reports
- Carole Braudeau
Credit Morning 11/21/2025
Tereos : -66% EBITDA in H1 25/26 and expected leverage slippage to 6x in March 2026|Ubisoft: net bookings above expectations in Q2 2025/26. The group breached covenants of certain debt, some of which will be repaid using proceeds from the closing of the JV with Tencent|Orange/Iliad/Bouygues are reportedly mulling a wider offer for SFR (Financial Times)|
- Carole Braudeau
Morning Crédit 21/11/2025
Tereos : Résultats S1 25/26 : -66% d’EBITDA au S1 25/26 et dérapage attendu du levier à 6x en mars 2026|Ubisoft (UBIFP, non noté) : net bookings supérieurs aux attentes au T2 2025/26, la guidance annuelle est confirmée. Le groupe a brisé les covenants de certaines dettes qui seront remboursées grâce aux produits de la finalisation de la JV avec Tencent.|Orange/Iliad/Bouygues envisageraient une offre élargie sur SFR (Financial Times)|
- Research Department
INFORME DIARIO 21 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, TELEFÓNICA, UNICAJA. EUROPA: PROSUS. Nvidia, un impulso a las bolsas que se desinfla Los resultados publicados por la tecnológica disipan de momento las dudas en torno a la IA y provocó rebotes en los índices europeos superiores al 1% pero que se fueron moderando hacia el cierre del mercado con un Ibex que se quedó al borde de los 16.000 puntos. En el STOXX 600, Energía e Industriales fueron los que mayores ganancias presentaron frente a Autos...
- Research Department
IBERIAN DAILY 21 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, TELEFÓNICA, UNICAJA. Nvidia fuelled stock markets to later ease The results released by the technology group dispelled doubts surrounding AI for the time being, leading to the rally of European markets >1% that eased at the closing bell, with the Ibex near 16,000 points. In the STOXX 600, Energy and Industrial led gains vs. Autos and Media that posted the biggest drops. On the macro side, in the euro zone, December’s consumer confidence was disappointing after remaining at th...
- Research Department
IBERIAN DAILY 17 NOVEMBER + 3Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ACS, TELEFÓNICA. 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 3Q’25 results to be released over the coming days in Spain. Fear of AI bubble brings volatility Following the record highs reached last week thanks to the hope of an end to the shutdown in the US and the solid business results, stock markets reeled in part of the gains due to the concerns of a bubble...
- Research Department
INFORME DIARIO 17 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, TELEFÓNICA. EUROPA: AIRBUS, PROSUS. 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. El temor a una burbuja en la IA genera volatilidad en las bolsas Tras los máximos históricos alcanzados en la semana gracias a la esperanza de una resoluci...
Press Release: Sanofi’s Teizeild recommended for EU approval by the CH...
Press Release: Sanofi’s Teizeild recommended for EU approval by the CHMP for patients with stage 2 type 1 diabetes Sanofi’s Teizeild recommended for EU approval by the CHMP for patients with stage 2 type 1 diabetes Recommendation based on the TN-10 study, demonstrating Teizeild’s ability to delay the onset of stage 3 type 1 diabetes (T1D), compared to placebo, in adults and children with stage 2 T1DIf approved, Teizeild would become the first disease-modifying T1D therapy in the EU Paris, November 14, 2025. The European Medicines Agency (EMA)’s Committee for Medicinal Products for Human ...
Communiqué de presse : Teizeild, un médicament Sanofi, a reçu l’approb...
Communiqué de presse : Teizeild, un médicament Sanofi, a reçu l’approbation du CHMP pour une autorisation de mise sur le marché dans l’UE chez les patients atteints de diabète de type 1 de stade 2 Teizeild, un médicament Sanofi, a reçu l’approbation du CHMP pour une autorisation de mise sur le marché dans l’UE chez les patients atteints de diabète de type 1 de stade 2 La recommandation s’appuie sur l’étude TN-10, qui démontre la capacité du Teizeild à retarder l’apparition du stade 3 du diabète de type 1 (DT1), par rapport au placebo, chez les adultes et les enfants atteints de DT1 de stad...
Sanofi: 1 director
A director at Sanofi bought 207 shares at 7,909p and the significance rating of the trade was 52/100. 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 showing Clos...
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACS, AENA, COLONIAL, MERLIN, REPSOL, SANTANDER, SECTOR ELÉCTRICO, TALGO. EUROPA: ALLIANZ, PROSUS. 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. Toma de beneficios en mercado Las bolsas terminaron recogiendo beneficio...
Sanofi: Information concerning the total number of voting rights and s...
Sanofi: Information concerning the total number of voting rights and shares – October 2025 Information concerning the total number of voting rights and shares, provided pursuant to article L. 233-8 II of the Code de commerce (the French Commercial Code) and article 223-16 of the Règlement général de l’Autorité des Marchés Financiers (Regulation of the French stock market authority) Sanofia French société anonyme with a registered share capital of €2,454,937,946Registered office : 46, avenue de la Grande Armée - 75017 Paris - FranceRegistered at the Paris Commercial and Companies Registry u...
Sanofi: Informations relatives au nombre de droits de vote et d'action...
Sanofi: Informations relatives au nombre de droits de vote et d'actions – Octobre 2025 Informations relatives au nombre total de droits de vote et d’actions prévues par l’article L. 233-8 II du Code de commerce et l’article 223-16 du Règlement général de l’Autorité des Marchés Financiers SanofiSociété anonyme au capital de 2 454 937 946 eurosSiège social : 46, avenue de la Grande Armée - 75017 Paris395 030 844 R.C.S. Paris DateNombre d’actions composant le capital Nombre réel de droits de vote (déduction faite des actions auto-détenues)Nombre théorique de droits de vote (y compris acti...
- Alvaro del Pozo
- Jan Frederik Slijkerman
Telefonica: A new strategic plan/Before the CMD, grand plans were disc...
Last week, Telefonica held its capital markets day and presented its long-awaited new strategy and 3Q25 results. Ahead of the CMD, a radical change in direction, including M&A, was discussed in the media but any such grand plans were missing from its new Strategic Plan. Notably, Telefonica has cut its dividend, but this seems more of a way to deal with weaker free cash flow than a way to cut indebtedness. Also, its outlook for growth remains muted. We are disappointed by Telefonica's outlook for...
- Martin Marandon-Carlhian
- Sinan Doganli
- Usama Tariq
- Martin Marandon-Carlhian
- Sinan Doganli
- Usama Tariq
- Juan Ros-Padilla
- Luis Arredondo
- Luis Arredondo
ALMIRALL: 3Q’25 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'25 vs. 3Q'24 Results Sales: € 260.2 M (+12.9% vs. +12.3% BS(e) and +13.1% consensus); EBITDA: € 58.9 M (+56.2% vs. +39.4% BS(e) and +41.1% consensus); EBIT: € 22.0 M (+746.2% vs. +405.8% BS(e) and +519.2% consensus); Net Profit: € 10.7 M (€ -5.5 M in 3Q’24 vs. € 5.91 M BS(e) and € 6.0 M consensus); 9M'25 vs. 9M'24 Results Sales: € 820.7 M (+12.8% vs. +12.6% BS(e) and +12.8% consensus); EBITDA: € 180.7 M (+27.1% vs. +22.6% BS(e) and +23.1% consensus); EBIT: € 67.4 M (+75.1% vs. +52.1% BS(e) an...
- Luis Arredondo
ALMIRALL: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'25 vs 3T'24: Ventas: 260,2 M euros (+12,9% vs +12,3% BS(e) y +13,1% consenso); EBITDA: 58,9 M euros (+56,2% vs +39,4% BS(e) y +41,1% consenso); EBIT: 22,0 M euros (+746,2% vs +405,8% BS(e) y +519,2% consenso); BDI: 10,7 M euros (-5,5 M euros en 9meses'24 vs 5,91 M euros BS(e) y 6,0 M euros consenso); Rdos. 9meses'25 vs 9meses'24: Ventas: 820,7 M euros (+12,8% vs +12,6% BS(e) y +12,8% consenso); EBITDA: 180,7 M euros (+27,1% vs +22,6% BS(e) y +23,1% consenso); EBIT: 67,4 M euros (+75,1% ...
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