NEWS SUMMARY: BANKING SECTOR, SANTANDER, TALGO, TELEFÓNICA. Trump and the job market lead to another market selloff The tariff rise approved by D. Trump to dozens of countries instead of lower tariffs as part of the negotiations under way and the slowdown signs of the US economy led to losses >-2.5% in European stock markets. Thus, in the STOXX 600 last week was marked by the earnings calendar and by Friday’s sell-off where energy was the only sector not ending in negative territory, whereas A...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER, SECTOR BANCARIO, TALGO, 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. 2T’25 que se publicarán en España y Europa en los próximos días. Trump y el mercado laboral provocan otro sell-off en el mercado El incremento arancelario aprobado por D. Trump a decenas de países en lugar de reduc...
2Q'25 vs. 2Q'24 Results Sales: € 8.953 Bn (-12.7% vs. -13.0% consensus); EBITDA: € 2.905 Bn (-9.8% vs. -9.5% consensus); EBIT: € 1.034 Bn (+1.3% vs. -0.7% consensus); Net Profit: € -51.0 M (€ 447.0 M in 1H'24 vs. € 104.0 M consensus); 1H'25 vs. 1H'24 Results Sales: € 18.013 Bn (-11.7% vs. -11.0% consensus); EBITDA: € 5.895 Bn (-8.2% vs. -7.7% consensus); EBIT: € 2.109 Bn (+2.2% vs. +1.3% consensus); Net Profit: € -1.355.0 M (€ 979.0 M in 1H'24 vs. € -1.200.0 M consensus);
The main event for Telefonica shareholders in H2 will be the strategic review outcome, rather than the Q2 or Q3 results, but nonetheless these are a solid set of results with all guidance reiterated. On one hand, we see upside from consensus FCF for 2025 being too low, but on the other hand, we worry that the outcome of the strategic review might not be as shareholder-friendly in the near-term as some might like.
Rdos. 2T'25 vs 2T'24: Ventas: 8.953 M euros (-12,7% vs -13,0% consenso); EBITDA: 2.921 M euros (-9,8% vs -9,5% consenso); EBIT: 1.034 M euros (+1,3% y -0,7% consenso); BDI: -51,0 M euros (417,0 M euros en 2T'24 vs y 104,0 M euros consenso); Rdos. 1S'25 vs 1S'24: Ventas: 18.013 M euros (-11,7% vs -11,0% consenso); EBITDA: 5.895 M euros (-8,2% vs -7,7% consenso); EBIT: 2.109 M euros (+2,2% vs +1,3% consenso); BDI: -1.355,0 M euros (950,0 M euros en 1S'24 vs -1.200,0 M euros consenso).
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, FERROVIAL, GRIFOLS, REDEIA, SACYR, SANTANDER, TALGO, TELEFÓNICA. EUROPA: ADIDAS, DANONE, KERING, L’ORÉAL, MERCEDES BENZ GROUP. 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. Los resultados toman el relevo Recuperación marcada por el...
NEWS SUMMARY: CAIXABANK, FERROVIAL, GRIFOLS, REDEIA, SACYR, SANTANDER, TALGO, 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 2Q’25 results to be released over the coming days in Spain. Results take centre stage Recovery in Europe in a session marked by the results calendar and news on the trade negotiations of the US with China and the EU. In the STOXX 600, the ral...
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