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

2Q'25 vs. 2Q'24 Results Sales: € 10.083 Bn (+1.7% vs. +3.5% BS(e) and +3.4% consensus); EBIT: € 1.931 Bn (+1.4% vs. +1.5% BS(e) and +1.5% consensus); Net Profit: € 1.463 Bn (-0.7% vs. +3.1% BS(e) and +3.7% consensus); 1H'25 vs. 1H'24 Results Sales: € 18.357 Bn (+1.6% vs. +2.6% BS(e) and +2.6% consensus); EBIT: € 3.572 Bn (+0.9% vs. +1.0% BS(e) and +1.0% consensus); Net Profit: € 2.768 Bn (0.0% vs. +2.0% BS(e) and +2.3% consensus);

INDITEX: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'25 vs 2T'24: Ventas: 10.083 M euros (+1,7% vs +3,5% BS(e) y +3,4% consenso); EBIT: 1.931 M euros (+1,4% vs +1,5% BS(e) y +1,5% consenso); BDI: 1.463 M euros (-0,7% vs +3,1% BS(e) y +3,7% consenso); Rdos. 1S'25 vs 1S'24: Ventas: 18.357 M euros (+1,6% vs +2,6% BS(e) y +2,6% consenso); EBIT: 3.572 M euros (+0,9% vs +1,0% BS(e) y +1,0% consenso); BDI: 2.768 M euros (0,0% vs +2,0% BS(e) y +2,3% consenso).

IBERIAN DAILY 10 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CHANGES IBEX, INDITEX, PUIG BRANDS, SANTANDER. IBEX holds on above 15,000 It was a session of little movement and few macro references on European stock markets after the fall of the French Govt. was confirmed. In the STOXX 600, the best-performing sectors were Basic Materials and Energy, with Autos and Construction falling the most. On the macro side, in the US, August’s SME confidence (NFIB) rose more than expected to its highest level since January. The preliminary annual revie...

INFORME DIARIO 10 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: INDITEX, SANTANDER, PUIG. El Ibex aguanta en los 15.000 puntos Jornada de poco movimiento y escasas referencias macro significativas en las bolsas europeas, una vez confirmada la caída del Gobierno en Francia. En el STOXX 600 los mejores sectores fueron R. Básicos y Energía frente a Autos y Construcción que fueron los que más cayeron. Por el lado macro, en EE.UU. la confianza de las PyMes NFIB de agosto repuntó más de lo esperado hasta el nivel más...

IBERIAN DAILY 05 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA, INDITEX, TELEFÓNICA. Debt truce and bullish stock markets European stock markets saw new gains, with the Ibex exceeding the 14,900-point barrier and France’s CAC hit by the political uncertainty. In the STOXX 600, Media and Telecommunications were the best-performing sectors whereas Travel&Leisure and Consumer Goods fell the most. On the macro side, in the euro zone, July’s retail sales slowed down more thn expected. In the US, August’s non-manufacturing ISM climbed mor...

IBERIAN DAILY 15 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: N/A. Whether inflation will not rise or whether the Fed will be forced to cut rates in September is not so clear anymore The release of July’s industrial production prices, speeding up significantly more than expected, suggests that companies are indeed seeing the inflationary pressure from tariffs but not yet passed on to final prices, which could also have a negative impact on their margins in the 3Q’25. Following the data release, with weekly jobless claims also easing slightl...

INFORME DIARIO 15 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: N/A Igual ya no está tan claro que la inflación no vaya a subir o que la Fed tenga que bajar tipos en septiembre La publicación del Precio de la Producción Industrial de julio en EE.UU., acelerándose sensiblemente más de lo esperado, apunta a que las empresas sí estarían sintiendo ya las presiones inflacionistas de los aranceles, pero que todavía no las han trasladado a los precios finales, lo que además podría incidir negativamente en sus márgenes en 3T’25...

IBERIAN DAILY 14 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: N/A. Greater expectations of rate cuts fuel stock markets Following the good inflation data released in the US, the Secretary of the Treasury, Scott Bessent, demanded new rate cuts of more than 150bps this year, starting with -50bps in September (R. Bostic, Fed member, stated he would see a -25bps cut appropriate in 2025 and thanks to the strength of the job market the Fed could still wait before cutting rates). Against this backdrop and in the absence of additional references, th...

IBERIAN DAILY 11 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS. Ibex ended last week with daily gains Last week ended without relevant corporate results or macroeconomic data and with the implementation of tariff not entailing market volatility. The focus will now be on the US inflation (Tuesday) and peace talks in Ukraine between the US and Russia (Friday). The Ibex registered the best week in the past 4 months, ending above 14,800 points, returning to annual highs and near 2007 highs. Thus, in the STOXX 600 almost all sectors (16/20) en...

INFORME DIARIO 11 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS. EUROPA: VINCI. El Ibex cierra un pleno de subidas semanal Terminó la semana sin datos macro ni resultados empresariales de relevancia, y sin que la entrada en vigor de los aranceles trajera volatilidad a los mercados. Ahora toda la atención estará en la inflación en EE.UU. (martes) y las conversaciones de paz en Ucrania entre EE.UU. y Rusia (viernes). El Ibex cerró su mejor semana en 4 meses, renovando máximos anuales por encima de los 14.800 p...

IBERIAN DAILY 07 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: N/A. European markets ignore D. Trump D. Trump’s latest threats to the euro zone through higher tariffs did not have any impact on stock markets, which continued to climb as seen earlier this week, with the Ibex hitting again 2008 highs. Thus, in the STOXX 600 Energy and Real Estate saw the biggest gains vs. Pharma and Technology that were the worst performers. On the macro side, in the euro zone, June’s retail sales climbed more than expected. In Germany, June’s factory orders s...

IBERIAN DAILY 06 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: IBERDROLA, SOLARIA. Calm on stock markets European stock markets saw a decreasing performance with low volume where the earnings calendar and the possible rate cut by the Fed in September continued to set the pace. Thus, in the STOXX 600 most sectors (16/20) ended with gains, led by Autos and Basic Resources vs. Consumer Goods and Utilities that were the worst performers. On the macro side, in the euro zone, July’s final services PMI was cut although remained at levels consistent ...

INFORME DIARIO 06 AGOSTO + RDOS. EUROPA 2T’25. PREVIEWS (ANÁLISIS BANC...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IBERDROLA, SOLARIA. EUROPA: AHOLD DELHAIZE, 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. 2T’25 que se publicarán en España y Europa en los próximos días. Poco movimiento en los mercados Jornada de más a menos y de escaso volumen en las bolsas europeas, donde el calendario de Rdos. y la posible baja...

IBERIAN DAILY 05 AUGUST (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX, NATURGY. Stock markets pause for a break European stock markets recovered after the strong corrections seen last Friday, fuelled by banks. Thus, in the STOXX 600 most sectors (16/20) ended with gains, led by Banks and Insurance vs. Pharma and Retail that were the worst performers. On the macro side, in the euro zone, August’s Sentix dropped significantly as opposed to expectations following the tariff agreement signed with the US to the worst level since April. In the US,...

INFORME DIARIO 05 AGOSTO + RDOS. EUROPA 2T’25. PREVIEWS (ANÁLISIS BANC...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, NATURGY. EUROPA: DHL 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. Respiro en las bolsas Las bolsas europeas se recuperaron de las fuertes caídas del viernes pasado y rebotaron con el impulso de los bancos. Así, en el STOXX ...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/31/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 31/07/2025

ACS : Limited incremental news; Dragados a touch above; no update yet ...

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

2Q'25 vs. 2Q'24 Results Sales: € 12.318 Bn (+22.7% vs. +23.4% BS(e) and +18.4% consensus); EBITDA: € 735.0 M (+5.6% vs. +5.3% BS(e) and +5.7% consensus); EBIT: € 472.0 M (-1.7% vs. -2.6% BS(e) and +0.4% consensus); Net Profit: € 259.0 M (+8.4% vs. -20.7% BS(e) and -18.9% consensus); 1H'25 vs. 1H'24 Results Sales: € 24.108 Bn (+28.6% vs. +29.0% BS(e) and +26.3% consensus); EBITDA: € 1.434 Bn (+23.9% vs. +23.7% BS(e) and +24.0% consensus); EBIT: € 942.0 M (+16.7% vs. +16.2% BS(e) and +18.0% consen...

ACS: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'25 vs 2T'24: Ventas: 12.318 M euros (+22,7% vs +23,4% BS(e) y +18,4% consenso); EBITDA: 735,0 M euros (+5,6% vs +5,3% BS(e) y +5,7% consenso); EBIT: 472,0 M euros (-1,7% vs -2,6% BS(e) y +0,4% consenso); BDI: 259,0 M euros (+8,4% vs -20,7% BS(e) y -18,9% consenso); Rdos. 1S'25 vs 1S'24: Ventas: 24.108 M euros (+28,6% vs +29,0% BS(e) y +26,3% consenso); EBITDA: 1.434 M euros (+23,9% vs +23,7% BS(e) y +24,0% consenso); EBIT: 942,0 M euros (+16,7% vs +16,2% BS(e) y +18,0% consenso); BDI: 4...