Markets

FCC net profit

FCC announces net profit of €21.4 M in the first quarter

FCC the Spanish environmental services, infrastructure and water management company, majority owned by Carlos Slim, reported net profit of €21.4 million in the first quarter, contrasting with a loss of €-16.7 million in the same period last year.Gross interest-bearing debt now stands at €5,063 million, 28% less than at 31 March 2016. The backlog now totals €30.650 million, equivalent to more than five years’ revenues.


Steels stocks attractive

Steel stocks now attractive

Just like big miners, European steel stocks have experienced a now 3-month correction since they peaked in mid February. More accurately, according to Carax-Alphavalue’s analysts “as a combined group, they offer a 6% upside potential with somewhat more if the downside on ThyssenKrupp could be set aside”. They also add that in markets which are “verging on the expensive”, steel stocks are “good value again”.


Endesa- Enel strategy plan

Endesa posts weak Q1 results, with net profit down 26%

Endesa registered net profit of 253 million euros in the first quarter of 2017, down 26% from a year earlier, due to the impact of the “high” prices of electricity in the wholesale market. Its dividend yield is still attractive at 5.7%, while the share price has also been supported by rumours of a corporate deal.


Deutsche Bank's capital hike 2017

Deutsche Bank: A strategic Bet Ahead Of Expected Positive 2017

Deutsche Bank is trading at attractive valuation multiples (P/BV at around 0,5x), substantially lower than the sector average (P/BV of 0,8/0,9x), so interest on the part of big institutional investors has increased. The Chinese group HNA has just become the main shareholder after raising its stake to 9.9% from a previous 4.76%.



Repsol.basic

Repsol Makes €689 Mn In Q1’17 Boosted By Downstream

Repsol made net profit of 689 million euros in the first quarter of 2017, up 59% from a year earlier, fuelled by plans implemented to increase the company’s resilience and flexibility against the current backdrop of low prices. Its downstream business was the main driver of its strong first quarter performance.



banking sector

Banking Sector Under The Macron Spell

It takes a social democrat candidate to the French presidential election to push Banks 2017 P/Book to a 2-year high. As Carax-Alphavalue’s analysts report “whereas the banks hit a glass ceiling at 0.7x in the first half of 2016 (on 2016 figures), they were judged to become expensive at 0.85x and now trade at 0.9x”. The last leg is owed to the confidence surge around the euro, Europe and France since the democrat candidate emerged as a first- round winner.


caixabank_sunset

Caixabank posts profit of €403 M (+47.9%); lending and customer funds grow 11% after integration of BPI

Caixabank reported net attributable profit of €403 million in the first quarter of 2017, up 47.9% year on year. During the quarter, the Caixabank Group effectively has become the leading bank in the Iberian financial sector, with a business volume of €565,987 million and 15.8 million customers. Following the integration of BPI, the Bank has gained a further 2 million customers, €34,037 million in customer funds and €23,328 million in loans and advances to customers, gross.


BBVA's results in 1Q 2017

BBVA Earns €1.2 Billion In First Quarter (+69%)

BBVA obtained a net attributable profit of €1.2 billion between January and March 2017, up 69% compared to the same period a year earlier (+79.2% in constant terms) and the highest of the past seven quarters. Net attributable profit grew across all business areas in y-o-y terms. The solid performance of income, moderation in operating expenses and a drop in impairment losses on financial assets are the main factors that underpinned this growth.