UBS | Based on our latest conversations with investors, the following three questions emerged on Iberdrola: Could we see EPS growth upgrades following the strategic update on Feb-2017? Could renewables growth plans in the US be at risk? And, Is the company likely to pursue inorganic growth as suggested by recent press articles?
Carax- Alphavalue | 2016 is no great vintage for Spanish group Ferrovial (Add, France) which spent the year sailing into headwinds including the bankruptcy of one of its US toll roads in March, Brexit in June (36% of sales are generated in the UK) and the widening of South European sovereign spreads from October.
Carax-Alphavalue | Amongst integrated oil companies, Repsol (Add, Spain) is one of the smallest with a €19bn market cap despite its latest acquisition (Talisman) doubling its size (production seen at 725kbpd by 2020 from 355kbpd in 2014).
José Benito de Vega | Gas Natural’s shares have been volatile in the last few months due to results which were worse than analysts’ consensus, coupled with a strategic plan which disappointed the market. But the stock price has recovered in the last two months and has outperformed the Ibex 35 index by 7.6% so far this year.
UBS | Santander updated the main targets of its 15-18E business plan. The new 11% Group ROTE18E figure (previous 13%) is largely aligned with our existing forecasts, to which we make modest changes.
Norbolsa | CaixaBank posted overall solid figures in the first half to 2016, particularly with regard to its net interest margin.
Norbolsa | Bankia’s (BKIA) interest margin fell more than expected in the first half of 2016, but the lender’s ability to lower provisions and costs offset this to some extent.
Norbolsa | After a disappointing first quarter performance, BBVA’s second quarter 2016 results beat estimates, showing a good performance across the board.
Norbolsa | Santander’s first half 2016 results were overall positive, underpinned by a reduction in the cost of risk across most of the bank’s divisions and a good performance on the costs and commissions side.
Citi | ACS’ first half 2016 results were broadly in line with consensus estimates, although net income came in slightly lower at €388 million euros vs consensus of €411 million (-5%).