reports
- Research Department
IBERIAN DAILY 20 MAY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACERINOX, IBERDROLA, TALGO, TELEFÓNICA. Strong week for European peripheral nations and the US European peripheral nation indices rose up to +2.0% over the week and the S&P 500 hit a new 2024 high, benefiting from the disappointing macro data and the falling debt yields. Within the STOXX 600, Telecoms and Real Estate led the gains last week, whereas Energy and Travel & Leisure ended with the biggest losses. On the macro side, in the euro zone the 2.4% YoY growth from April’s gene...
- Research Department
INFORME DIARIO 20 MAYO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACERINOX, IBERDROLA, TALGO, TELEFÓNICA. EUROPA: ASML. Buena semana para la periferia europea y EE.UU. Semana de avances de hasta el +2,0% en la periferia europea y de nuevos máximos anuales en el S&P 500, beneficiadas por la decepción en los datos macro y el recorte en la rentabilidad de la deuda. Dentro del STOXX 600, lideraron las ganancias semanales los sectores Telecos e Inmobiliario (c. +3,0%) mientras que Energía y Viajes&Ocio terminaron con l...
- Luis Arredondo
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- Nicolas David
BEKB BEKAERT SA
IPH INNATE PHARMA SA CLASS A
HOT HOCHTIEF AG
CFEB COMPAGNIE D'ENTREPRISES CFE SA
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
COK CANCOM SE
AALB AALBERTS N.V.
COL INMOBILIARIA COLONIAL SOCIMI SA
MEL MELIA HOTELS INTERNATIONAL S.A.
ALM ALMIRALL SA
DUE DURR AG
BSGR B&S GROUP S.A.
S30 SOLUTIONS 30 SE
NA9 NAGARRO
HGEA HGEARS AG
FORSE FORSEE POWER SA
DEME DEME GROUP NV
- Luis Arredondo
- Luis Arredondo
- Research Department
INFORME DIARIO 14 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. PREVIEWS (ANÁLIS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, UNICAJA. EUROPA: 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. 1T’24 que se publicarán en España y Europa en los próximos días. Jornada de transición en las bolsas En una sesión sin referencias macroeconómicas y con la campaña de resultados com...
- Fehmi Ben Naamane
Melia : Clear skies until at least Q3. Target price lifted to € 9.0 (v...
>A remarkable performance at the start of the year - Melia published a very decent set of Q1 results, driven on the top line by double-digit growth in Spain and the Americas region (+24% and +15% for RevPAR, respectively), two markets that account for close to 75% of hotel EBITDA. This strong recovery in RevPAR is reflected in both prices (growth of 6.4% at group level whereas the average for the European hotel sector showed very weak growth) and the occupancy rate w...
- Research Department
IBERIAN DAILY 14 MAY + 1Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADEL...
NEWS SUMMARY: ACS, COLONIAL, FERROVIAL, GRIFOLS, LOGISTA, NH HOTELES, SANTANDER, TELEFÓNICA, UNICAJA. 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’24 results to be released over the coming days in Spain. A transition session for stock markets In a session without macroeconomic references and with the earnings season being the only catalyst, most European indices (with t...
- Fehmi Ben Naamane
Melia : Un ciel dégagé au moins jusqu’au T3. OC relevé à 9.0 € (vs 8.2...
>Une performance remarquable en ce début d’exercice - La publication T1 de Melia aura été de très bonne facture, portée sur la topline par une progression à deux chiffres de l’Espagne et de la zone Amériques (RevPAR +24% et +15% respectivement), deux marchés qui pèsent près de 75% de l’EBITDA hôtelier. Cette forte reprise des RevPAR se manifeste aussi bien par les prix (+6.4% au niveau groupe alors que la moyenne de l’hôtellerie européenne progresse très faiblement) ...
- Rafael Bonardell
- Gerardo Ibanez
- Steven Boumans
- Gerardo Ibanez
- Steven Boumans
- Fehmi Ben Naamane
Melia : Very decent Q1 earnings. 2025e EBITDA guidance also lifted. Ou...
>Quarterly EBITDA 4% above consensus’ forecasts - Melia published yesterday evening a very good set of Q1 results. Group revenues posted a clear increase (despite negative scope effects, a 5.5% reduction in rooms owned/leased), 11% y-o-y, at € 440m (ODDO BHFe at € 440m, FactSet consensus at € 437m), driven by RevPAR of +15.6% (vs +6.6% in Q4 and +1.4% in Q3), including a 6.4% price increase and noteworthy growth in occupancy rates at 4.6 points. As expected, activity ...
- Rafael Bonardell
- Research Department
IBERIAN DAILY 10 MAY + 1Q'24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: CAF, FERROVIAL, MELIÁ, SACYR. 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’24 results to be released over the coming days in Spain. IBEX, bringing up the rear in Europe Most European indices saw an improvement over the course of the session, despite the increased tension in the Middle East and along with new rises in sovereign debt yields. The IBEX, des...
- Fehmi Ben Naamane
Melia : Résultats T1 de très bonne facture. Guidance d’EBITDA 2025e re...
>Un EBITDA trimestriel, 4% au-dessus des attentes du consensus - Melia a publié hier soir des résultats T1 de bonne facture. Les revenus groupe progressent, sensiblement (malgré des effets périmètre négatifs, réduction de 5.5% des chambres en propriété/location), de 11% yoy, à 440 M€ (ODDO BHFe à 440 M€, css FactSet à 437 M€), portés par des RevPAR de +15.6% (vs. +6.6% au T4 et +1.4% au T3), dont une hausse des prix de 6.4% et une progression remarquable des TO de 4.6...
- Research Department
INFORME DIARIO 10 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, FERROVIAL, MELIÁ, SACYR. 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’24 que se publicarán en España y Europa en los próximos días. El Ibex, a la cola en Europa Jornada de menos a más en la mayoría de índices europeos pese al incremento de la tensión en Oriente Próximo y acompañado de nuevos repu...
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