reports
- Research Department
IBERIAN DAILY 07 OCTOBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ECOENER, FERROVIAL, INDRA, MAPFRE, NATURGY, OHLA, SACYR, UNICAJA. Risk of snap election in France Most European stock markets fell, with the French CAC performing the worst due to the political instability of Macron’s Govt. In the STOXX 600, Energy (Brent rallied after OPEC+ “only” raised production by 137,000 b/d), Technology (boosted by the agreement between AMD and OpenAI) and Insurance led the gains, while Consumer Goods, Banks and Chemicals suffered the biggest drops. On the ...
- Research Department
INFORME DIARIO 07 OCTUBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ECOENER, FERROVIAL, INDRA, MAPFRE, NATURGY, SACYR, OHLA, UNICAJA. Riesgo de elecciones anticipadas en Francia Recortes en la mayoría de bolsas de Europa y con peor comportamiento del CAC francés por la inestabilidad política del ejecutivo de E. Macron. En el STOXX 600 dirigieron las subidas Energía (el Brent rebotó después de que la OPEP+ incrementase sólo 137.000 b/d), Tecnología (impulsado por el acuerdo entre AMD y OpenAI) y Seguros mientras qu...
- Andres Bolumburu
TALGO: 1H’25 RESULTS (ANÁLISIS BANCO SABADELL)
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).
- Andres Bolumburu
TALGO: RDOS. 1S’25 (ANÁLISIS BANCO SABADELL)
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).
- Research Department
IBERIAN DAILY 01 OCTOBER (ANÁLISIS BANCO SABADELL)
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...
- Research Department
INFORME DIARIO 01 OCTUBRE (ANÁLISIS BANCO SABADELL)
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 ...
- 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
INFORME DIARIO 15 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: IAG, ROVI, SECTOR ELÉCTRICO ESPAÑA. Las bolsas continúan al alza La semana en Europa terminó con ganancias, dirigidas por un Ibex 35 que se mantiene cerca de los 15.300 puntos gracias a los valores financieros y a Inditex. En el STOXX 600 los mejores sectores fueron Bancos e Industria mientras que defensivos como Alimentación y Telecomunicaciones presentaron las mayores cesiones de la semana. Por el lado macro, en R. Unido la producción industrial ...
- Research Department
IBERIAN DAILY 15 SEPTEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, IAG, ROVI. Stock markets continued to rally European stock markets ended with gains last week, with the Ibex35 remaining near 15,300 pints thanks to financial groups and Inditex. In the STOXX 600, Banks and Industrials were the best performers whereas defensive sectors such as Food and Telecoms posted the biggest drops last week. On the macro side, in the UK, the monthly GDP stagnated unexpectedly in July. In Spain, S&P upgraded the country’s credit rating by o...
International Consolidated Airlines Group SA: 1 director
A director at International Consolidated Airlines Group SA sold 80,000 shares at 395p and the significance rating of the trade was 78/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over th...
- Mateo Salcedo
IAG : New 2030 bond
IAG was back into the bond market last week through the issuance of a € 500m 5Y unsecured bond priced at MS+103bps (i.e. a yield of 3.4%), which is at the lower end of the price guidance (MS+103-107bps) and tighter than the IPT (MS+135bps). Proceeds from the transaction will be used for general corporate purposes, including funding the tender offer launched in parallel to redeem any or all of its outstanding 2027 and 2029 bond. The impact from the transaction on the company’s net leverage is neu...
- Mateo Salcedo
IAG : New 2030 bond
IAG was back into the bond market last week through the issuance of a € 500m 5Y unsecured bond priced at MS+103bps (i.e. a yield of 3.4%), which is at the lower end of the price guidance (MS+103-107bps) and tighter than the IPT (MS+135bps). Proceeds from the transaction will be used for general corporate purposes, including funding the tender offer launched in parallel to redeem any or all of its outstanding 2027 and 2029 bond. The impact from the transaction on the company’s net leverage is neu...
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- Carole Braudeau
- 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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