Morning Crédit 23/05/2025

Carrefour et Ahold Delhaize aurait envisagé un rapprochement, sans succès|Grifols : Moody’s relève le rating corporate de B3/positive à B2/positive|

Credit Morning 05/23/2025

Carrefour and Ahold Delhaize reportedly considered a merger, without success|Grifols: Moody’s raises the corporate rating from B3/positive to B2/positive|

Coffee, Croissants & Credit/BT, Telefonica, AT&T

Telecom - BT reports soft FY25 results. Telefonica sells Uruguay operations. AT&T acquires consumer fibre business of Lumen

IBERIAN DAILY 22 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: RENEWABLES SECTOR, TELEFÓNICA. Market not ready to fall There were slight drops on European stock markets in view of the tension to be generated by the fiscal plan being negotiated by the Trump administration. In a divided STOXX 600, the winning sectors of the day were Telecoms and Technology, whereas Consumer Goods and Retail suffered the biggest losses. On the macro side, in the UK April’s inflation rose unexpectedly to 3.5% YoY (15-month high), as did the core figure, which ros...

INFORME DIARIO 22 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SECTOR RENOVABLES, TELEFÓNICA. El mercado se resiste a bajar Tímidas caídas en las bolsas europeas, ante las tensiones que generará el plan fiscal que está negociando la administración Trump. En un STOXX 600 dividido, los sectores ganadores del día fueron Telecomunicacion y Tecnología, mientras que B. Consumo y Retail sufrieron las mayores correcciones. Por el lado macro, en R. Unido la inflación de abril sorprendió al alza repuntando hasta 3,5% int...

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.

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|

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

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

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

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).

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...

INFORME DIARIO 14 MAYO + RDOS. EUROPA 1T’25. PREVIEWS (ANÁLISIS BANCO ...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, MERLIN PROPERTIES, 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. 1T’25 que se publicarán en España y Europa en los próximos días. El Ibex roza los 13.800 puntos Las bolsas alargaron ayer la racha alcista después de las fuertes subidas del lunes y con sorpresas positivas en los dato...

Coffee, Croissants & Credit/Proximus, Orange, Telefonica

Proximus is confident it can weather Digi's competition and reports solid results. Orange could acquire remaining stake in MasOrange. Telefonica could sell is business in Chile

Global EM Telcos & Towers Still rising – NSR GEM Top-10 May ‘25 Updat...

Despite global volatility our EM Top Picks posted positive returns again in April and now up 34% YTD on average. As we have been arguing for some time EM Telco is a much better space than it used to be and this is now being reflected by the market it seems.