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Ibex

IAG

Ibex 15th May 2019

After recent poor perfomance, IAG maintains its guidance for 2019

Banc Sabadell | IAG results in Q119 in line with expectations in EBIT and better in financing post tax profits: Sales: 5.318 Bn€ (+5.9%); EBIT: 135 M€ (-51.8%); post tax profits: 70 M€ (-66%). Sales evolved slightly below expectations (-0.7% vs BS expected) affected by unitary passenger income after currency change which fell -1.4% (vs -1% BS expected). Thus was compensated by unitary non-fuel costs which fell -0.6% at constant exchange rates (vs 0% BS expected). This poor income performance contributes a certain negative trend.

 

Repsol

Ibex 14th May 2019

Repsol: best placed for new sulphur reduction law

Renta 4 | Repsol Downstream investors’ day showed not only the firm’s resilience but also its capacity for future growth. We recall that within its growth target for operational cash flow from 4.6 Bn€ in 2017 to 6.5 Bn€ in 2020 at 50%/b, Downstream cash flow would grow 800 M€: 300 M€ from international margins, 200 M€ from improvements in profitability from greater efficiency and 300 M€ from expansion and new low carbon business preparing for the energy transition.

telefonica.bonita

Ibex 11th May 2019

Telefonica misses EBITDA forecast without IFRS 16 extraordinary payments

Renta 4 | The results have exceeded forecasts for income (+1% vs R4e and consensus) and have missed those of the consensus for EBITDA excluding the impact of IFRS 16 (+414 M€) and extraordinary payments (+120 M€ vs +100M€ foreseen) by -3%, while remaining slightly above ours (+0.5%).

Inditex

Ibex 11th May 2019

Shorts in Inditex: it has reached its point of maturity

Morgan Stanley | One of the main calls of our retail analyst Geoff Ruddell (and outside the consensus) is to short Inditex. There is no doubt that Inditex is a high quality and well-managed business with an impressive track record. However, this is all already in the price and with stores in countries which represent 95% of global GDP, it has already reached its maturity point and its capacity for…

Eight Spanish banks brands amongst the 500 most valued worldwide

Ibex 10th May 2019

Spanish financial sector reduces its assets

J.L.M. Campuzano (AEB) | The total assets of the Spanish financial system amounted to 4.7 trillion euros at the end of 2017, almost four times GDP. In 2012 it exceeded 5.2 trillion euros.