reports
- Andres Bolumburu
- Andres Bolumburu
CAF: 9M’25 RESULTS AND CHANGE OF T.P. TO UNDER REVISION (ANÁLISIS BANC...
3Q'25 vs. 3Q'24 Results Sales: € 986.0 M (+17.7% vs. +10.0% BS(e) and +12.6% consensus); EBIT: € 47.0 M (+34.3% vs. +37.7% BS(e) and +42.9% consensus); Net Profit: € 27.0 M (+200.0% vs. +173.3% BS(e) and +211.1% consensus); 9M'25 vs. 9M'24 Results Sales: € 3.165 Bn (+8.5% vs. +6.3% BS(e) and +7.0% consensus); EBIT: € 161.0 M (+17.5% vs. +18.4% BS(e) and +19.7% consensus); Net Profit: € 100.0 M (+63.9% vs. +60.0% BS(e) and +65.6% consensus);
- Research Department
IBERIAN DAILY 14 NOVEMBER + 3Q’25 RESULTS. PREVIEWS (ANÁLISIS BANCO SA...
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ACS, AENA, COLONIAL, ELECTRICITY SECTOR, MERLIN, REPSOL, SANTANDER, TALGO. 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. Markets see profit taking European stock markets ended up with profit taking in a session that ended worse than it began in a technical movement to digest th...
- Research Department
INFORME DIARIO 14 NOVIEMBRE + RDOS. ESPAÑA 3T’25. PREVIEWS (ANÁLISIS B...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ACS, AENA, COLONIAL, MERLIN, REPSOL, SANTANDER, SECTOR ELÉCTRICO, TALGO. EUROPA: ALLIANZ, PROSUS. 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. Toma de beneficios en mercado Las bolsas terminaron recogiendo beneficio...
- Andres Bolumburu
CAF: RDOS. 9MESES’25 Y CAMBIO DE P.O. A BAJO REVISIÓN (ANÁLISIS BANCO ...
Rdos. 3T'25 vs 3T'24: Ventas: 986,0 M euros (+17,7% vs +10,0% BS(e) y +12,6% consenso); EBIT: 47,0 M euros (+34,3% vs +37,7% BS(e) y +42,9% consenso); BDI: 27,0 M euros (+200,0% vs +173,3% BS(e) y +211,1% consenso). Rdos. 9meses'25 vs 9meses'24: Ventas: 3.165 M euros (+8,5% vs +6,3% BS(e) y +7,0% consenso); EBIT: 161,0 M euros (+17,5% vs +18,4% BS(e) y +19,7% consenso); BDI: 100,0 M euros (+63,9% vs +60,0% BS(e) y +65,6% consenso).
- Research Department
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...
- Research Department
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...
- Luis Arredondo
GRIFOLS: 3Q'25 RESULTS (ANÁLISIS BANCO SABADELL)
3Q'25 vs. 3Q'24 Results Sales: € 1.865 Bn (+4.0% vs. +4.0% BS(e) and +3.0% consensus); EBITDA: € 482.0 M (+4.3% vs. +2.6% BS(e) and +1.1% consensus); EBIT: € 354.2 M (+11.7% vs. +9.5% BS(e) and +6.6% consensus); Net Profit: € 126.96 M (+144.2% vs. +129.3% BS(e) and +149.1% consensus); 9M'25 vs. 9M'24 Results Sales: € 5.542 Bn (+5.8% vs. +5.8% BS(e) and +5.5% consensus); EBITDA: € 1.358 Bn (+14.5% vs. +13.8% BS(e) and +13.3% consensus); EBIT: € 971.91 M (+18.5% vs. +17.6% BS(e) and +16.5% consens...
- Luis Arredondo
GRIFOLS: RDOS. 3T’25 (ANÁLISIS BANCO SABADELL)
Rdos. 3T'25 vs 3T'24: Ventas: 1.865 M euros (+4,0% vs +4,0% BS(e) y +3,0% consenso); EBITDA: 482,0 M euros (+4,3% vs +2,6% BS(e) y +1,1% consenso); EBIT: 354,2 M euros (+11,7% vs +9,5% BS(e) y +6,6% consenso); BDI: 126,96 M euros (+144,2% vs +129,3% BS(e) y +149,1% consenso); Rdos. 9meses'25 vs 9meses'24: Ventas: 5.542 M euros (+5,8% vs +5,8% BS(e) y +5,5% consenso); EBITDA: 1.358 M euros (+14,5% vs +13,8% BS(e) y +13,3% consenso); EBIT: 971,91 M euros (+18,5% vs +17,6% BS(e) y +16,5% consenso);...
- Research Department
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...
- Research Department
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...
- Ahmed Ben Salem
- Bruno Cavalier
- Steven Boumans
- Thomas Zlowodzki
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ALLIX WALLIX GROUP SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
GFC GECINA SA
GTT GAZTRANSPORT & TECHNIGAZ SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
SCR SCOR SE
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
PNL POSTNL NV
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
TUB TUBACEX S.A.
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
CFT COMPAGNIE FINANCIERE TRADITION
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
GCO GRUPO CATALANA OCCIDENTE S.A.
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
UNI UNICAJA BANCO S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
FPE3 FUCHS PETROLUB SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
FUR FUGRO NV
ALLFG ALLFUNDS (UK) LTD
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
SHUR SHURGARD SELF STORAGE LIMITED
- Florent Laroche-Joubert
- Roy Külter
- Steven Boumans
COV COVIVIO SA
GFC GECINA SA
NXI NEXITY SA CLASS A
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
KOF KAUFMAN & BROAD SA
ALTA ALTAREA SCA
VNA VONOVIA SE
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHUR SHURGARD SELF STORAGE LIMITED
- Bruno Cavalier
- Farid Bitari
- Nicolas David
- Steven Boumans
- Thomas Zlowodzki
SGE SAGE GROUP PLC
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
ORA ORANGE SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
EL ESSILORLUXOTTICA SA
INEA FONCIERE INEA
WHA WERELDHAVE N.V.
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ENI ENI S.P.A.
ISP INTESA SANPAOLO S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
ICAD ICADE SA
RY4C RYANAIR HOLDINGS PLC
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
MAP MAPFRE SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
CABK CAIXABANK SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
ZGN ERMENEGILDO ZEGNA NV
CTPNV CTP NV
SHEL SHELL PLC
LIN LINDE PUBLIC LIMITED COMPANY
SHUR SHURGARD SELF STORAGE LIMITED
- Andres Bolumburu
ENCE: 9M’25 RESULTS AND T.P. CUT (ANÁLISIS BANCO SABADELL)
3Q’25 vs. 3Q’24: Sales: € 180.9 M (-17.6% vs. -16.5% BS(e)); EBITDA: € 12.7 M (-75.4% vs. -79.1% BS(e)); EBIT: € -11.1 M (€ 26.1 M in 9M’24 vs. € -13.2 M BS(e)); Net Profit: € -15.1 M (€ 14.3 M in 9M’24 vs. € -17.7 M BS(e)). 9M’25 vs. 9M’24: Sales: € 560.1 M (-16.2% vs. -15.8% BS(e)); EBITDA: € 70.7 M (-53.6% vs. -54.9% BS(e)); EBIT: € -1.1 M (€ 71.1 M in 9M’24 vs. € -3.2 M BS(e)); Net Profit: € -22.0 M (€ 40.8 M in 9M’24 vs. € -24.6 M BS(e)).
- Luis de Toledo Heras
TEMN TEMENOS AG
SOP SOPRA STERIA GROUP SA
OUT1V OUTOKUMPU OYJ
SBMO SBM OFFSHORE NV
KORI KORIAN SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
VETO VETOQUINOL SA
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
NOEJ NORMA GROUP SE
BB SOCIETE BIC SA
BAMNB KONINKLIJKE BAM GROEP NV
VID VIDRALA SA
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
ALR ALIOR BANK SA
CSM CORBION NV
SAE SHOP APOTHEKE EUROPE NV
ALD ALD SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ALLFG ALLFUNDS (UK) LTD
ORP ORPEA
SHA SCHAEFFLER AG
- Luis de Toledo Heras
TEMN TEMENOS AG
SOP SOPRA STERIA GROUP SA
OUT1V OUTOKUMPU OYJ
SBMO SBM OFFSHORE NV
KORI KORIAN SA
TYRES NOKIAN RENKAAT OYJ
ASY ASSYSTEM SA
VETO VETOQUINOL SA
PIG HAULOTTE GROUP SA
CDA COMPAGNIE DES ALPES SA
NOEJ NORMA GROUP SE
BB SOCIETE BIC SA
BAMNB KONINKLIJKE BAM GROEP NV
VID VIDRALA SA
MMT METROPOLE TELEVISION SA
AED AEDIFICA SA
SHOT SCANDIC HOTELS GROUP
WAF SILTRONIC AG
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
SMHN SUESS MICROTEC AG
ALR ALIOR BANK SA
CSM CORBION NV
SAE SHOP APOTHEKE EUROPE NV
ALD ALD SA
CAF CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.
ALLFG ALLFUNDS (UK) LTD
ORP ORPEA
SHA SCHAEFFLER AG
- Luis de Toledo Heras
- Andres Bolumburu
ENCE: RDOS. 9MESES’25 Y CAMBIO DE P.O. A LA BAJA (ANÁLISIS BANCO SABAD...
Rdos. 3T'25 vs 3T'24: Ventas: 180,9 M euros (-17,6% vs -16,5% BS(e)); EBITDA: 12,7 M euros (-75,4% vs -79,1% BS(e)); EBIT: -11,1 M euros (26,1 M euros en 9meses'24 vs -13,2 M euros BS(e)); BDI: -15,1 M euros (14,3 M euros en 9meses'24 vs -17,7 M euros BS(e)). Rdos. 9meses'25 vs 9meses'24: Ventas: 560,1 M euros (-16,2% vs -15,8% BS(e)); EBITDA: 70,7 M euros (-53,6% vs -54,9% BS(e)); EBIT: -1,1 M euros (71,1 M euros en 9meses'24 vs -3,2 M euros BS(e)); BDI: -22,0 M euros (40,8 M euros en 9meses'24...
- Research Department
IBERIAN DAILY 29 OCTOBER + 3Q’25 RESULTS. HIGHLIGHTS AND REST OF PREVI...
NEWS SUMMARY: COLONIAL, ENAGÁS, ENCE, ENDESA, FERROVIAL, REDEIA, SANTANDER. 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. Ibex 35 above 16,080 Mixed bag on European stock markets with the “periphery” and the FTSE in positive numbers, compared to the core indices and the Swiss SMI in the red. In the STOXX 600, the big...
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