The fifth ODDO BHF Iberian Forum was held virtually, gathering 62 Iberian issuers and close to 200 institutional investors, making it one of the largest dedicated Iberian conferences of the year. The event generated 47 feedbacks, 6 target price revisions (including 4 downgrades), and a rating downgrade for Ence. The main topics of discussion were the impact of US tariffs and a weak USD on industrial companies, concerns about final demand in Europe and the US, and the sustainability of Spain’s ec...
We are downgrading our rating on Ence after sharply lowering our estimates on continued pulp price weakness, our more cautious view on future price trends and disappointing H1 2025 results (-43% y-o-y). Ence’s diversification strategy in advanced pulp/fluff grades and biomethane/renewable industrial heating could take time to rekindle the group’s earnings power while its cash flow profile is likely to remain under pressure in the medium term, justifying our Underperform rating and new TP of € 2....
2Q'25 vs. 2Q'24 Results Sales: € 115.9 M (-35.5%); EBITDA: € -30.1 M (€ 20.8 M in 1H'24); 1H'25 vs. 1H'24 Results Sales: € 270.1 M (-22.0%); EBITDA: € -16.5 M (€ 40.9 M in 1H'24); EBIT: € -37.0 M (vs. € 28.6 M in 1H’24); Net Profit: € -65.7 M (€ 14.6 M in 1H'24).
Rdos. 2T'25 vs 2T'24: Ventas: 115,9 M euros (-35,5%); EBITDA: -30,1 M euros (20,8 M euros en 1S'24); Rdos. 1S'25 vs 1S'24: Ventas: 270,1 M euros (-22,0%); EBITDA: -16,5 M euros (40,9 M euros en 1S'24); EBIT: -37,0 M euros (vs 28,6 M euros en 1S’24); BDI: -65,7 M euros (14,6 M euros en 1S'24).
NEWS SUMMARY: AENA, REPSOL, ROVI, SANTANDER, TALGO. Shutdown in the US Govt. European stock markets saw gains despite the US newsflow suggesting a government shutdown. In this regard, the Senate rejected the Republican party’s resolution which would have maintained Govt. financing through 21/11 as it did not include an extension to healthcare subsidies (Affordable Care Act), which could affect around 750,000 public jobs. In the STOXX 600, the best-performing sector was Household, with the mixed...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, REPSOL, ROVI, SANTANDER, TALGO. Shutdown en la administración estadounidense Avances en las bolsas europeas, que presentaron subidas a pesar de que las noticias desde EE.UU. ya apuntaban a un cierre del gobierno. En este sentido, el Senado rechazó la resolución republicana que habría mantenido la financiación del gobierno hasta el 21/11 al no incluir la extensión de los subsidios sanitarios (Affordable Care Act), lo que podría afectar a unos ...
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 ...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, IBERDROLA, SANTANDER. EUROPA: TOTALENERGIES. Falta de catalizadores para llegar a nuevos máximos En una jornada sin catalizadores, las bolsas europeas cerraron mixtas después de que D. Trump reafirmase su apoyo a la defensa de la OTAN. En el STOXX 600 los mejores sectores fueron cíclicos ligados a las materias primas como R. Básicos y Energía pero también el subsector industrial de Defensa mientras que Construcción y S. Financieros terminaron...
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...
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