Morning Crédit 26/08/2025

Credit Morning 08/26/2025

IBERIAN DAILY 26 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENAGÁS. Euro STOXX 50 stays above 5,400 European stock markets closed with losses of -0.8% in a session that ended worse than it began. In the STOXX 600, most sectors (17/20) were in the red, with bond proxies like Construction and Utilities leading the way, hurt by the rise in long-term public debt curves, whereas Media and Financial Services ended with the biggest gains. On the macro side, in Germany August’s IFO rose more than expected, reaching a high over the past two years. ...

INFORME DIARIO 26 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS. EUROPA: UNICREDIT. El Euro STOXX 50 conserva los 5.400 puntos Las bolsas europeas cerraron con caídas del -0,8% en una sesión de más a menos. En el STOXX 600 la mayoría de sectores presentaron caídas (17/20) dirigidas por bond proxies como Construcción y Utilities que se vieron perjudicados por el repunte de los tramos largos de la curva de deuda pública mientras que Media y S. Financieros se desmarcaron con las mayores subidas. Por el lado ...

Coffee, Croissants & Credit/Orsted, Heimstaden Bostad, Telefonica

Utilities - Fitch Ratings affirms Orsted at BBB

Credit Morning 08/22/2025

Telefonica: rumors of an upcoming capital increase according to website Vozpopuli|

Morning Crédit 22/08/2025

Telefonica : rumeurs de prochaine augmentation de capital selon le site Vozpopuli|

IBERIAN DAILY 22 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IAG, TELEFÓNICA. Markets doubtful awaiting Powell in Jackson Hole European stock markets closed better than they opened, with some indices like the FTSE 100 managing to end with slight gains, whereas the DAX and IBEX ended practically flat. In the STOXX 600, the sectors rising the most were Energy, Banks and Basic Materials, with the biggest drops coming in Media, Consumer Goods and Chemicals. On the macro side, in the euro zone August’s preliminary manufacturing PMI rose more tha...

INFORME DIARIO 22 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IAG, TELEFÓNICA. EUROPA: AIR LIQUIDE. Mercados dubitativos a la espera de Powell en Jacson Hole Ayer las bolsas europeas fueron de menos a más y algunos índices como el FTSE 100 lograron terminar con ligeras ganancias mientras que el DAX y el Ibex terminaron casi sin cambios. En el STOXX 600 los sectores que más subieron fueron Energía, Bancos y R. Básicos frente a las mayores caídas de Media, B. Consumo y Químicas. Por el lado macro, en Eurozona el...

IBERIAN DAILY 08 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ENAGÁS. Stock markets near highs It was a positive session for European stock markets, which climbed >1.3% despite the implementation of tariffs. Even though it lagged behind Europe, the Ibex hit new highs. Thus, in the STOXX 600 all sectors except Energy, Telecom and Utilities ended with gain, led by Travel&Leisure and Chemicals. On the macro side, in the UK, as expected, the BoE cut rates by 25bps to 4.0% although with a tight vote (5 votes in favour vs. 4). In Germany, June’s i...

INFORME DIARIO 08 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENAGÁS. EUROPA: AIRBUS, MUNICH RE. Bolsas rumbo a máximos Jornada de números verdes en las bolsas europeas, que dispararon sus ganancias por encima del 1,3% a pesar de la entrada en vigor de los aranceles. El Ibex pese a estar a la cola de Europa, amplió su racha y sus máximos. Así, en el STOXX 600 todos los sectores menos Energía, Telecos y Utilities terminaron con ganancias, lideradas por Viajes&Ocio y Químicas. Por el lado macro, en R. Unido el B...

IBERIAN DAILY 04 AUGUST (ANÁLISIS BANCO SABADELL)

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...

INFORME DIARIO 04 AGOSTO + RDOS. EUROPA 2T’25. PREVIEWS (ANÁLISIS BANC...

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...

OHLA: 2Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

2Q'25 vs. 2Q'24 Results Sales: € 906.35 M (-2.1% vs. -1.7% BS(e)); EBITDA: € 57.4 M (+51.1% vs. +7.7% BS(e)); EBIT: € 27.45 M (+85.5% vs. +48.1% BS(e)); Net Profit: € -7.85 M (€ -29.5 M in 1H'24 vs. € -8.04 M BS(e)); 1H'25 vs. 1H'24 Results Sales: € 1.689 Bn (-1.8% vs. -1.6% BS(e)); EBITDA: € 84.1 M (+46.3% vs. +17.6% BS(e)); EBIT: € 46.25 M (+139.6% vs. +111.0% BS(e)); Net Profit: € -29.65 M (€ -34.2 M in 1H'24 vs. € -29.84 M BS(e));

TELEFÓNICA: 2Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

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);

Telefonica (Neutral, €4.4, -2%) Q2 25 – Solid quarter ahead of strate...

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.

Credit Morning 07/30/2025

Nexans: Strong set of results and resignation of its CFO|OPmobility prices its new 2031 bonds|Altarea: recovery momentum in housing firmed up in H1 2025|Worldline: confirmation of major operating challenges in H1 2025|

Morning Crédit 30/07/2025

Nexans: Strong set of results and resignation of its CFO|OPmobility price ses nouvelles obligations 2031|Altarea : la dynamique de reprise sur le logement se confirme au S1 2025|Worldline : confirmation d’importantes difficultés au S1 2025|

FERROVIAL: 2Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

2Q'25 vs. 2Q'24 Results Sales: € 2.41 Bn (+0.9% vs. +3.3% BS(e) and +3.8% consensus); EBITDA: € 346.0 M (-0.9% vs. +7.9% BS(e) and +9.2% consensus); EBIT: € 232.0 M (-41.9% vs. -34.3% BS(e) and -32.8% consensus); 1H'25 vs. 1H'24 Results Sales: € 4.469 Bn (+4.7% vs. +6.1% BS(e) and +6.3% consensus); EBITDA: € 655.0 M (+8.6% vs. +13.7% BS(e) and +14.4% consensus); EBIT: € 431.0 M (-21.8% vs. -16.3% BS(e) and -15.2% consensus); Net Profit: € 540.0 M;

Telefonica : Q2 2025: better in Spain but lower in Germany (1&1 loss)