SPA
ARGX PETROM S.A.
SHL ARGEN-X SE
ULA SIEMENS HEALTHINEERS AG
KBX UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
NEXI KNORR-BREMSE AG
FDJ NEXI S.P.A.
SHEL LA FRANCAISE DES JEUX SA
P911 SHELL PLC
DSFIR DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ARM KONINKLIJKE DSM N.V.
TEN ARM HOLDINGS PLC
SYENS TENARIS S.A.
AAL SYENSQO
ANGLO AMERICAN PLC
- Ana Arjona-Martinez
- Luis Arredondo
ACS: 2Q’25 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'25 vs. 2Q'24 Results Sales: € 12.318 Bn (+22.7% vs. +23.4% BS(e) and +18.4% consensus); EBITDA: € 735.0 M (+5.6% vs. +5.3% BS(e) and +5.7% consensus); EBIT: € 472.0 M (-1.7% vs. -2.6% BS(e) and +0.4% consensus); Net Profit: € 259.0 M (+8.4% vs. -20.7% BS(e) and -18.9% consensus); 1H'25 vs. 1H'24 Results Sales: € 24.108 Bn (+28.6% vs. +29.0% BS(e) and +26.3% consensus); EBITDA: € 1.434 Bn (+23.9% vs. +23.7% BS(e) and +24.0% consensus); EBIT: € 942.0 M (+16.7% vs. +16.2% BS(e) and +18.0% consen...
- Luis Arredondo
ACS: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'25 vs 2T'24: Ventas: 12.318 M euros (+22,7% vs +23,4% BS(e) y +18,4% consenso); EBITDA: 735,0 M euros (+5,6% vs +5,3% BS(e) y +5,7% consenso); EBIT: 472,0 M euros (-1,7% vs -2,6% BS(e) y +0,4% consenso); BDI: 259,0 M euros (+8,4% vs -20,7% BS(e) y -18,9% consenso); Rdos. 1S'25 vs 1S'24: Ventas: 24.108 M euros (+28,6% vs +29,0% BS(e) y +26,3% consenso); EBITDA: 1.434 M euros (+23,9% vs +23,7% BS(e) y +24,0% consenso); EBIT: 942,0 M euros (+16,7% vs +16,2% BS(e) y +18,0% consenso); BDI: 4...
- Research Department
INFORME DIARIO 24 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, BANKINTER, CAF, COLONIAL, IBERDROLA, INDRA, REPSOL, ROVI, VIDRALA. EUROPA: BNP PARIBAS, DEUTSCHE TELEKOM, NOKIA, PERNOD RICARD, 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. 2T’25 que se publicarán en España y Europa en los próximos días. Mayores esperanzas en las negociaciones comerciales ...
NOKIA NOKIA OYJ
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
VID VIDRALA SA
UCG ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
ACS ENCE ENERGIA Y CELULOSA SA
ENC LABORATORIOS FARMACEUTICOS ROVI S.A.
ROVI INDRA SISTEMAS S.A. CLASS A
IDR PERNOD RICARD
UG UNICREDIT S.P.A.
UNCFF COLONIAL
- Research Department
IBERIAN DAILY 24 JULY + 2Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: ACS, AEDAS HOMES, BANKINTER, CAF, COLONIAL, IBERDROLA, INDRA, REPSOL, ROVI, VIDRALA. 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 2Q’25 results to be released over the coming days in Spain. Greater expectations in trade negotiations European stock exchanges recovered the ground lost the previous session, rallying around +1.0% after the trade agreement with Japa...
- Luis Arredondo
- Luis de Toledo Heras
ITP INTERPARFUMS
WHA WERELDHAVE N.V.
HOT HOCHTIEF AG
A1XA4J CARBIOS SA
ISP INTESA SANPAOLO S.P.A.
TIETO TIETOEVRY OYJ
UCG UNICREDIT S.P.A.
ENG ENAGAS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
M MED LIFE
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
- Stefano Toffano
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
GIVN GIVAUDAN SA
SRT3 SARTORIUS AG PREF
CPG COMPASS GROUP PLC
HOT HOCHTIEF AG
ISP INTESA SANPAOLO S.P.A.
RY4C RYANAIR HOLDINGS PLC
UCG UNICREDIT S.P.A.
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
AKZA AKZO NOBEL N.V.
STLA STELLANTIS N.V.
VWS VESTAS WIND SYSTEMS
- Stefano Toffano
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
GIVN GIVAUDAN SA
SRT3 SARTORIUS AG PREF
CPG COMPASS GROUP PLC
HOT HOCHTIEF AG
ISP INTESA SANPAOLO S.P.A.
RY4C RYANAIR HOLDINGS PLC
UCG UNICREDIT S.P.A.
DIM SARTORIUS STEDIM BIOTECH SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
AKZA AKZO NOBEL N.V.
STLA STELLANTIS N.V.
VWS VESTAS WIND SYSTEMS
- Luis de Toledo Heras
ITP INTERPARFUMS
WHA WERELDHAVE N.V.
HOT HOCHTIEF AG
A1XA4J CARBIOS SA
ISP INTESA SANPAOLO S.P.A.
TIETO TIETOEVRY OYJ
UCG UNICREDIT S.P.A.
ENG ENAGAS SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
M MED LIFE
SCHOTT PHARMA AG
AQ AQUILA PART PROD COM
- Ana Arjona-Martinez
- Mark Thomas
- Mike Foster
- Nigel Hawkins
The Hardman & Co Monthly: July 2025
The risk of power cuts in the UK, for a variety of reasons, remains real. Low plant margins (i.e. limited spare capacity at peak) in the UK are obvious enough. However, the events of 28 April 2025 ‒ when Spain, Portugal and parts of France were plunged into lengthy power outages ‒ were very disconcerting. A recent Spanish government report has now placed much of the blame on the national system operator, the Redeia-owned Red Electrica. There was some criticism, too, of unnamed private sector gen...
- Research Department
IBERIAN DAILY 04 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, ELECTRICITY SECTOR, INDRA, SOLARIA. Sideways markets, awaiting news Except for the IBEX, which saw profit taking (-0.7%), European stock markets rose slightly awaiting progress in trade talks (Xi Jinping and D. Trump would talk next Friday). In the STOXX 600, the best-performing sectors were Energy (leader for the second straight day, with Brent rallying above US$ 65.80) and Technology, whereas Media and Basic Materials suffered the biggest losses. On the macro side, in the e...
- Research Department
INFORME DIARIO 04 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, INDRA, SECTOR ELÉCTRICO, SOLARIA. EUROPA: CAMBIOS EURO STOXX 50. Mercados laterales a la espera de noticias A excepción del Ibex que recogió beneficios (-0,7%) se vieron tímidas subidas en Europa mientras se esperan avances en las negociaciones comerciales (Xi Jinping y D. Trump hablarían este viernes). En el STOXX 600 los mejores sectores fueron Energía (líder por segunda jornada consecutiva, el Brent recuperó los 65,8 d/b) y Tecnología, mient...
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