UBS | The recent fixed income sell -off has seen the proportion of developed market sovereign bonds trading in negative yielding territory drop to 34%. This compares to 40% at the end of June. Still, 34% is more than twice the level observed at the end of 2015.
Deutsche Bank (DB)’s current share price (-41.2% in the year so far) is probably already discounting the stock’s serious uncertainties and weaknesses. But at the same time, there seems to be increasingly less negative sentiment towards banks in the EMU.
Alfonso de Gregorio (Gesconsult) | Europac is a company which is involved in all sectors related to the paper and packaging industry. It’s a highly cyclical company trading at a 10% discount versus the average for the sector, both in terms of PER and EV/EBITDA.
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.