reports
- Research Department
IBERIAN DAILY 11 APRIL + 1Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABAD...
NEWS SUMMARY: GRIFOLS. 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’25 results to be released over the coming days in Spain. European stock markets soar The markets continue to be extremely volatile, and after the 90-pause to tariffs announced by Trump, European indices rallied close to +5.0%. In any event, the session ended worse than it began, cooled by the losses in th...
- Research Department
INFORME DIARIO 11 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’25. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS. 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. Europa se dispara en bolsa Continúa la volatilidad extrema en los mercados y tras la pausa de 90 días anunciada por D. Trump, los índices europeos rebotaron cerca de un 5,0%. La jornada ...
- Research Department
INFORME DIARIO 03 ABRIL (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, IBERDROLA, OHLA. EUROPA: SIEMENS, UNICREDIT. El “Liberation Day” no defrauda y dispara las ventas en bolsa A excepción del Ibex, las bolsas europeas terminaron con leves caídas antes del anuncio de aranceles de D. Trump. En el STOXX 600, los mejores sectores fueron Retail y Viajes&Ocio mientras que Farma y Telecomunicaciones sufrieron las mayores ventas. Por el lado macro, en España el paro registrado de marzo se redujo mucho más de lo espe...
- Research Department
IBERIAN DAILY 03 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, IBERDROLA, OHLA. Liberation Day is not disappointing and triggers stock market sales With the exception of the Ibex, European stock markets ended with slight corrections ahead of D. Trump’s tariff announcement. Thus, in the STOXX 600, Retail and Travel&Leisure were the best-performing sectors whereas Pharma and Telecommunications posted the biggest drops. On the macro side, in Spain March’s registered unemployment fell much more than expected (-5.4% YoY), whereas the Soc...
- Research Department
INFORME DIARIO 02 ABRIL (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, GRIFOLS, FLUIDRA. EUROPA: BNP PARIBAS. Llega el “Liberation Day” Recuperación en los principales índices europeos dirigidos por los sectores cíclicos y financieros a la espera de novedades sobre los aranceles de D. Trump que se deberían conocer hoy a partir de las 22:00h. En el STOXX 600, los mejores sectores fueron Tecnología y Bancos mientras que Media fue el único sector en rojo y Hogar terminó prácticamente plano. Por el lado macro, en ...
- Research Department
IBERIAN DAILY 02 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, GRIFOLS, FLUIDRA. Liberation Day has come The main European indices recovered, fuelled by cyclical and financial sectors, awaiting news on D. Trump’s tariffs that should be made public today at 22:00 (CET). Thus, in the STOXX 600, Technology and Banks were the best-performing sectors whereas Media was the only industry ending in negative territory and Household closed practically flat. On the macro side, in the euro zone, March’s final manufacturing PMI was cut one tenth...
- Research Department
IBERIAN DAILY 01 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRIFOLS, INDRA. Anxious about D. Trump’s tariffs European stock markets fell significantly, awaiting the clarification of tariffs (D. Trump’s harder position with a generalised 20% vs. studying exemptions). Thus, in the STOXX 600, Energy waws the only sector ending in positive territory (Brent crude rose around +1.5% due to the possibility of tougher restrictions to Russian crude oil imports) whereas cyclical sectors such as Basic Resources and Travel&Leisure posted the biggest d...
- Research Department
INFORME DIARIO 01 ABRIL (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, INDRA. Ansiedad por los aranceles de Trump Fuertes caídas en las bolsas europeas, a la espera de que se clarifique la situación arancelaria (posición más dura de D. Trump con 20% generalizado vs considerar exenciones). En el STOXX 600, sólo Energía consiguió librarse del castigo (el Brent subió c. +1,5% por la posibilidad de que se endurezcan las restricciones a la importación de crudo ruso) mientras que los cíclicos como R. Básicos y Viaj...
- Luis Arredondo
GRIFOLS: EXCLUSIÓN DE COTIZACIÓN DE BIOTEST (ANÁLISIS BANCO SABADELL)
Acaba de anunciar su decisión de excluir de cotización Biotest mediante una oferta de compra de 43 euros/acc. para las acciones ordinarias y 30 euros/acc. para las acciones preferentes (sin derecho a voto). Recordamos que GRF ya cuenta con un 97,14% de las acciones ordinarias de Biotest y un 46,22% de las preferentes. VALORACIÓN La operación tiene encaje estratégico porque GRF ya controlaba Biotest y no tenía sentido la doble cotización. Sin embargo, el coste de la operación es elevado y el mome...
- Research Department
IBERIAN DAILY 28 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FLUIDRA, GRUPO CATALANA OCCIDENTE, ELECTRICITY SECTOR, IAG, METROVACESA, NATURGY, OHLA, REPSOL. Tariffs remain in the spotlight European stock markets fell once again (except the peripheral indices IBEX and Italian Mib, which closed with minimal gains), marked by Trump’s announcement of 25% tariffs on imported cars. Thus, in the STOXX 600, Retail and Utilities posted the biggest gains, with Autos and Construction leading the drops. On the macro side, in the euro zone February’s M...
- Research Department
INFORME DIARIO 28 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FLUIDRA, GRUPO CATALANA OCCIDENTE, IAG, METROVACESA, NATURGY, OHLA, REPSOL, SECTOR ELÉCTRICO. Los aranceles no ceden el protagonismo Nueva jornada de caídas en las bolsas europeas (a excepción del Ibex y MIB italiano que cerraron planos) y marcada por el anuncio de D. Trump de aranceles del 25% a los coches importados. Así, en el STOXX 600, Retail y Utilites tuvieron las mayores ganancias, frente a Autos y Construcción que lideraron las caídas. Por...
- Mateo Salcedo
Air France-KLM : More upsides than downsides for European airlines
Airlines finished up a challenging FY 2024 with a strong performance in Q4, market by higher unit revenues and good passenger demand, on top of a stellar cargo activity. Looking into 2025, the good momentum has continued with yields stabilizing (or even up). As per managements’ comments, demand remains strong and a significant improvement in profitability is expected this year. Other external factors (German economic package & a potential end of the war in Ukraine) provide with an upside potenti...
- Mateo Salcedo
Air France-KLM : More upsides than downsides for European airlines
Airlines finished up a challenging FY 2024 with a strong performance in Q4, market by higher unit revenues and good passenger demand, on top of a stellar cargo activity. Looking into 2025, the good momentum has continued with yields stabilizing (or even up). As per managements’ comments, demand remains strong and a significant improvement in profitability is expected this year. Other external factors (German economic package & a potential end of the war in Ukraine) provide with an upside potenti...
- Research Department
IBERIAN DAILY 21 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CIE AUTOMOTIVE, IAG. Bad digestion after the Fed European stock markets saw profit taking, led by cyclical sectors. In the STOXX 600, defensive sectors such as Food and Utilities were the best-performing industries whereas Autos and Banks were the worst performers. On the macro side, in the UK, the BoE kept the benchmark rate unchanged at 4.50%, as expected, with governor M. Bailey warning about lower rates but through a very gradual pattern. On another note, February’s number o...
- Research Department
INFORME DIARIO 21 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CIE AUTOMOTIVE, IAG. EUROPA: MUNICH RE. Mala digestión después de la Fed Toma de beneficios en las bolsas europeas, lideradas por los sectores cíclicos. Así, en el STOXX 600, los mejores fueron defensivos como Alimentación y Utilities mientras que Autos y Bancos sufrieron las mayores ventas. Por el lado macro, en R. Unido, el BoE mantuvo el tipo de referencia en el 4,50% como se esperaba. En la conferencia posterior, el gobernador M. Bailey advirti...
- Carole Braudeau
- Carole Braudeau
International Consolidated Airlines Group SA: 1 director
A director at International Consolidated Airlines Group SA sold 316,420 shares at 352p and the significance rating of the trade was 100/100. 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 ...
- Rafael Bonardell
IAG: 4Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'24 vs. 4Q'23 Results Sales: € 8.047 Bn (+11.4% vs. +5.0% BS(e)); EBIT: € 1.121 Bn (+123.3% vs. +27.6% BS(e) and +50.2% consensus); FY2024 vs. FY2023 Results Sales: € 32.1 Bn (+9.0% vs. +7.4% BS(e)); EBIT: € 4.443 Bn (+26.7% vs. +13.0% BS(e) and +16.3% consensus);
- Carole Braudeau
Credit Morning 02/28/2025
ELO (Auchan): our comments on the full-year earnings release and meeting|Forvia: 2024 results in line (or even higher) but 2025 guidance disappointing|Nexity: a mixed 2024 publication|FY 24 results: In line with expectations, increases the dividend and aims for 3-5% growth in FY 25|
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