IBERIAN DAILY 14 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX, ELECTRICITY SECTO, ENDESA, NATURGY, SANTANDER. Remaining confident in a trade agreement European stock markets rallied, remaining confident that the US and China will reach a trade agreement. In the STOXX 600 Basic Resources and Technology were the best performers whereas Telecoms and Autos saw the biggest drops. On the macro side, no relevant data was released, with all eyes on the trade front, where the secretary of the Treasury S. Bessent confirmed that president D. Tr...

INFORME DIARIO 14 OCTUBRE + RDOS. EUROPA 3T’25. IDEAS DESTACADAS Y PRE...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, ENDESA, NATURGY, SANTANDER, SECTOR ELÉCTRICO. 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. 3T’25 que se publicarán en España y Europa en los próximos días. Confianza en un acuerdo comercial Rebote en las bolsas europeas, confiadas en que EE.UU. y China seguirán negociando un acuerdo comercial. ...

1&1 (Neutral, €22, +10%) United Internet (Neutral, €31, +13%) Telefoni...

With the Telefonica CMD around the corner (4 November), we revisit our 1&1 valuation and reassess potential synergies from German mobile consolidation. We estimate a transaction could value 1&1 equity at €6.7bn (€38/ share, +90% upside) assuming synergies are split equally, or potentially higher if Vodafone were also to bid.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 10/09/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/10/2025

Benelux Morning Notes

Ahold Delhaize: 3Q25 preview - USD headwind to take centre stage. Basic-Fit: 3Q25 results preview, new consensus, we expect strong membership ingrowth. Fagron: 3Q25 growth hiccup in N America, strong organic performance in EMEA, Latam. Lotus Bakeries: UK VAT conflict for Näkd negatively impacts 2024 profitability. Ontex: 3Q25 preview: consensus implies a second profit warning for FY25F. Randstad: Preview 3Q25F results due 22 October; consensus released. Staffing: French revenue impro...

IBERIAN DAILY 09 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: INDRA, REPSOL. Europe returns to positive territory European stock markets rallied, nearing last week’s highs (with the resistance level for the Euro STOXX50 at 5,650 points), whereas the Ibex35 continues to soar. In the STOXX 600, Consumer Goods, Basic Resources and Banks led gains whereas Autos, Real Estate and Technology were the only sectors ending in negative territory. On the macro side, in Germany, August’s industrial output slowed down more than expected. On another note, ...

Ahold Delhaize N.V. : Yet another quiet quarter expected in Q3; margin...

Credit Morning 10/08/2025

SoftBank Group signs an agreement to buy ABB Robotics for $ 5.4bn|AXA announces repayment of the Legacy Perp TEC|

Morning Crédit 08/10/2025

SoftBank Group signe un accord pour l’acquisition d’ABB Robotics pour 5,4 mds USD|AXA annonce le remboursement du Perp legacy TEC|

INFORME DIARIO 08 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER, SECTOR ACERO. EUROPA: BMW, INTESA SAN PAOLO, UNICREDIT. Francia se mantiene en una sesión de ventas Con la mayoría de los índices europeos a la baja, sorprendió la estabilidad del CAC francés a pesar de que no se atisban soluciones a la paralización política de Francia. Mientras, EE.UU. se vio lastrado por otro nuevo día de shutdown y la noticia de Oracle de deterioro de márgenes en centros de datos con chips de Nvidia. En el STOXX 600 l...

IBERIAN DAILY 08 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: SANTANDER, STEEL SECTOR. France weathering the selling storm With most European stock markets falling, the stability of the French CAC was surprising, despite the fact that no solution to the political crisis in the country is in sight. Meanwhile, the US was dragged down by another day of shutdown and the news from Oracle regarding deteriorating margins in data centres with Nvidia chips. In the STOXX 600, the best-performing sectors were Consumer Goods and defensive ones like Food...

Credit Morning 10/06/2025

Seb issues a second major profit warning for this year|Isabel Marant steps back from designing collections|

Morning Crédit 06/10/2025

Seb fait un 2e gros profit warning pour cette année|Isabel Marant se met en retrait de la conception des collections|

INFORME DIARIO 06 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER, SECTOR BANCARIO, TELEFONICA. EUROPA: SECTOR BANCARIO El Euro STOXX 50 rompe al alza sus máximos históricos del año 2000 Las bolsas europeas han continuado con las subidas y el Euro Stoxx 50 consigue marcar máximos desde el año 2000, pasando por alto el shutdown en EE.UU. En el STOXX 600 los mejores sectores fueron Farmacia, Tecnología y B. Consumo mientras que Energía (tras los recortes del crudo), Seguros y Viajes y Ocio terminaron c...

IBERIAN DAILY 06 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR, SANTANDER, TELEFÓNICA. Euro STOXX 50 hits record high from 2000 European stock markets continued to climb, and the Euro STOXX 50 managed to hit a high since 2000, ignoring the shutdown in the US. In the STOXX 600, the best-performing sectors were Pharma, Technology and Consumer Goods, whereas Energy (following the drop in crude prices), Insurance and Travel & Leisure ended with the biggest corrections on the week. On the macro side, in the euro zone September’s fi...

AMX and Entel working on a joint bid for Telefonica Chile

According to a Bloomberg article, AMX and Entel are working on a joint bid for Telefonica’s Chile unit. AMX would be interested in the mobile assets of Telefonica Chile while Entel would buy the fixed business.

IBERIAN DAILY 02 OCTOBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: BANKING SECTOR. Stock exchanges rise with poor data Despite the doubtful opening bell European stock markets ended with gains after the poor US data underpin rate cuts by the Fed. Little progress was made in the shutdown, the federal government would have frozen US$ 26 Bn for Democratic-leaning states (US$ 18 Bn in infrastructures for the city of New York). In the STOXX 600, Pharma and Energy (due to more stable crude oil prices) led gains whereas Household and Travel&Leisure were...

TALGO: 1H’25 RESULTS (ANÁLISIS BANCO SABADELL)

2Q'25 vs. 2Q'24 Results Sales: € 115.9 M (-35.5%); EBITDA: € -30.1 M (€ 20.8 M in 1H'24); 1H'25 vs. 1H'24 Results Sales: € 270.1 M (-22.0%); EBITDA: € -16.5 M (€ 40.9 M in 1H'24); EBIT: € -37.0 M (vs. € 28.6 M in 1H’24); Net Profit: € -65.7 M (€ 14.6 M in 1H'24).

TALGO: RDOS. 1S’25 (ANÁLISIS BANCO SABADELL)

Rdos. 2T'25 vs 2T'24: Ventas: 115,9 M euros (-35,5%); EBITDA: -30,1 M euros (20,8 M euros en 1S'24); Rdos. 1S'25 vs 1S'24: Ventas: 270,1 M euros (-22,0%); EBITDA: -16,5 M euros (40,9 M euros en 1S'24); EBIT: -37,0 M euros (vs 28,6 M euros en 1S’24); BDI: -65,7 M euros (14,6 M euros en 1S'24).