reports
- Carole Braudeau
- Carole Braudeau
- Research Department
IBERIAN DAILY 21 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA ENERGÍA, CAF, IAG, TELEFÓNICA. The positive trend in stock exchanges continues European stock markets saw new gains, with the S&P500 hitting new highs. Within the STOXX 600, Industrials and Technology were the best-performing sectors whereas Autos and Real Estate ended with the biggest losses. On the macro side, few references were made public, in Spain, April’s consumer confidence data recovered to Sept’23 highs, in the euro zone, the members from the ECB Vasle and Kaza...
- Research Department
INFORME DIARIO 21 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, CAF, IAG, TELEFÓNICA. Las bolsas mantienen su sesgo positivo Los mercados europeos subieron una sesión más, con el S&P 500 batiendo un nuevo máximos. En el STOXX 600 los mejores sectores fueron Industriales y Tecnología mientras que Autos e Inmobiliario terminaron con las mayores caídas. Por el lado macro, vivimos una jornada muy descargada de indicadores, en España la confianza del consumidor de abril se recuperó hasta los máximos ...
- Research Department
IBERIAN DAILY 20 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, IBERDROLA, TALGO, TELEFÓNICA. Strong week for European peripheral nations and the US European peripheral nation indices rose up to +2.0% over the week and the S&P 500 hit a new 2024 high, benefiting from the disappointing macro data and the falling debt yields. Within the STOXX 600, Telecoms and Real Estate led the gains last week, whereas Energy and Travel & Leisure ended with the biggest losses. On the macro side, in the euro zone the 2.4% YoY growth from April’s gene...
- Research Department
INFORME DIARIO 20 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, IBERDROLA, TALGO, TELEFÓNICA. EUROPA: ASML. Buena semana para la periferia europea y EE.UU. Semana de avances de hasta el +2,0% en la periferia europea y de nuevos máximos anuales en el S&P 500, beneficiadas por la decepción en los datos macro y el recorte en la rentabilidad de la deuda. Dentro del STOXX 600, lideraron las ganancias semanales los sectores Telecos e Inmobiliario (c. +3,0%) mientras que Energía y Viajes&Ocio terminaron con l...
- Research Department
INFORME DIARIO 16 MAYO + RDOS. ESPAÑA 1T’24. PREVIEWS (ANÁLISIS BANCO ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, TELEFÓNICA. EUROPA: DEUTSCHE TELEKOM, ENI, SIEMENS. 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’24 que se publicarán en España y Europa en los próximos días. Las bolsas siguen de fiesta Nueva jornada de avances, con el Ibex liderando y consolidando má...
- Research Department
IBERIAN DAILY 16 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAIXABANK, IAG, NATURGY, 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 1Q’24 results to be released over the coming days in Spain. Stock markets continue to rally It was a new session of gains, with the Ibex standing out and consolidating 2015 highs, and with sovereign yields tightening significantly after the US inflatio...
- Research Department
INFORME DIARIO 14 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLIS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, UNICAJA. EUROPA: BAYER. 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’24 que se publicarán en España y Europa en los próximos días. Jornada de transición en las bolsas En una sesión sin referencias macroeconómicas y con la campaña de resultados com...
- Research Department
IBERIAN DAILY 14 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
NEWS SUMMARY: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, SANTANDER, TELEFÓNICA, UNICAJA. 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 1Q’24 results to be released over the coming days in Spain. A transition session for stock markets In a session without macroeconomic references and with the earnings season being the only catalyst, most European indices (with t...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Andres Bolumburu
- Andres Bolumburu
- Research Department
IBERIAN DAILY 10 MAY + 1Q'24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: CAF, FERROVIAL, MELIÁ, SACYR. 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 1Q’24 results to be released over the coming days in Spain. IBEX, bringing up the rear in Europe Most European indices saw an improvement over the course of the session, despite the increased tension in the Middle East and along with new rises in sovereign debt yields. The IBEX, des...
- James Ratzer
Telefonica (Buy, €4.50, +7%) Q1 24: Digi and downsizing drives potent...
Telefonica’s Q1 results leave us feeling more confident about its longer-term growth trajectory and believe that there could be further upside to estimates from the new Digi wholesale agreement and consensus fully factoring in the headcount reduction deal.
- Alvaro del Pozo
TELEFÓNICA: 1Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
1Q'24 vs. 1Q'23 Results Sales: € 10.14 Bn (+0.9% vs. +0.5% BS(e) and +0.2% consensus); EBITDA: € 3.205 Bn (+2.7% vs. +1.7% BS(e) and +1.7% consensus); EBIT: € 1.042 Bn (+7.4% vs. +4.4% BS(e) and +5.7% consensus); Net Profit: € 532.0 M (+78.5% vs. -31.9% BS(e) and +30.2% consensus);
- Alvaro del Pozo
TELEFÓNICA: RDOS. 1T’24 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'24 vs 1T'23: Ventas: 10.140 M euros (+0,9% vs +0,5% BS(e) y +0,2% consenso); EBITDA: 3.205 M euros (+2,7% vs +1,7% BS(e) y +1,7% consenso); EBIT: 1.042 M euros (+7,4% vs +4,4% BS(e) y +5,7% consenso); BDI: 532,0 M euros (+78,5% vs -31,9% BS(e) y +30,2% consenso).
- Stephane Beyazian
Telefonica : Le Brésil tire toujours l’activité
>Un T1 2024 en ligne avec les attentes - Telefonica publie un CA du T1 2024 en hausse de 2% à 10 140 M€ (1% au-dessus du consensus de 10 057 M€), porté par le Brésil (croissance de 10%). L’EBITDA ressort en hausse de 2% à 3 205 M€ (1% au-dessus du css de 3 174 M€) mais l’EBITDAaL simplement en ligne. Le FCF au T1 2024 ressort en négatif de 44 M€ (vs consensus de gain de 111 M€). Les objectifs 2024 sont confirmés. Pour 2024, Telefonica vise une croissance du CA de...
- Stephane Beyazian
Telefonica : Brazil continues to drive performance
>Q1 2024 in line with forecasts - Telefonica has published Q1 2024 revenue growth of 2% to € 10,140m (1% above the consensus € 10,057m), driven by Brazil (growth of 10%). EBITDA was up 2% to € 3,205m (1% above the consensus at € 3,174m) but EBITDAaL was simply in line. FCF in Q1 2024 showed a loss of € 44m (vs consensus forecast for a gain of € 111m). The targets for 2024 are confirmed. For 2024, Telefonica is targeting revenue growth of 1%, +1-2% for EBITDA, > +...
- Research Department
IBERIAN DAILY 09 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: BANKING SECTOR, CAF, REPSOL, 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 1Q’24 results to be released over the coming days in Spain. Europe continues to rally Another session of gains in Europe (except in Italy, which fell slightly), driven by the results campaign and despite the fact that sovereign debt yields widened after several days of tighte...
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