reports
- Research Department
IBERIAN DAILY 14 APRIL + 1Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SABAD...
NEWS SUMMARY: CAF, 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 1Q’25 results to be released over the coming days in Spain. All eyes on US-China trade war It was a volatile week on stock markets, where the “tariff war” continues to be the main driver. After the US announced it was increasing tariffs on China to 145%, China responded on Friday with a new increase ...
- Research Department
INFORME DIARIO 14 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’25. PREVIEWS (ANÁLI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, TELEFÓNICA. EUROPA: BNP PARIBAS. 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’25 que se publicarán en España y Europa en los próximos días. Pendientes de la guerra comercial entre EE.UU. y China Semana de volatilidad en los activos de riesgo donde la guerra arancelaria sigue siendo el principal ca...
- Research Department
IBERIAN DAILY 10 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, IBERDROLA, INDRA. Stock markets driven by tariffs and fiscal plans It was a highly volatile week following the historical rise in the German bond yield and fears of a downturn in the US, not only due to the macro data but also the impact from the tariff war. In the STOXX 600, the best-performing sectors were Chemicals and Construction, whereas Real Estate and Consumer Goods suffered the biggest drops. On the geopolitical front, Putin seems willing to sign a temporary ceasefi...
- Research Department
IBERIAN DAILY 06 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, CAF. The higher spending underpins stock markets and drags down fixed income European stock markets rallied, fuelled by the stimulus plans in Germany and the possible peace in Ukraine. Thus, in the STOXX 600, construction (infrastructure plans in Germany and reconstruction of Ukraine) and Banks (thanks to higher rates) were the best-performing sectors whereas bond proxies such as Real Estate, Utilities and defensive industries such as Food and Household posted the bigg...
- Andres Bolumburu
CAF: FY2024 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'24 vs. 4Q'23 Results Sales: € 1.294 Bn (+18.7% vs. +16.6% BS(e) and +18.3% consensus); EBIT: € 79.0 M (+54.9% vs. +58.8% BS(e) and +47.1% consensus); Net Profit: € 42.0 M (+16.7% vs. +30.6% BS(e) and +25.0% consensus); FY2024 vs. FY2023 Results Sales: € 4.212 Bn (+10.1% vs. +9.5% BS(e) and +10.0% consensus); EBIT: € 216.0 M (+20.7% vs. +21.8% BS(e) and +18.4% consensus); Net Profit: € 103.0 M (+15.7% vs. +21.3% BS(e) and +19.1% consensus);
- Research Department
IBERIAN DAILY 27 FEBRUARY + 4Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: CAF, ENDESA, FCC, FERROVIAL, FLUIDRA, GRIFOLS, INDRA, 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 4Q’24 results to be released over the coming days in Spain. Results take centre stage The flood of business results boosted European stock markets, which rose more than +1.5% in a session full of macro data releases. In the STOXX 600, almost all the ...
- Research Department
INFORME DIARIO 27 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, ENDESA, FCC, FERROVIAL, FLUIDRA, GRIFOLS, INDRA, TELEFÓNICA. EUROPA: AXA, SECTOR AUTOS. 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. Los Resultados toman el protagonismo El aluvión de Rdos. empresariales sentó muy bien a las bolsas eur...
- Andres Bolumburu
CAF: RDOS. 2024 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'24 vs 4T'23: Ventas: 1.294 M euros (+18,7% vs +16,6% BS(e) y +18,3% consenso); EBIT: 79,0 M euros (+54,9% vs +58,8% BS(e) y +47,1% consenso); BDI: 42,0 M euros (+16,7% vs +30,6% BS(e) y +25,0% consenso). Rdos. 2024 vs 2023: Ventas: 4.212 M euros (+10,1% vs +9,5% BS(e) y +10,0% consenso); EBIT: 216,0 M euros (+20,7% vs +21,8% BS(e) y +18,4% consenso);
- Research Department
INFORME DIARIO 05 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T’24. PREVIEWS (ANÁ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, 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. 4T’24 que se publicarán en España y Europa en los próximos días. Los aranceles marcan la pauta Jornada de menos a más en las bolsas europeas, pendientes de los aranceles y con el Ibex liderando con avances del 1,3%. Así, en el STOXX 600 Autos y...
- Research Department
IBERIAN DAILY 05 FEBRUARY + 4Q’24 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: CAF, 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 4Q’24 results to be released over the coming days in Spain. Tariffs set the pace European stock markets saw an increasing performance, with all eyes on tariffs, and with the Ibex leading gains after climbing 1.3%. Thus, in the STOXX 600, Autos and Technology led gains vs. Pharma and Financial Service...
- Research Department
IBERIAN DAILY 23 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS, CAF, LAR ESPAÑA. A week of corrections in view of the delay in rate cut expectations in the US US stock exchanges rallied last Friday with the good inflation data (core deflator) but slid near -1.5% last week vs. -2.0% European stock markets due to the fewer rate cuts expected by the Fed in 2025. Thus, in the STOXX 600 all sectors ended with drops last week, led by Pharma and Basic Resources vs. the better relative performance of Consumer Goods and Technology. On the macro...
- Research Department
INFORME DIARIO 23 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, ENAG, LAR ESPAÑA. Semana de caídas en bolsa ante el retraso en las expectativas de bajadas de tipos en EE.UU. Las bolsas de EE.UU. rebotaron el viernes con el buen dato de inflación (deflactor del consumo) pero se dejaron en la semana cerca de un -1,5% y las europeas un -2,0%, acusando las menores bajadas de tipos previstas para 2025 por parte de la Fed. Así, en el STOXX 600, todos los sectores cerraron la semana con caídas, lideradas por Far...
- Research Department
INFORME DIARIO 12 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS HOMES, CAF, CAMBIOS IBEX, ENCE, GRIFOLS, SECTOR ENERGÉTICO, TALGO. EUROPA: SECTOR BANCARIO. Sin sorpresas en el dato de inflación de EE.UU. Jornada positiva para la mayoría de índices europeos salvo para el Ibex, que lastrado por los resultados de Inditex, sumó su cuarta caída consecutiva y perdió los 11.800 puntos. En el STOXX 600, la mayoría de sectores (15/20) cerraron con ganancias, lideradas por Media e Industriales frente a Retail y En...
- Research Department
IBERIAN DAILY 10 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS, CAF, SOLARIA. France underpins Euro STOXX 50 The French CAC was one of the few big euro zone indices to close in positive numbers, thus preventing the Euro STOXX 50 from ending with losses. In the STOXX 600, the best-performing sectors were those most exposed to China, like Basic Materials, Ebergy and Consumer Goods, with Real Estate and Telecoms falling the most. On the macro side, in the euro zone the Sentix investor sentiment index for December fell more than expected. I...
- Research Department
IBERIAN DAILY 03 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, RENEWABLES SECTOR, TALGO. France continues to set the pace It was a session marked by the political crisis in France and the rising risk premium, where barring a last-minute surprise, on Wednesday there will be a new vote of no confidence on PM Michelle Barnier, leaving the future of the Government in the air. Despite this most of the European indices closed with gains, with the IBEX close to recovering 11,700 points. Thus, in the STOXX 600, the best-performing sectors were C...
- Research Department
INFORME DIARIO 03 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, SECTOR RENOVABLES, TALGO. EUROPA: ASML. Francia sigue marcando la actualidad Jornada marcada por la crisis política en Francia y el aumento de la prima de riesgo, donde salvo sorpresa de última hora, el miércoles habrá una nueva moción de censura a su P.M. Michelle Barnier, dejando en el aire el futuro del Gobierno. Pese a ello, la mayoría de índices europeos cerraron la jornada con subidas, con el Ibex a superando los 11.700 puntos. Así, en el...
- Andres Bolumburu
CAF: RDOS. 9MESES’24 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'24 vs 3T'23: Ventas: 838,0 M euros (-2,3% vs +9,7% BS(e) y +11,3% consenso); EBIT: 35,0 M euros (-18,6% vs +16,7% BS(e) y +16,3% consenso); BDI: 9,0 M euros (-52,6% vs +47,4% BS(e) y +36,8% consenso); Rdos. 9meses'24 vs 9meses'23: Ventas: 2.918 M euros (+6,7% vs +10,5% BS(e) y +11,0% consenso); EBIT: 137,0 M euros (+7,0% vs +18,9% BS(e) y +18,8% consenso); BDI: 61,0 M euros (+15,1% vs +50,9% BS(e) y +47,2% consenso);
- Research Department
INFORME DIARIO 15 NOVIEMBRE + RDOS. ESPAÑA 3T’24. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, CAF, CAIXABANK, COLONIAL, MERLIN. EUROPA: ASML, SANOFI. 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’24 que se publicarán en España y Europa en los próximos días. El BCE con el objetivo casi cumplido El Euro STOXX 50 tuvo su mejor día desde finales de septiembre mientras las ...
- Research Department
IBERIAN DAILY 13 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACS, AENA, CAF, GREENING, NEINOR HOMES, REAL ESTATE SECTOR, 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 3Q’24 results to be released over the coming days in Spain. Germany to hold elections in February The contagion from Asia, along with the increased geopolitical risk, dragged down European stock markets. In the STOXX 600, only Technology ended in gree...
- Research Department
IBERIAN DAILY 09 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, CAIXABANK, VISCOFAN. Lacking drivers In a session of few macro references, European stock markets managed to reel in the losses from the opening bell with the boost from the US and the falling oil prices. The IBEX, which closed with slight gains, was once again the best-performing index in the euro zone. In the STOXX 600, most of the sectors closed with losses (15/20), led by Basic Materials and Consumer Goods, whereas the defensive Telecoms and Utilities were the best perfor...
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