IBERIAN DAILY 02 APRIL (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GRIFOLS, INDRA, MELIÁ HOTELS, PUIG BRANDS. Positive and negative news in Gulf War but negative today All risk assets (stock exchanges, bonds, CDS, €) saw a new session of euphoria, with crude oil prices falling sharply, driven by short covering and/or expectations of an imminent resolution of the conflict in Iran. However, after the markets closing bell, far from suggesting the end of the conflict, D. Trump pledged to intensify the attacks over the next 2-3 weeks, sending Iran ba...

INFORME DIARIO 02 ABRIL (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, INDRA, MELIÁ HOTELES, PUIG BRANDS. Guerra en el Golfo, una de cal y otra de arena, hoy toca arena Nueva jornada de euforia en todos los activos de riesgos (bolsa, bonos, cds, euro…) y fuertes retrocesos en el crudo. El catalizador, la cobertura de posiciones especulativas cortas y/o la expectativa de una pronta resolución del conflicto en Irán. Con todo, tras el cierre de los mercados D. Trump dio un discurso en el que lejos de apuntar a un...

IBERIAN DAILY 31 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AENA, CAF, GRIFOLS, NEINOR HOMES. Stock markets amid doubts of an excessive correction and the deterioration of the Gulf prospects Stock markets fluctuated within a narrow range yesterday at around last week’s close. The deterioration of prospects regarding a rapid solution to the conflict with the arrival of US troops to the region and the entry of Yemen’s Houthi rebels had a negative impact. On another note, several investment banks outlined that the correction is starting to b...

Orange : Feedback 7th TMT Credit Days – 16 & 17 March 2026

On 16 & 17 March, we organized our 7th TMT credit days with ten issuers in the telecoms, media and technology sectors: ams OSRAM, Atos, Canal+, Cellnex, Eutelsat, Nexi, Orange, Telecom Italia, Worldline and Zegona (Vodafone Spain). Over 100 credit investors registered to the event. This document summarizes the minutes of the virtual meetings by issuer. If you have participated to the meetings, we thank very much for filling in the questionnaires (links on page 2). Please don’t take this reminder...

Orange : Feedback 7th TMT Credit Days – 16 & 17 March 2026

On 16 & 17 March, we organized our 7th TMT credit days with ten issuers in the telecoms, media and technology sectors: ams OSRAM, Atos, Canal+, Cellnex, Eutelsat, Nexi, Orange, Telecom Italia, Worldline and Zegona (Vodafone Spain). Over 100 credit investors registered to the event. This document summarizes the minutes of the virtual meetings by issuer. If you have participated to the meetings, we thank very much for filling in the questionnaires (links on page 2). Please don’t take this reminder...

Inwit (Buy, €9.5, +52%) Previously: €11.8 Relationship status: It's c...

Inwit has issued new guidance reflecting the breakdown in the relationship with the two anchor tenants (TIM and Swisscom), implying a mid-teens cut to our cash flow forecasts. But the market thinks there’s more to come, with the current share price implying a substantial cut to MSA revenue at renewal (whether that be in 2028 or 2038).

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 03/13/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/13/2026

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 13/03/2026

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 13/03/2026

ODDO : Middle East conflict: stock hierarchy slightly adjusted

ODDO : Conflit au Moyen-Orient : hiérarchie de valeurs ajustée à la ma...

IBERIAN DAILY 11 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: INDITEX, MELIÁ HOTELS, MERLIN PROPERTIES, REPSOL. Markets take a breather European markets rallied after expectations of the duration of the war in Iran improved. In this regard, Trump admitted in an interview with Fox that he could talk with Iran, while Israel, through its Foreign Minister, G. Saar, confirmed that it is not seeking a drawn-out conflict. In the STOXX 600, leading the rally were Basic Materials and Banks, while defensive sectors like Food and Pharma ended with the...

INFORME DIARIO 11 MARZO + RDOS. EUROPA. PREVIEWS (ANÁLISIS BANCO SABAD...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: INDITEX, MELIÁ HOTELES, MERLIN PROPERTIES, REPSOL. EUROPA: TOTALENERGIES. 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. 4T’25 que se publicarán en España y Europa en los próximos días. El mercado respira aliviado Recuperación en los activos de riesgo, después de que mejorasen las expectativas sobre la dura...

Cellnex/Risks from RAN sharing limited; cash flows are increasing

2025 marked a turning point for Cellnex as its Free Cash Flow generation accelerated. Moreover, the company continues to reduce leverage, through growth and divestments, to meet its leverage target of 5.0-6.0x net debt to EBITDA. We continue to believe the notes look attractive.

MWC 2026 What caught our eye: Starlink and glasses!

We have just spent the past two days at Mobile World Congress (MWC) in Barcelona and amongst other things, we were taken by Starlink’s mobile announcement, wearable glasses and what wasn’t there on 6G.

CAF: RDOS. 2025 (ANÁLISIS BANCO SABADELL)

Rdos. 4T'25 vs 4T'24: Ventas: 1.322 M euros (+2,2% vs +5,0% BS(e) y +6,5% consenso); EBIT: 85,0 M euros (+7,6% vs +13,9% BS(e) y +7,6% consenso); BDI: 46,0 M euros (+9,5% vs +21,4% BS(e) y +16,7% consenso). Rdos. 2025 vs 2024: Ventas: 4.487 M euros (+6,5% vs +7,4% BS(e) y +7,9% consenso); EBIT: 246,0 M euros (+13,9% vs +16,2% BS(e) y +13,9% consenso); BDI: 146,0 M euros (+41,7% vs +46,6% BS(e) y +44,7% consenso).

IBERIAN DAILY 02 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: AMADEUS, AMPER, CAF, IBERDROLA, REDEIA, TALGO, TELEFÓNICA, UNICAJA. We begin a highly volatile week European stock markets ended last week with corrections whereas doubts persist in the technology sector and the geopolitical tension between the US and Iran continues. The Ibex endured battery of earnings and ended above 18,000 points. In the STOXX 600, the best-performing sectors last week were Utilities and Real Estate, whereas Basic Materials and Telecoms had the biggest drops....

INFORME DIARIO 02 MARZO + RDOS. EUROPA. PREVIEWS (ANÁLISIS BANCO SABAD...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AMADEUS, AMPER, CAF, IBERDROLA, REDEIA, TALGO, TELEFÓNICA, UNICAJA. 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. 4T’25 que se publicarán en España y Europa en los próximos días. Empezamos una semana de elevada volatilidad Las bolsas europeas cerraron la semana con pérdidas, mientras persisten las dudas e...

CELLNEX: FY2025 RESULTS (ANÁLISIS BANCO SABADELL)

4Q'25 vs. 4Q'24 Results Sales: € 1.058 Bn (+1.9% vs. -1.4% BS(e) and +1.0% consensus); EBITDA: € 881.0 M (+2.1% vs. +0.1% BS(e) and +1.0% consensus); FY2025 vs. FY2024 Results Sales: € 3.995 Bn (+1.4% vs. +0.5% BS(e) and +1.1% consensus); EBITDA: € 3.317 Bn (+2.1% vs. +1.5% BS(e) and +1.8% consensus); Net Profit: € -361.0 M (€ -28.0 M in FY2024);