reports
- Research Department
IBERIAN DAILY 31 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: IBERDROLA, REPSOL. A negative week for stock markets European stock markets fell around -1% after a week marked by tariffs once more. Along with the FTSE 100, the Ibex was the European index that endured the corrections better, remaining above 13,300 points. Thus, in the STOXX 600, most sectors (14/20) ended with drops last week, led by Technology and Autos vs. the bigger gains of Utilities and Insurance. On the macro side, in the euro zone March’s economic confidence index fell,...
- Research Department
INFORME DIARIO 31 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, IBERDROLA, REPSOL. EUROPA: ENI, ING GROEP, UNICREDIT. Semana negativa para los mercados Caídas cercanas al -1,0% en Europa en el cierre de una semana marcada nuevamente por la imposición de aranceles. Junto al FTSE 100, el Ibex fue el índice europeo que mejor resistió las caídas y logró retener los 13.300 puntos. Así, en el STOXX 600, la mayoría de los sectores (14/20) cerraron la semana con pérdidas, lideradas por Tecnología y Autos fre...
- Maria Paz Ojeda
- Research Department
IBERIAN DAILY 28 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FLUIDRA, GRUPO CATALANA OCCIDENTE, ELECTRICITY SECTOR, IAG, METROVACESA, NATURGY, OHLA, REPSOL. Tariffs remain in the spotlight European stock markets fell once again (except the peripheral indices IBEX and Italian Mib, which closed with minimal gains), marked by Trump’s announcement of 25% tariffs on imported cars. Thus, in the STOXX 600, Retail and Utilities posted the biggest gains, with Autos and Construction leading the drops. On the macro side, in the euro zone February’s M...
- Research Department
INFORME DIARIO 28 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FLUIDRA, GRUPO CATALANA OCCIDENTE, IAG, METROVACESA, NATURGY, OHLA, REPSOL, SECTOR ELÉCTRICO. Los aranceles no ceden el protagonismo Nueva jornada de caídas en las bolsas europeas (a excepción del Ibex y MIB italiano que cerraron planos) y marcada por el anuncio de D. Trump de aranceles del 25% a los coches importados. Así, en el STOXX 600, Retail y Utilites tuvieron las mayores ganancias, frente a Autos y Construcción que lideraron las caídas. Por...
- Ahmed Ben Salem
- Emira Sagaama
- Margaux van Oerle
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GTT GAZTRANSPORT & TECHNIGAZ SA
MMK MAYR-MELNHOF KARTON AG
ENI ENI S.P.A.
SAF SAFRAN S.A.
BOL BOLLORE SA
REP REPSOL SA
SOC SUBSEA 7 S.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
BP. BP P.L.C.
PHNX PHOENIX GROUP HOLDINGS PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Ahmed Ben Salem
- Emira Sagaama
- Margaux van Oerle
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
GTT GAZTRANSPORT & TECHNIGAZ SA
MMK MAYR-MELNHOF KARTON AG
ENI ENI S.P.A.
SAF SAFRAN S.A.
BOL BOLLORE SA
REP REPSOL SA
SOC SUBSEA 7 S.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TRE TECNICAS REUNIDAS SA
TEC TECHNIPFMC PLC
BP. BP P.L.C.
PHNX PHOENIX GROUP HOLDINGS PLC
VK VALLOUREC SA
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
TEN TENARIS S.A.
VIRI VIRIDIEN
- Olfa Taamallah
- Yan Derocles
- Olfa Taamallah
- Yan Derocles
- Research Department
IBERIAN DAILY 14 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: FERROVIAL, INDRA. Trump continues with tariffs Stock markets fell, dragged down by new tariff threats from Donald Trump and the possible partial government shutdown. The IBEX was the only index in the euro zone to close with gains. In the STOXX 600, almost all the sectors ended in the red (14/20), led by Autos and Industrials, with Telecoms and Basic Materials being the best performers. On the macro side, in the euro zone January’s industrial output rose more than expected. In th...
- Research Department
INFORME DIARIO 14 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, INDRA. EUROPA: BMW, KERING. Trump insiste con los aranceles Sesión de caídas en los mercados, arrastradas por nuevas amenazas de D. Trump en materia arancelaria y el posible cierre parcial del Gobierno. El Ibex fue el único índice de la Eurozona que cerró con ganancias. En el STOXX 600, casi todos los sectores terminaron con caídas (14/20) lideradas por Autos e Industriales frente al mejor comportamiento de Telecos y R. Básicos. Por el la...
- Olfa Taamallah
- Yan Derocles
ODDO : Defence Europe: a new growth era or a new paradigm?
The wake-up call of the Munich summit will force European countries to assume full responsibility for their own defence. For the groups in our coverage, this should lead to a 2024-2030e CAGR for the addressable market of 31.5% (baseline scenario) vs 10.5% previously as well as a financial support that should help to improve FCF. We have revised the target prices of defence stocks upward by an average of 42% and think that additional upside of 20% is within reach. Hensoldt upgraded to Outperform ...
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
FII LISI SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BA. BAE SYSTEMS PLC
LDO LEONARDO SPA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Jean Danjou
- Oliver Metzger
- Stephane Houri
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
ARYN ARYZTA AG
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALLFG ALLFUNDS (UK) LTD
SHEL SHELL PLC
EAPI EUROAPI
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Olfa Taamallah
- Yan Derocles
ODDO : Défense Europe : une nouvelle ère de croissance ou un nouveau p...
Le wake up call de la conférence de Munich va forcer les pays européens à assumer seuls leur défense. Pour notre couverture, cela se traduira par un TMVA 2024-30 du marché adressable de 31.5% (base case) vs 10.5% précédemment ainsi qu’un support financier qui améliorera le FCF. Nous relevons de 42% en moyenne les OC des valeurs exposées Défense et pensons qu’une appréciation des cours de 20% supplémentaire est à portée de main. Hensoldt relevé à Surperformance et BAE Systems abaissé à Sous-perfo...
MTX MTU AERO ENGINES AG
HO THALES SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
FII LISI SA
GOE GROUPE GORGE SA
SAF SAFRAN S.A.
AIR AIRBUS SE
BA. BAE SYSTEMS PLC
LDO LEONARDO SPA
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Jean Danjou
- Oliver Metzger
- Stephane Houri
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
SBMO SBM OFFSHORE NV
EN BOUYGUES SA
GBF BILFINGER SE
ARYN ARYZTA AG
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
GAMA GAMMA COMMUNICATIONS
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
FIE FIELMANN AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
TWEKA TKH GROUP N.V. CERT
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
LDO LEONARDO SPA
BP. BP P.L.C.
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
CLA CLARANOVA SE
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
ALLFG ALLFUNDS (UK) LTD
SHEL SHELL PLC
EAPI EUROAPI
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
OMV OMV AG
GAMA GAMMA COMMUNICATIONS
ITRK INTERTEK GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
LDO LEONARDO SPA
BP. BP P.L.C.
BG BAWAG GROUP AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Olfa Taamallah
- Yan Derocles
FP TOTAL SE
O2D TELEFONICA DEUTSCHLAND HOLDING AG
RR. ROLLS-ROYCE HOLDINGS PLC
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
GALP GALP ENERGIA SGPS SA CLASS B
KPN ROYAL KPN NV
MTX MTU AERO ENGINES AG
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
HO THALES SA
LISN CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG
EN BOUYGUES SA
FGA FIGEAC AERO SA
UTDI UNITED INTERNET AG
RHM RHEINMETALL AG
OMV OMV AG
GAMA GAMMA COMMUNICATIONS
ITRK INTERTEK GROUP PLC
FII LISI SA
GOE GROUPE GORGE SA
ENI ENI S.P.A.
SAF SAFRAN S.A.
AIR AIRBUS SE
DTE DEUTSCHE TELEKOM AG
REP REPSOL SA
BA. BAE SYSTEMS PLC
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VACN VAT GROUP AG
LDO LEONARDO SPA
BP. BP P.L.C.
BG BAWAG GROUP AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
HAG HENSOLDT AG
AERO MONTANA AEROSPACE AG
AM DASSAULT AVIATION
SHEL SHELL PLC
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
- Research Department
IBERIAN DAILY 03 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: GRUPO CATALANA OCCIDENTE, REPSOL, TALGO, TELEFÓNICA, UNICAJA. The Ibex continues to lead Europe It was a volatile week for European stock markets, fuelled by business resuts and dragged down by D. Trump’s comments about the implementation of 25% tariffs to Europe. The Ibex climbed around +3.0% last week, exceeding 13,300 points. Thus, in the STOXX 600, Banks and Insurance were the best performers last week vs. Media and Technology that posted the biggest drops. On the macro side,...
- Research Department
INFORME DIARIO 03 MARZO + RDOS. EUROPA 4T’24. PREVIEWS (ANÁLISIS BANCO...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRUPO CATALANA OCCIDENTE, REPSOL, TALGO, TELEFÓNICA, UNICAJA. EUROPA: SCHNEIDER ELECTRIC, SIEMENS. 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’24 que se publicarán en España y Europa en los próximos días. El Ibex sigue liderando en Europa Semana volátil en las bolsas europeas, impulsadas por los resul...
FERROVIAL: 4Q’24 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'24 vs. 4Q'23 Results Sales: € 2.504 Bn (+9.2% vs. +6.6% BS(e) and +6.0% consensus); EBITDA: € 334.0 M (+14.8% vs. +22.8% BS(e) and +26.5% consensus); EBIT: € 68.0 M (-70.7% vs. -67.1% BS(e) and +14.7% consensus); FY2024 vs. FY2023 Results Sales: € 9.147 Bn (+7.4% vs. +6.7% BS(e) and +6.6% consensus); EBITDA: € 1.342 Bn (+35.4% vs. +37.8% BS(e) and +38.8% consensus); EBIT: € 901.0 M (+44.2% vs. +45.5% BS(e) and +75.8% consensus);
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