reports
- Javier Esteban
SANTANDER: RDOS. 1T’26 (ANÁLISIS BANCO SABADELL)
Rdos. 1T'26 vs 1T'25: M. Intereses: 11.019 M euros (+3,6% vs +1,6% BS(e) y +2,1% consenso); M. Bruto: 15.140 M euros (+4% vs +2,7% BS(e) y +3,1% consenso); M. Neto: 8.656 M euros (+9,7% vs +7,3% BS(e) y +6,8% consenso); BDI ajustado de plusvalías por Polonia: 3.560 M euros (+4,6% vs -0,7% BS(e) y +1,9% consenso). Rdos. 1T'26 vs 4T'25: M. Intereses: 11.019 M euros (+2% vs +0% BS(e) y +0,5% consenso); M. Bruto: 15.140 M euros (+0,5% vs -0,8% BS(e) y -0,4% consenso); M. Neto: 8.656 M euros (+4,6% v...
- Research Department
INFORME DIARIO 29 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’26. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ENDESA, METROVACESA, PUIG BRANDS, REDEIA, SANTANDER, SOLARIA. EUROPA: ADIDAS, AIRBUS, BNP PARIBAS, DEUTSCHE TELEKOM, MERCEDES BENZ GROUP, PERNOD RICARD. 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’26 que se publicarán en España y Europa en los próximos días. El Ibex resiste por los bancos Las bolsas e...
- Research Department
IBERIAN DAILY 29 APRIL + 1Q’26 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...
NEWS SUMMARY: ENDESA, METROVACESA, PUIG BRANDS, REDEIA, SANTANDER, SOLARIA. 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’26 results to be released over the coming days in Spain. IBEX resisting thanks to banks European stock markets were in the red after a poor opening in the US, where doubts dragged down the semiconductor sector following the rally from the past few week...
- Research Department
INFORME DIARIO 27 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’26. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER. 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’26 que se publicarán en España y Europa en los próximos días. El Ibex el peor de la semana pasada Las bolsas europeas cerraron la semana en negativo con caídas superiores al -4,0% en el caso del Ibex mientras que EE.UU. logró capear las pérdidas ...
- Research Department
IBERIAN DAILY 27 APRIL + 1Q’26 RESULTS. HIGHLIGHTS AND REST OF PREVIEW...
NEWS SUMMARY: SANTANDER. 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’26 results to be released over the coming days in Spain. IBEX the worst-performing index last week European stock markets ended the week in the red, with the IBEX dropping more than -4.0%, while the US managed to weather the storm thanks to the solid results campaign. In the STOXX 600, the best-perform...
- Bruno Cavalier
- Luis de Toledo Heras
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EVT EVOTEC SE
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
A1XA4J CARBIOS SA
ENI ENI S.P.A.
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
REP REPSOL SA
POS PORR AG
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
VID VIDRALA SA
DOC DO & CO AKTIENGESELLSCHAFT
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
SEM SEMPERIT HOLDING AG
UBS UBM DEVELOPMENT AG
MONC MONCLER SPA
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ENC ENCE ENERGIA Y CELULOSA SA
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TRP TERAPLAST
BP. BP P.L.C.
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
AGR AGRANA BETEILIGUNGS-AG
FQT FREQUENTIS AG WIENER
FAST FASTNED
FPE3 FUCHS PETROLUB SE
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
4X0 STEYR MOTORS AG
1AST ASTA ENERGY SOLUTIONS AG
- Bruno Cavalier
- Luis de Toledo Heras
EQNR EQUINOR ASA
WCH WACKER CHEMIE AG
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
OUT1V OUTOKUMPU OYJ
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EVT EVOTEC SE
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
A1XA4J CARBIOS SA
ENI ENI S.P.A.
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
REP REPSOL SA
POS PORR AG
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
VID VIDRALA SA
DOC DO & CO AKTIENGESELLSCHAFT
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
SEM SEMPERIT HOLDING AG
UBS UBM DEVELOPMENT AG
MONC MONCLER SPA
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ENC ENCE ENERGIA Y CELULOSA SA
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TRP TERAPLAST
BP. BP P.L.C.
AMAG AMAG AUSTRIA METALL AG
SANT S&T AG
AGR AGRANA BETEILIGUNGS-AG
FQT FREQUENTIS AG WIENER
FAST FASTNED
FPE3 FUCHS PETROLUB SE
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
4X0 STEYR MOTORS AG
1AST ASTA ENERGY SOLUTIONS AG
- Luis de Toledo Heras
Ence : Sharp improvement in scenario merits re-rating
We are upgrading our recommendation of Ence to Neutral ahead of the expected earnings upcycle following pulp price recovery (+c.20% in 2026) and the positive progress on the group’s pulp differentiation (from 30% of sales in 2025 to over 60% by 2030e) and cost efficiency initiatives (-6% normalised cash cost target 2025-27e) which will result in a more resilient earnings profile while the group fully develops its renewable energy platform. Our SOTP-derived target price of € 2.7 (in line with pre...
- Ahmed Ben Salem
- Marc Lavaud
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
INEA FONCIERE INEA
ANTO ANTOFAGASTA PLC
LPE LAURENT-PERRIER SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
AIXA AIXTRON SE
ALVDM VOYAGEURS DU MONDE SA
ALBFR SIDETRADE SA
CABK CAIXABANK SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
SAN BANCO SANTANDER S.A.
COPN COSMO PHARMACEUTICALS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SHEL SHELL PLC
AF AIR FRANCE - KLM
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
AAL ANGLO AMERICAN PLC
1AST ASTA ENERGY SOLUTIONS AG
- Ahmed Ben Salem
- Marc Lavaud
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
INEA FONCIERE INEA
ANTO ANTOFAGASTA PLC
LPE LAURENT-PERRIER SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
AIXA AIXTRON SE
ALVDM VOYAGEURS DU MONDE SA
ALBFR SIDETRADE SA
CABK CAIXABANK SA
DGM DIAGNOSTIC MEDICAL SYSTEMS
SAN BANCO SANTANDER S.A.
COPN COSMO PHARMACEUTICALS NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SHEL SHELL PLC
AF AIR FRANCE - KLM
HAVAS HAVAS N.V
PFSE PFISTERER HOLDING SE
AAL ANGLO AMERICAN PLC
1AST ASTA ENERGY SOLUTIONS AG
- Ahmed Ben Salem
- Marc Lavaud
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ANTO ANTOFAGASTA PLC
ITRK INTERTEK GROUP PLC
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
NEM NEMETSCHEK SE
BC8 BECHTLE AG
CABK CAIXABANK SA
SAN BANCO SANTANDER S.A.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SHEL SHELL PLC
AAL ANGLO AMERICAN PLC
- Ahmed Ben Salem
- Marc Lavaud
PUB PUBLICIS GROUPE SA
VIE VEOLIA ENVIRONNEMENT SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ANTO ANTOFAGASTA PLC
ITRK INTERTEK GROUP PLC
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
NEM NEMETSCHEK SE
BC8 BECHTLE AG
CABK CAIXABANK SA
SAN BANCO SANTANDER S.A.
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ASML ASML HOLDING NV
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
CCEP COCA-COLA EUROPEAN PARTNERS PLC
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SHEL SHELL PLC
AAL ANGLO AMERICAN PLC
- Benoit Valleaux
- Steven Gould
- Benoit Valleaux
- Steven Gould
- Research Department
IBERIAN DAILY 10 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: COLONIAL, REPSOL, SANTANDER. Doubts hovering over US-Iran truce The lack of clarity in the terms of the ceasefire between Iran and the US dragged down European stock markets, although the losses were reeled in somewhat by the end of the session after B. Netanyahu showed himself to be willing to start peace talks with Lebanon next week, which would also include the disarming of Hezbollah and the US as the intermediary. In a bearish STOXX 600, the best-performing sectors were Energ...
- Research Department
INFORME DIARIO 10 ABRIL + RDOS. EUROPA 1T’26. PREVIEWS (ANÁLISIS BANCO...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: COLONIAL, REPSOL, SANTANDER. EUROPA: AIRBUS. Muchas dudas sobre la tregua entre EE.UU. e Irán La falta de claridad en los términos del alto al fuego entre Irán y EE.UU. arrastró a las bolsas europeas, aunque las pérdidas se moderaron en el tramo final de la sesión después de que B. Netanyahu se mostrase dispuesto a iniciar la próxima semana conversaciones de paz con el Líbano que incluirían el desarme de Hezbolá y a EE.UU. como intermediador. En un...
Sacyr S.A.: 1 director
A director at Sacyr S.A. sold 105,974 shares at 4.110EUR and the significance rating of the trade was 59/100. 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 the last two years clearly show...
- Research Department
INFORME DIARIO 31 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, CAF, GRIFOLS, NEINOR HOMES. Las bolsas dudan entre si el castigo acumulado ha sido excesivo, y el deterioro de perspectivas en el Golfo Las bolsas se mantuvieron durante toda la sesión oscilando en un rango estrecho en torno a los cierres de la semana pasada. Por una parte, pesó negativamente el deterioro de perspectivas respecto a una resolución rápida del conflicto con la llegada de tropas estadounidenses a la región y la entrada de los Hut...
- Research Department
IBERIAN DAILY 16 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: MAPFRE, SANTANDER. The war in Iran continues European stock markets fell last week, with the Euro STOXX 50 and Ibex 35 on the verge of falling below the 5,700 and 17,000 point support. In the STOXX 600, the best-performing sectors were Energy (thanks to the hike in Brent crude prices) and Utilities, whereas Real Estate and Consumer Goods suffered the biggest corrections last week (around -4.0%). On the macro side, in Spain, February’s final inflation confirmed the preliminary da...
- Research Department
INFORME DIARIO 16 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: MAPFRE, SANTANDER. Continúa la guerra en Irán Semana de caídas en las bolsas europeas, que testearon los soportes clave de los 5.700 puntos en el Euro STOXX 50 y de los 17.000 puntos en el Ibex 35. En la semana del STOXX 600, los mejores sectores fueron Energía (gracias a la escalada de los precios del Brent) y Utilities mientras que Inmobiliario y B. Consumo terminaron con correcciones c. -4,0%. Por el lado macro, en España la inflación de febrer...
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