reports
- Pedro Echeguren
Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales...
Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies Growth in sales and EBITDA fuelled by the COVID-19 effect and the Bioibérica acquisition The key features are organic growth of +10%, a higher EBITDA margin and the COVID-19 vaccine Valuation
- Pedro Echeguren
- Pedro Echeguren
- Pedro Echeguren
Reig Jofre: A sound 9M19 but TP cut on concerns about Bioibérica
Reig Jofre: A sound 9M19 but TP cut on concerns about Bioibérica Growth in sales and adjusted EBITDA accelerated in 9M19 after a strong 3Q19 Bioibérica: Medicaments to treat arthrosis may no longer be subsidized in Spain Valuation: Our target price is cut to €3.80/share (from €3.92/share)
- Pedro Echeguren
Reig Jofre: 2Q19 results grow 3% in sales and net profit
Reig Jofre: 2Q19 results grow 3% in sales and net profit Sales in 1H19 increased +3%, but sales and earnings dipped in 2Q19 from 1Q19 An equity issue in 2Q19 to prepare for an acquisition that closed in July 2019 Net debt falls sharply following the equity increase but is set to increase again in 3Q19 Valuation
- Pedro Echeguren
- Pedro Echeguren
- Pedro Echeguren
- Pedro Echeguren
- Juan Moreno
COL: 1Q19 results undermined by one-offs from Axiare
The GRI increased by +4.9% YoY to €86mn in 1Q19. Barcelona increased by +10.0% to €11mn in 1Q19 and Madrid +9.5% to €23mn in 1Q19, while Paris remained unchanged at €48mn in 1Q19. The occupancy rate remained almost flat in 1Q19 at 99% in Barcelona and Paris, while it improved by 100b.p. in Madrid to 100%. The bad news came from the EBITDA margin, which decreased by 120bp to 74.4% mainly affected by a higher SG&A. Below EBITDA, the financial results were higher than expected (€28mn vs. €26mn BKTS...
- Pedro Echeguren
Almirall. 1Q19 results to be driven by acquisitions and product launch...
Almirall. 1Q19 results to be driven by acquisitions and product launches Almirall will report its 1Q19 results on Monday 13th May. We expect +9% yoy sales growth in 1Q19e Allergan’s acquisition drives growth of sales Margins should increase We expect news on recent launches We reiterate our Buy recommendation
- Juan Moreno
1Q19 Results. Disappointing guidance on gross margins
We expect that the 1Q19 results will have a slightly negative impact on the share price and that the disappointing guidance on gross margins will be seen as a negative. Nevertheless, we maintain our Buy recommendation, given that: 1) the shares are trading below our €10.46/share bear valuation, that is equivalent to the land bank acquisition price in 2014 and 2015; 2) the possible value destruction from land acquisitions has been mitigated; and 3) an M&A deal is feasible.
- Pedro Echeguren
Acciona: 1Q19 results preview. Recommendation change to Hold (from Buy...
Acciona: 1Q19 results preview. Recommendation change to Hold (from Buy) Acciona will report its 1Q19 results on Thursday, 9th May. We expect lower earnings after the recent disposals Revising our target price to €104.50/share Recommendation change to Hold (from Buy)
- Pedro Echeguren
Rovi: 1Q19 results preview: We expect revenue growth of +8% but lower ...
Rovi: 1Q19 results preview: We expect revenue growth of +8% but lower margins Rovi will announce its 1Q19 results on Wednesday, 8th May before the opening. Sales driven by Becat and Manufacturing Margins decline as manufacturing costs rise Three new distribution licenses Fine-tuning our TP to €18.75/sh (from €19.00)
- Pedro Echeguren
CAF: 1Q19 results preview: Sales growth driven by the orderbook
CAF: 1Q19 results preview: Sales growth driven by the orderbook CAF will report its 1Q19 results on Tuesday 7th May after the close. A conference call will follow, connection details are TBA. Sales in 1Q18 to increase on a strong orderbook… … while the orderbook continues to increase… … albeit on lower margins, a negative Recommendation and target price unchanged
- Pedro Echeguren
Prosegur: 1Q19 results preview: Focusing on solid organic and inorgani...
Prosegur: 1Q19 results preview: Focusing on solid organic and inorganic growth Prosegur will announce its 1Q19 results on Wednesday 8th May before the opening. Sales may decline–1.7% in 1Q19… … and a –12% decline in EBITDA Recommendation: Buy
- Pedro Echeguren
Prosegur Cash: 1Q19 results preview: Solid organic growth shadowed by ...
Prosegur Cash: 1Q19 results preview: Solid organic growth shadowed by currency depreciation Prosegur Cash will announce its 1Q19 results on Tuesday 7th May before the opening. Sales to decline moderately in 1Q19e Lower earnings Net debt to increase marginally France likely to be sold in this year Buy recommendation and target price unchanged
- Pedro Echeguren
Siemens Gamesa: We expect unexciting results in 2Q19
Siemens Gamesa: We expect unexciting results in 2Q19 Siemens Gamesa will announce its 2Q19 results on Tuesday, 7th May. A slow start of the year 2019 We expect the net cash to turn into net debt Offshore orders improve sentiment Target price revised up to €14.50, Hold
- Pedro Echeguren
Gestamp: 1Q19 results preview: Focusing on the cyclical downturn
Gestamp: 1Q19 results preview: Focusing on the cyclical downturn Gestamp will report its 1Q19 results on Monday, 6th May after the closing. There will be a conference call at 18:30h CET. Global automobile production is declining We expect lower net profit in 1Q19e Will the market recover in the coming quarters? Valuation and recommendation
- Pedro Echeguren
Gestamp: 1Q19 results preview: Focusing on the cyclical downturn
Gestamp: 1Q19 results preview: Focusing on the cyclical downturn Gestamp will report its 1Q19 results on Monday, 6th May after the closing. There will be a conference call at 18:30h CET. Global automobile production is declining We expect lower net profit in 1Q19e Will the market recover in the coming quarters? Valuation and recommendation
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