José Benito de Vega | Grifols has had a very positive stock market performance in 2019, with a 35% revaluation compared to 9% of the IBEX35. The positive evolution of its results, its powerful cash flow generation and debt reduction, together with its potential growth thanks to a treatment for Alzheimer’s that is under study, explain the good behavior of the stock.
The broadband market continues to grow in Spain: 31% penetration in Spain vs. 42% on average in other European countries, analysts at Morgan Stanley point out.
The firm reported revenues up 13% and EBITDA up 13% in first nine months of 2019.
Banc Sabadell | IAG’s Capital Markets Day focused on cash generation. The reduction of some operational objectives (AKO’s 2020/23 growth from + 6% to + 3.4% per year; annual BPA growth from + 12% to + 10%), is in line with market forecasts and BS (e) .
Banca March | The Spanish utility prepares its launching in Australia with a portfolio of renewable projects for 650 MW in the states of Queensland and South Australia, with an estimated market investment of approx. € 500M.
Bankinter | The main challenge of the group is the restructuring of Nordex. The market interprets this acquisition as a defensive movement to protect its investment in the turbine producer. A waiting period is now open to see if you are able to recover profitability with this injection of Acciona funds. This greater uncertainty could slow down the evolution of the stock.
Santander bank secured a net profit of 3.732 Bn€ in the first nine months of the year, 35% less than a year before, after making provisions of 2.448 Bn€, mainly because of the adjustment to the goodwill in the UK due to Brexit.
Bankinter | Repsol has published weak results for 3Q19. Principal figures compared with the consensus (Bloomberg): Ebitda 1.597 Bn€ (-21%); adjusted NAP 522 M€ (-11%) vs 529 M€ estimated (Bloomberg); Net Profit 333 M€ (-47%).
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.
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.