reports
- Research Department
IBERIAN DAILY 31 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, CAF, GRIFOLS, NEINOR HOMES. Stock markets amid doubts of an excessive correction and the deterioration of the Gulf prospects Stock markets fluctuated within a narrow range yesterday at around last week’s close. The deterioration of prospects regarding a rapid solution to the conflict with the arrival of US troops to the region and the entry of Yemen’s Houthi rebels had a negative impact. On another note, several investment banks outlined that the correction is starting to b...
- Andres Bolumburu
CAF: RDOS. 2025 (ANÁLISIS BANCO SABADELL)
Rdos. 4T'25 vs 4T'24: Ventas: 1.322 M euros (+2,2% vs +5,0% BS(e) y +6,5% consenso); EBIT: 85,0 M euros (+7,6% vs +13,9% BS(e) y +7,6% consenso); BDI: 46,0 M euros (+9,5% vs +21,4% BS(e) y +16,7% consenso). Rdos. 2025 vs 2024: Ventas: 4.487 M euros (+6,5% vs +7,4% BS(e) y +7,9% consenso); EBIT: 246,0 M euros (+13,9% vs +16,2% BS(e) y +13,9% consenso); BDI: 146,0 M euros (+41,7% vs +46,6% BS(e) y +44,7% consenso).
- Research Department
IBERIAN DAILY 02 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AMADEUS, AMPER, CAF, IBERDROLA, REDEIA, TALGO, TELEFÓNICA, UNICAJA. We begin a highly volatile week European stock markets ended last week with corrections whereas doubts persist in the technology sector and the geopolitical tension between the US and Iran continues. The Ibex endured battery of earnings and ended above 18,000 points. In the STOXX 600, the best-performing sectors last week were Utilities and Real Estate, whereas Basic Materials and Telecoms had the biggest drops....
- Research Department
INFORME DIARIO 02 MARZO + RDOS. EUROPA. PREVIEWS (ANÁLISIS BANCO SABAD...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AMADEUS, AMPER, CAF, IBERDROLA, REDEIA, TALGO, TELEFÓNICA, UNICAJA. 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’25 que se publicarán en España y Europa en los próximos días. Empezamos una semana de elevada volatilidad Las bolsas europeas cerraron la semana con pérdidas, mientras persisten las dudas e...
- Andres Bolumburu
CAF: PREPARADOS PARA LA SIGUIENTE ETAPA (ANÁLISIS BANCO SABADELL)
Incrementamos estimaciones y P.O. a 70,10 eur/acc. Continúa la fortaleza comercial. SOBREPONDERAR. El gran comportamiento en Bolsa en el último año (+68% en absoluto y +25% vs IBEX) es el reconocimiento a la magnífica ejecución operativa del grupo y su gran momentum comercial. A pesar de las subidas, los fundamentales siguen apoyando. Ajustamos estimaciones al alza: (i) las ventas un +c.0,5% para 2026/29, (ii) el EBIT c.+3% en 2026/29 lo que deja un margen del 6% en 2027 (desde 5,1% en 2024), (i...
- Research Department
IBERIAN DAILY 24 FEBRUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: CAF, ENCE, ENDESA, METROVACESA, 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’25 results to be released over the coming days in Spain. IBEX the one positive note European stock markets showed a mixed reaction to Trump’s new protectionist measures (the periphery outperformed core countries), while companies exposed to the disruption from AI continu...
- Research Department
IBERIAN DAILY 16 JANUARY + 4Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVI...
NEWS SUMMARY: CAF, INDRA, NATURGY, 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 4Q’25 results to be released over the coming days in Spain. Euro STOXX 50 consolidates 6,000 points It was another session of gains in Europe, where the Dutch AEX stood out thanks to the boost from ASML (+6%). Meanwhile, the STOXX 600 was highly dispersed, where the best-perf...
- Research Department
INFORME DIARIO 16 ENERO + RDOS. ESPAÑA 4T'25. IDEAS DESTACADAS Y PREVI...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, INDRA, NATURGY, TELEFÓNICA, UNICAJA. 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’25 que se publicarán en España y Europa en los próximos días. El Euro STOXX 50 consolida los 6.000 puntos Nueva sesión de subidas en Europa entre las que sobresalió el AEX holandés por el impulso de ASML (+6%). Mi...
- Research Department
IBERIAN DAILY 22 DECEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AMPER, CAF, FCC, REPSOL. The Ibex is still unstoppable European stock markets ended the week in positive numbers, underpinned by the improved economic sentiment and stability on the markets. The IBEX stood out as the best-performing index, rising +2.0% and above 17,200. In the STOXX 600, all the sectors except Technology, Autos and Energy ended the week with gains, led by Banks and Basic Materials. On the macro side, in the euro zone December’s consumer confidence fell unexpectedl...
- Research Department
INFORME DIARIO 22 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AMPER, CAF, FCC, REPSOL. EUROPA: SANOFI. El Ibex continúa imparable Las bolsas europeas cerraron la semana con signo positivo, apoyadas en la mejora del sentimiento económico y la estabilidad en los mercados. El Ibex destacó como el índice más alcista con una subida del 2,0% por encima de los 17.200 puntos. En el STOXX 600, todos los sectores menos Tecnología, Autos y Energía cerraron la semana con ganancias, lideradas por Bancos y R. Básicos. Por ...
- 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...
- Andres Bolumburu
CAF: RDOS. 9MESES’25 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANCO ...
Rdos. 3T'25 vs 3T'24: Ventas: 986,0 M euros (+17,7% vs +10,0% BS(e) y +12,6% consenso); EBIT: 47,0 M euros (+34,3% vs +37,7% BS(e) y +42,9% consenso); BDI: 27,0 M euros (+200,0% vs +173,3% BS(e) y +211,1% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 3.165 M euros (+8,5% vs +6,3% BS(e) y +7,0% consenso); EBIT: 161,0 M euros (+17,5% vs +18,4% BS(e) y +19,7% consenso); BDI: 100,0 M euros (+63,9% vs +60,0% BS(e) y +65,6% consenso).
- Research Department
IBERIAN DAILY 23 OCTOBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVI...
NEWS SUMMARY: BANKINTER, CAF, GREENING, INDRA, REDEIA. 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. Pause in market gains It was a transitional session on European stock markets, which closed with losses (except the IBEX, which was once again near record highs) after the meeting between Trump and Putin was cancelled...
- Research Department
INFORME DIARIO 23 OCTUBRE + RDOS. ESPAÑA Y EUROPA 3T’25. IDEAS DESTACA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BANKINTER, CAF, GREENING, INDRA, REDEIA. EUROPA: KERING, NOKIA, SAP. 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. Pausa en las subidas Jornada de transición en las bolsas europeas, que cerraron con pérdidas (a excepción del Ibex, que se ac...
- Research Department
IBERIAN DAILY 25 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, IBERDROLA, SANTANDER. Drivers lacking to hit new highs In a session without drivers, European stock markets were a mixed bag after Trump reaffirmed his support of NATO’s defence. In the STOXX 600, the best-performing sectors were cyclicals linked to raw materials like Basic Materials and Energy, but also the industrial subsector of Defence, whereas Construction and Financial Services ended with the biggest drops. On the macro side, in Germany the IFO worsened unexpectedly in ...
- Research Department
IBERIAN DAILY 19 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AENA, CAF, FCC, TELEFÓNICA, VISCOFAN. The Fed spurs the markets Following the expected rate cut by the Fed, European stock markets reacted with sharp rises of more than +1.5%. The IBEX lagged behind and closed with slight losses due to the lack of technology stocks. In the STOXX 600, Technology was once again the big winner, with Utilities and Basic Materials falling the most. On the macro side, in the US the Philadelphia Fed manufacturing index rose sharply in August. Weekly jobl...
- Research Department
INFORME DIARIO 19 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, CAF, FCC, TELEFÓNICA, VISCOFAN. EUROPA: ESSILORLUXOTTICA. La Fed anima las bolsas Tras la esperada bajada de tipos por parte de la Fed, las bolsas europeas reaccionaron con fuertes avances por encima del +1,5%. El Ibex se quedó rezagado y cerró con tímidas pérdidas por la ausencia de representación tecnológica. Así, en el STOXX 600 Tecnología volvió a liderar con fuerza los avances frente a Utilities y R. Básicos que fueron los que más cayero...
- Research Department
IBERIAN DAILY 17 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, CAIXABANK. Corrections ahead of the Fed Yesterday corrections on European stock market cancelled out Monday’s gains amid doubts about higher fiscal pressure in Europe and despite the robust macroeconomic data released in the US. In the STOXX 600, all sectors except Basic Resources ended with drops, led by Insurance and Banks. On the macro side, in Germany, September’s ZEW index rose unexpectedly. In the euro zone, July’s industrial output climbed more than expected in MoM ter...
- Research Department
IBERIAN DAILY 28 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF. CAC rallies thanks to Luxury, underpinning Euro STOXX 50 Despite being mired in a new political crisis, the French stock market recovered slightly in a session marked by the drops in the rest of the indices (IBEX -0.66%, DAX -0.53%) and lacking macro references. In the STOXX 600, the best-performing sectors were Consumer Goods, Pharma and Technology, while Banks and Travel & Leisure fell the most. On the macro side, J. Williams of the New York Fed commented it is necessary to...
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