IBEX


Sabadell

Sabadell is starting to stabilise

Société Générale |The situation seems to be calming down in TSB and there is more visibility. The IT problems and the negative PR will have an impact on the UK franchise, which we hope will be profitable this year. It looks like Sabadell is beginning to stabilise now, we expect a more limited impact from 2019 and reiterate our Neutral stance.

 


Almirall

Almirall: recommendation raised from Sell to Neutral

Bankinter | Almirall Q1’18 results were better than expected, with sales of 189.3 million euros (-0.1%); Ebitda of 58 million (+5.4%); Net Attributable Profit of 30.9 million (+57.1%) and net debt of 150 million euros. Finally, the DN/PN ratio has reached 7.4%.




Siemens Gamesa earns 70 M€ in its first financial year after the merger

Iberdrola Wants Siemens To Launch Takeover Bid For Gamesa

Iberdrola which has 8% of Gamesa’s capital and supported the merger deal with Siemens sealed last year, is uncomfortable with the Siemens management in Gamesa. The merger agreement was subject to some conditions regarding the management and corporate governance of the new Gamesa, which Iberdrola is in the view that could be improved.


Telefónica Q1'18 results

Telefonica Q1’18 net up 7.4%; revenues hit by currency pressures

Telefonica posted a 7.4% rise in net profit in the first quarter of 2018 to 837 million euros from a year earlier. The figure beat FactSet’s analysts consensus for net profit of 800 million euros. But revenues fell 7.2% to 12.19 billion euros, as currency pressures offset improvements in the group’s home market.


Banco Santander

Santander Q1’18 net up 10% at €2.054 bn, buoyed by Brazil

Santander clocked up a 10% year-on-year rise in first quarter net profit to 2.054 billion euros, beating forecasts for 2.01 billion euros in a Reuters poll. The results were driven by strong growth in its largest market, Brazil. But its operations in Mexico and Spain also boosted group performance.