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.
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.
The Spanish technology company Indra is closing to winning a contract in the US to install a managed lanes system in a motorway in Virginia.
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).
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.
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.
Bankinter | At this point of the cycle is it more attractive to invert in real estate through traded companies than real estate assets.
The Spanish gas company presented its results for the first nine months. These are the main figures: Total income 884 M€ (-1.3%), EBITDA in book value 767 M€ (+6.9%). Net Annual Profit 333 M€ (+2.3%), Operational Cash Flow 775 M€ (+17) and Net Debt 4.234 Bn€ (vs 3.623 Bn€ in December 2018).