reports
- Andres Bolumburu
- Oscar Rodriguez
ARCELORMITTAL: 2Q’25 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'25 vs. 2Q'24: EBITDA: $ 1.860 Bn (-0.1% vs. +0.3% BS(e) and -0.6% consensus); BDI: $ 1.793 Bn (+255.8% vs. +65.1% BS(e) and +60.9% consensus); 1H'25 vs. 1H'24: EBITDA: $ 3.440 Bn (-9.9% vs. -9.7% BS(e) and -10.2% consensus); BDI: $ 2.598 Bn (+80.2% vs. +13.5% BS(e) and +12.1% consensus).
- Andres Bolumburu
- Oscar Rodriguez
ARCELORMITTAL: RDOS. 2T’25 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'25 vs 2T'24: EBITDA: 1.860 M euros (-0,1% vs +0,3% BS(e) y -0,6% consenso); BDI: 1.793 M euros (+255,8% vs +65,1% BS(e) y +60,9% consenso); Rdos. 1S'25 vs 1S'24: EBITDA: 3.440 M euros (-9,9% vs -9,7% BS(e) y -10,2% consenso); BDI: 2.598 M euros (+80,2% vs +13,5% BS(e) y +12,1% consenso).
- Research Department
IBERIAN DAILY 31 JULY + 2Q'25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: ARCELOR MITTAL, ELECTRICITY SECTOR, FLUIDRA, MELIA, MERLIN PROPERTIES, NEINOR HOMES, REDEIA, VISCOFAN. 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 2Q’25 results to be released over the coming days in Spain. Growth resisting for now European stock markets ended with slight gains in view of the signs of resistance in the 2Q’25 GDP and ahead of the Fed meeting, w...
- Research Department
INFORME DIARIO 31 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ARCELOR MITTAL, FLUIDRA, MELIA, MERLIN PROPERTIES, NEINOR HOMES, REDEIA, SECTOR ELÉCTRICO, VISCOFAN. EUROPA: AB INBEV, AIRBUS, BMW, ING GROEP, SANOFI, SAFRAN, SOCIETE GENERALE, VINCI. 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. 2T’25 que se publicarán en España y Europa en los próximos días. El crecimien...
DG VINCI SA
GLE SOCIETE GENERALE S.A. CLASS A
SAN SANOFI
SAF SAFRAN S.A.
AIR AIRBUS SE
VIS VISCOFAN S.A.
FDR FLUIDRA S.A.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
ITKA ANHEUSER-BUSCH INBEV N.V. ADS
MEL MELIA HOTELS INTERNATIONAL S.A.
HOME NEINOR HOMES SA
MTL ARCELORMITTAL
INGA ING GROEP N.V.
RE21 RED ELECTRICA CORP. S.A.
- Andres Bolumburu
CAF: 1H’25 RESULTS (ANÁLISIS BANCO SABADELL)
2Q'25 vs. 2Q'24 Results Sales: € 1.061 Bn (-1.0% vs. +4.2% BS(e) and +5.7% consensus); EBIT: € 57.0 M (+3.6% vs. +5.5% BS(e) and +9.1% consensus); Net Profit: € 37.0 M (+27.6% vs. +30.0% BS(e) and +27.6% consensus); 1H'25 vs. 1H'24 Results Sales: € 2.179 Bn (+4.8% vs. +7.5% BS(e) and +8.2% consensus); EBIT: € 114.0 M (+11.8% vs. +12.7% BS(e) and +14.7% consensus); Net Profit: € 73.0 M (+40.4% vs. +41.7% BS(e) and +40.4% consensus);
- Andres Bolumburu
CAF: RDOS. 1S’25 (ANÁLISIS BANCO SABADELL)
Rdos. 2T'25 vs 2T'24: Ventas: 1.061 M euros (-1,0% vs +4,2% BS(e) y +5,7% consenso); EBIT: 57,0 M euros (+3,6% vs +5,5% BS(e) y +9,1% consenso); BDI: 37,0 M euros (+27,6% vs +30,0% BS(e) y +27,6% consenso); Rdos. 1S'25 vs 1S'24: Ventas: 2.179 M euros (+4,8% vs +7,5% BS(e) y +8,2% consenso); EBIT: 114,0 M euros (+11,8% vs +12,7% BS(e) y +14,7% consenso); BDI: 73,0 M euros (+40,4% vs +41,7% BS(e) y +40,4% consenso);
- Research Department
IBERIAN DAILY 29 JULY + 2Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, CAF, ENDESA, IBERDROLA, 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 2Q’25 results to be released over the coming days in Spain. After the agreement... losses in Europe With the digestions of the trade agreement, the initial gains for European stock markets turned into drops near -0.5%. Negotiations on microchips, pharma produ...
- Research Department
IBERIAN DAILY 24 JULY + 2Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: ACS, AEDAS HOMES, BANKINTER, CAF, COLONIAL, IBERDROLA, INDRA, REPSOL, ROVI, VIDRALA. 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 2Q’25 results to be released over the coming days in Spain. Greater expectations in trade negotiations European stock exchanges recovered the ground lost the previous session, rallying around +1.0% after the trade agreement with Japa...
- Research Department
INFORME DIARIO 23 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AMPER, ENCE, FCC, IBERDROLA, INDRA, GLOBAL DOMINION, METROVACESA. EUROPA: NOKIA, SAP, UNICREDIT. 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. 2T’25 que se publicarán en España y Europa en los próximos días. Trump anuncia un acuerdo comercial con Japón A excepción del Ibex, que se mantuvo plano, nueva jorn...
- Research Department
INFORME DIARIO 22 JULIO + RDOS. ESPAÑA Y EUROPA 2T’25. IDEAS DESTACADA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AMPER, ENAGÁS, GLOBAL DOMINION, IAG. EUROPA: MUNICH RE. 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. 2T’25 que se publicarán en España y Europa en los próximos días. El Ibex recupera los 14.000 puntos A pesar de que la jornada fue de menos a más gracias a la apertura positiva de las bolsas en EE.UU., las ...
- Research Department
IBERIAN DAILY 22 JULY + 2Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS...
NEWS SUMMARY: AMPER, ENAGAS, GLOBAL DOMINION, IAG. 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 2Q’25 results to be released over the coming days in Spain. Ibex returns to 14,000 points Despite the increasing performance seen yesterday thanks to the positive opening bell of US stock markets, European stock exchanges ended with drops in a session without macroeconomic referen...
- Research Department
INFORME DIARIO 15 JULIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, IBERDROLA, SECTOR ELÉCTRICO. El riesgo arancelario no desaparece y las bolsas siguen depreciándolo Las bolsas europeas fueron diluyendo las pérdidas iniciales tras la amenaza de D. Trump de un arancel del 30% a la UE, para cerrar con ligeras pérdidas y el Ibex incluso en positivo. No obstante, en el STOXX 600 la mayoría de los sectores presentaron pérdidas (12/20) dirigidas por los más expuestos a las barreras arancelarias como Autos y R. Bás...
- Research Department
IBERIAN DAILY 15 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CAF, ELECTRICITY SECTOR, IBERDROLA. The tariff risk remains, and stock markets continue to price it in European stock markets reeled in the initial losses following Trump’s threat of a 30% tariff on the EU, closing with slight losses and with the IBEX even in positive numbers. However, in the STOXX 600, most sectors (12/20) posted losses, led by those most exposed to tariffs, such as Autos and Basic Materials, whereas Banks and defensive sectors like Household Goods ended with the...
- Research Department
INFORME DIARIO 10 JULIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AEDAS, CAF. El Ibex por encima de los 14.300 Subidas superiores al 1% en Europa en una jornada de escasa referencias macro y a pesar de que todavía no ha desaparecido la incertidumbre arancelaria. En el STOXX 600 la mayoría de sectores (17/20) terminaron con subidas, lideradas por Bancos y Construcción frente a Media y R. Básicos que fueron los que más cayeron. Por el lado macro, en EE.UU. en las Actas de la Fed varios miembros advirtieron los rie...
- Research Department
IBERIAN DAILY 10 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AEDAS, CAF. Ibex above 14,300 points European stock markets climbed >+.10% in a session with few macroeconomic references and despite the continued tariff uncertainty. In the STOXX 600, most sectors (17/20) ended with gains, led by Banks and Construction vs. Media and Basic Resources that posted the biggest drops. On the macro side, in the US, in the Fed minutes several members warned about the risks stemming from a more persistent impact from tariffs on inflation and even though ...
- Research Department
IBERIAN DAILY 01 JULY (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: AMPER, CAF. The S&P ended June at record highs European stock markets kicked off the week with a negative performance, except for the IBEX. In the STOXX 600, the day’s winners were Retail and Travel & Leisure, whereas Chemicals and Autos posted the biggest losses. On the macro side, in Germany, June’s preliminary inflation fell more than expected to 2.0%, while May’s retail sales rose less than expected. In the euro zone, May’s M3 rose slightly less than expected, while corporate...
- Research Department
IBERIAN DAILY 25 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA/ACCIONA ENERGÍA, AMPER, IBERDROLA, NEINOR HOMES. Stock markets looking to return to 2025 highs The ceasefire between Iran and Israel continued to fuel stock markets at both sides of the Atlantic, with the Ibex returning to 14,000 points. Thus, in the STOXX 600, all sectors except Energy (due to the drop in oil prices) saw gains, led by Travel&Leisure and Construction. On the macro side, in Germany the IFO index climbed slightly more than expected for the sixth consecutive ...
- Research Department
INFORME DIARIO 25 JUNIO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, AMPER, IBERDROLA, NEINOR HOMES. Las bolsas con ganas de volver a los máximos del año El alto el fuego entre Irán e Israel siguió impulsando las bolsas a ambos lados del Atlántico, con el Ibex recuperando los 14.000 puntos. En el STOXX 600 todos los sectores menos Energía (por la caída del precio del petróleo) subieron, liderados por Viajes&Ocio y Construcción. Por el lado macro, en Alemania el IFO repuntó ligeramente más d...
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