IBERIAN DAILY 10 NOVEMBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: ALMIRALL, GREENING, TALGO, 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 3Q’25 results to be released over the coming days in Spain. Tech stocks raise doubts on markets It was a week of drops on both sides of the Atlantic, with the IBEX falling below 16,000 against a backdrop of growing uncertainty surrounding company valuations, especially those linke...

INFORME DIARIO 10 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’25. IDEAS DESTA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ALMIRALL, GREENING, TALGO, VISCOFAN. EUROPA: AIRBUS, 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. 3T’25 que se publicarán en España y Europa en los próximos días. Las tecnológicas hacen dudar al mercado, pero el final del shutdown apunta a rebote Semana de caídas a ambos lados del Atlántico, co...

TELEFÓNICA: COMENTARIOS A LA PRESENTACIÓN DEL CMD'25 (ANÁLISIS BANCO S...

Los comentarios de la compañía en la presentación del CMD’25 celebrado ayer estuvieron muy centrados en la rebaja del guidance’25 de FCF y su evolución esperada, así como en las implicaciones de esta evolución para la nueva política de dividendos. Destacamos:

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 11/05/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 05/11/2025

Coffee, Croissants & Credit/Telefonica, Goodman Group

Telecom: Telefonica's leverage reduction takes more time than expected. Real Estate: Goodman 1Q26: confirms FY26 guidance, continued growth in data centres

IBERIAN DAILY 05 NOVEMBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREV...

NEWS SUMMARY: GRIFOLS, 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. Stock markets tentative By contrast to Monday, yesterday stock markets ended better than they opened, although most ended in the red, with tech stocks linked to AI leading the drops after the rally over the past few weeks. In the STOXX 6...

INFORME DIARIO 05 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’25. IDEAS DESTA...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: GRIFOLS, TEEFÓNICA. EUROPA: AHOLD DELHAIZE, BMW. 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. Las bolsas dudan A diferencia del lunes, las bolsas fueron de menos a más, aunque la mayoría terminaron en negativo con los valores tecnológicos li...

ODDO : Strengthening the EU's protectionist framework: reality check

The strengthening of the protectionist setup in Europe, while very significant, does not alter our sector hierarchy. We expect Europe to suffer from still soft demand in 2026 and high inventories fuelled by imports set to remain elevated out to H1. We are lowering our estimates for 2026 and 2027 but raising them further out, with our target prices increased by 20% on average as a result. With its focus on the US and a possible speculative dimension, Acerinox's positioning remains attractive. We ...

ODDO : Renforcement du cadre protectionniste de l’UE : reality check

Le renforcement du cadre protectionniste en Europe, bien que très significatif, ne modifie pas notre hiérarchie sectorielle. Nous pensons que l’Europe devrait pâtir d’une demande encore faible en 2026 et de stocks importants nourris par des importations probablement encore élevées jusqu’au S1. Nous abaissons nos estimations 2026 et 2027 mais les relevons au-delà et nos OC sont donc augmentés de 20% en moyenne. Avec son focus sur les USA et une possible dimension spéculative, nous jugeons le posi...

Telefonica (Neutral) After a 13% fall post-CMD, is it attractive?

Earlier this morning we published our initial take on Telefonica’s Q3 results and the CMD which has led to new FCF guidance c.20% below prior consensus estimates.

Telefonica (Neutral) CMD Quick Take: After all the hype, just a profi...

Telefonica’s CMD has been just over 9 months in the making – and sadly it isn’t yet clear where the story now goes from here. The new guidance now implies no margin growth or capital efficiency improvement over the next three years – but exactly how the higher level of investment will support longer-term growth beyond 2028 is unclear.

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/04/2025

Credit Morning 11/04/2025

Webuild: CFR upgraded by S&P to BB+|ELO a achevé la mise en autonomie financière d’Auchan Retail et de NIH et a bénéficié du soutien de l’AFM à hauteur de 425 m EUR|Picard: new SUNs offering due 2032 and tender offer on the existing SUNs due 2027|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/11/2025

Morning Crédit 04/11/2025

Webuild: CFR upgraded by S&P to BB+|ELO a achevé la mise en autonomie financière d’Auchan Retail et de NIH et a bénéficié du soutien de l’AFM à hauteur de 425 m EUR|Picard : émission d’une nouvelle obligation SUN de maturité 2032 et tender sur la souche 2027|

TELEFÓNICA: RDOS. 3T’25 Y CMD’25 (ANÁLISIS BANCO SABADELL)

Rdos. 3T'25 vs 3T'24: Ventas: 8.958 M euros (-10,6% vs -10,7% BS(e) y -10,7% consenso); EBITDA: 3.071 M euros (+4,2% vs +3,5% BS(e) y +3,2% consenso); EBIT: 952,0 M euros (+28,6% vs +55,3% BS(e) y +51,6% consenso); BDI: 276,0 M euros (+2660,0% vs +3510,0% BS(e) y +4080,0% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 26.971 M euros (-11,3% vs -11,4% BS(e) y -11,4% consenso); EBITDA: 8.966 M euros (-4,3% vs -4,5% BS(e) y -4,6% consenso); EBIT: 3.061 M euros (+9,2% vs +16,2% BS(e) y +15,3% cons...

TELEFÓNICA: 3Q’25 RESULTS & CMD’25 (ANÁLISIS BANCO SABADELL)

3Q'25 vs. 3Q'24 Results Sales: € 8.958 Bn (-10.6% vs. -10.7% BS(e) and -10.7% consensus); EBITDA: € 3.071 Bn (+4.2% vs. +3.5% BS(e) and +3.2% consensus); EBIT: € 952.0 M (+28.6% vs. +55.3% BS(e) and +51.6% consensus); Net Profit: € 276.0 M (+2660.0% vs. +3510.0% BS(e) and +4080.0% consensus); 9M'25 vs. 9M'24 Results Sales: € 26.971 Bn (-11.3% vs. -11.4% BS(e) and -11.4% consensus); EBITDA: € 8.966 Bn (-4.3% vs. -4.5% BS(e) and -4.6% consensus); EBIT: € 3.061 Bn (+9.2% vs. +16.2% BS(e) and +15.3%...

Telefonica : Positive 2025-2030 guidance but M&A plans still unclear

Telefonica : Positive 2025-2030 guidance but M&A plans still unclear