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%).
Citi | Tecnicas Reunidas (TRE) reported second quarter 2016 EBIT of €50 million vs consensus of €41 million (+20%), driven by higher revenues. Citi analysts flag that the operating margin of 4% was in-line with the company’s guidance, with the execution progressing as planned on all key projects.
BARCLAYS | While in large parts descriptive, Tecnicas’s recent analyst day highlighted the controls that the company has in place, the shock to the system as proved to be sub-optimal in Canada and the efforts put in place to ensure that these don’t repeat.