reports
- Bruno Cavalier
- Luis de Toledo Heras
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
PHA PHARMAGEST INTERACTIVE SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
KER KERING SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
01913 PRADA S.P.A.
AIXA AIXTRON SE
MLP MLP SE
PAT PATRIZIA AG
MONC MONCLER SPA
ENG ENAGAS SA
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TCH TECHNICOLOR SA
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
DIA DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA
- Bruno Cavalier
- Luis de Toledo Heras
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
UTDI UNITED INTERNET AG
EL ESSILORLUXOTTICA SA
PHA PHARMAGEST INTERACTIVE SA
FAGR FAGRON SA
BRBY BURBERRY GROUP PLC
VETO VETOQUINOL SA
KER KERING SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
01913 PRADA S.P.A.
AIXA AIXTRON SE
MLP MLP SE
PAT PATRIZIA AG
MONC MONCLER SPA
ENG ENAGAS SA
SMHN SUESS MICROTEC AG
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
TCH TECHNICOLOR SA
ZGN ERMENEGILDO ZEGNA NV
DIA DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION SA
- Stephane Beyazian
- Stephane Beyazian
- Ben Rickett
- James Ratzer
United Internet/ 1&1 4Q25: Mid-term guidance implies FCF upside
We were in Frankfurt yesterday where United Internet provided new guidance for 2026, and new 1&1 guidance out to 2028, implying upside to mid-term FCF. In this note we review that guidance and discuss 1&1’s valuation following the Versatel transfer.
- Ahmed Ben Salem
EQNR EQUINOR ASA
CRI CHARGEURS SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
INF INFOTEL SA
UTDI UNITED INTERNET AG
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
BEN BENETEAU SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
KER KERING SA
BOSS HUGO BOSS AG
ENI ENI S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
TXGN TX GROUP AG
LNZ LENZING AG
SEM SEMPERIT HOLDING AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
VOS VOSSLOH AG
DRI 1&1 DRILLISCH AG
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
IOS IONOS GROUP SE
BRE BREMBO S.P.A.
AUMOV AUMOVIO
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
HNR1 HANNOVER RUECK SE
UTDI UNITED INTERNET AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
ENI ENI S.P.A.
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
REP REPSOL SA
NEM NEMETSCHEK SE
RAA RATIONAL AG
SQN SWISSQUOTE GROUP HOLDING AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
DRI 1&1 DRILLISCH AG
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
IOS IONOS GROUP SE
- Ahmed Ben Salem
EQNR EQUINOR ASA
CRI CHARGEURS SA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
INF INFOTEL SA
UTDI UNITED INTERNET AG
LXS LANXESS AG
EL ESSILORLUXOTTICA SA
BEN BENETEAU SA
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
AUB AUBAY SA
JCQ JACQUET METALS SA
GOE GROUPE GORGE SA
KER KERING SA
BOSS HUGO BOSS AG
ACX ACERINOX SA
ENI ENI S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
TXGN TX GROUP AG
LNZ LENZING AG
SEM SEMPERIT HOLDING AG
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
VOS VOSSLOH AG
DRI 1&1 DRILLISCH AG
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
IOS IONOS GROUP SE
BRE BREMBO S.P.A.
AUMOV AUMOVIO
- Ahmed Ben Salem
FP TOTAL SE
EQNR EQUINOR ASA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
HNR1 HANNOVER RUECK SE
UTDI UNITED INTERNET AG
RBI RAIFFEISEN BANK INTERNATIONAL AG
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VNA VONOVIA SE
ENI ENI S.P.A.
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
REP REPSOL SA
NEM NEMETSCHEK SE
RAA RATIONAL AG
SQN SWISSQUOTE GROUP HOLDING AG
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
BP. BP P.L.C.
DRI 1&1 DRILLISCH AG
ZGN ERMENEGILDO ZEGNA NV
SHEL SHELL PLC
IOS IONOS GROUP SE
- Stephane Beyazian
- Stephane Beyazian
- Research Department
INFORME DIARIO 13 MARZO (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: BBVA, IAG, TELEFÓNICA. El crudo y las dudas en crédito privado lastran la confianza en las bolsas Aumentan las caídas en los índices europeos, con el S&P 500 jugándose el soporte de los 6.700 puntos. El Euro STOXX 50 tocó la referencia de los 5.750 puntos por las tensiones en Medio Oriente (el Brent volvió a los 99 d/b) y las preocupaciones sobre el crédito privado. En el STOXX 600, los mejores sectores fueron Químicas y Utilities mientras que Via...
- Research Department
IBERIAN DAILY 13 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: BBVA, IAG, TELEFÓNICA. Crude oil and private credit drag down stock market confidence European stock markets fell further, with the S&P 500 on the verge of falling below the 6,700 point support. The Euro STOXX 50 hit 5,750 due to the tension in the Middle East (Brent returned to US$ 99/barrel) and the concerns on private credit. In the STOXX 600, the best-performing sectors were Chemicals and Utilities, whereas Travel & Leisure and Banks suffered the biggest corrections. On the m...
- 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...
- James Ratzer
- Julian Dobrovolschi
- Research Department
TELEFÓNICA: 4Q’25 RESULTS (ANÁLISIS BANCO SABADELL)
4Q'25 vs. 4Q'24 Results Sales: € 9.174 Bn (-14.3% vs. -15.5% BS(e) and -15.0% consensus); EBITDA: € 3.198 Bn (+88.0% vs. +82.8% BS(e) and +85.3% consensus); EBIT: € -1.775 Bn (€ -511.0 M in FY2024 vs. € -1.300 Bn BS(e) and € -1.203 Bn consensus); Net Profit: € -3.239 Bn (€ -1.003 Bn in FY2024 vs. € -1.201 Bn BS(e) and € -1.425 Bn consensus); FY2025 vs. FY2024 Results Sales: € 36.145 Bn (-12.1% vs. -12.4% BS(e) and -12.3% consensus); EBITDA: € 12.164 Bn (+9.9% vs. +9.1% BS(e) and +9.5% consensus)...
- Julian Dobrovolschi
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