Nuria Álvarez (Renta 4) | Banco Sabadell´s Q119 results showed how the increase in volumes had allowed it to moderate the deterioration in the margin of interests. We come to an objective price of 1.56€/share. Overweight.
I. Isardo (Link Securities) | Almirall (ALM) is a vertically integrated international pharmaceutical group which focuses on the purchase, production, storage, commercialisation and mediation in the sale of specialities and pharmaceutical products and of all types of raw materials used in the production of specialities and pharmaceutical products.
Santander Corporate & Investment | A year after we renewed our coverage of Mapfre (MAP), our opinion remains unchanged. Despite foreseeing a notable operational improvement in 2021, we think that 2019 will probably be a complicated year.
Repsol (REP) has communicated the timetable foreseen for the capital increase approved by its last Shareholder General Assembly within the framework of the “Repsol Flexible Dividend” Programme
Renta 4 | Arcelor Mittal (MTS) has announced that it will reduce its production in Europe (50% of the total in Q119) due to demand conditions in the market. We are downgrading our forecasts, which already imply a significant fall in EBITDA in 2019 compared to 2018 (R4e -18%).
Market concerns persist, and there seems nothing in the short term that will change this. In fact, the latest ECB Financial Stability Report gave evidence of the nest of problems and risks in which we have found ourselves for some time, while recalling the downside balance of current risks, analysts at Intermoney point out.
David F. Lafferty (Natixis) | Volatility has returned and the red hot stock market that began the year has now downshifted closer to neutral. While the macro data continues to be lackluster – consistent with our view that the global economy is decelerating towards potential – much of the recent malaise has been driven by the on-again, now off-again US/China trade negotiations.
Link Securities | We highlight the negative impact that the new conflict between the European Commission (EC) and the populist government of Italy is having on the European securities markets and on the euro. Rome has not taken the necessary measures to contain the public deficit, which it will lead to a further increase in Italian public debt, whose weight could surpass 135% of GDP in two years.
José Benito de Vega | In the last twelve months, the Spanish firm Vidrala has had a better stock performance than the IBEX35, with a revaluation of 1% compared to a decrease of 8% in the index, although the stock has not been spared from moments of volatility.