Caixabank has very efficient cost structures

Caixabank beats expectations in first nine months of 2019

Bankinter | Caixabank results for the first nine months of 2019 surprised positively. Results have improved at operational level and beaten expectations, although the lower part of the profit and loss account is resisting because of the cost of restructuring the commercial network.

Ence: Buy cellulose during Chinese New Year

Ence 3Q19 EBITDA falls -57% vs 3Q18

Banc Sabadell | Ence has published bad results for 3Q19, although more or less in line with expectations at the level of Ebitda. Thus sales fell -8.4% vs 3Q18, somewhat better than expected (-11.1% BS expectation and -12.6% consensus) above all because of a greater volume of sales.

Aena's airport tariffs

AENA: good operational evolution – 5,6% increase in international sales

Banc Sabadell | 3Q19 results above expectations in EBITDA (+4.6% vs +3.3& BS expectation and 3.0% consensus) due to margins slightly above expectations (70.3% vs 69.6% consensus vs 70.5% in 3Q18) where the key has been the acceleration of incomes in the international area (5.6% sales) which has been able to compensate the increase (already known) in personnel costs.

Linking ACS with peers like Vinci will favor the Spanish company

Alphavalue | A key of ACS is the management’s ability to copy Vinci’s business model (add, target € 114) in the Anglo-Saxon world, thanks to the expected complementarity between Hochtief (German construction company) and Abertis (highway concessionaire).

Aena’s capacity for next winter would grow 0.5%

Spanish airport operator Aena expects an increase in capacity of + 0.5% for this winter, which represents a significant slowdown compared to the 19% summer traffic growth of + 4%, as well as the + 6% winter growth of 2018-19.

Viscofan preliminary 3Q19: volumes and margins feel impact of swine fever

Renta4 | We forecast that the weakness in packaging which has been seen all year will continue, despite the better performance than last year, especially in Europe and Asia (substitution effect) and with African swine fever in China as the main focus of uncertainty for the following quarters.