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…
Bankinter | Amadeus´Q119 results have slightly exceded market expectations, with slight gains in market share in Distribution thanks to the evolution of Soluciones Tecnológicas.
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.
Santander Corporate & Investment | We have revised our valuation and forecasts for Acciona (ANA) (Underweight, TP 96.00)
Renta 4 | Ferrovial (FER) remained in the red at the close of the first quarter. According to the company it registered losses of 98 M€ on making provisions of 345 M€ for the delays which have accumulated in the construction of two motorways in the US.
Link Securities | Ence (ENC) presented its first quarter results (Q12019). The firm achieved business of 195.6 M€ in Q12019, which is in line with the previous year (-0.3%), principally sustained by the increase of income from energy (+17.7%), which compensated the fall in income from cellulose (-4.0%).
Morgan Stanley | Alvaro Serrano upgrades his recommendation for Banco Sabadell (SAB) to Overweight and the objective price from 1.10 to 2.35 euros. Sabadell has performed 10% worse than the sector YTD and Alvaro thinks that there is greater visibility in both profits and capital, which should provoke an increase in value.
Renta 4 | Siemens Gamesa (SGRE) has closed the first quarter of the year (Q119) with an increase of 40% in net income, up to 49 M€, between January and March 2019, which for Siemens is the second in their financial year. The company has earned 49 M€. Operational income remains at 178 M€, in line with expectations, even if with a fall of 6% compared to last year.
Spanish Cellnex Telecom has presented its 20191Q results. Revenue amounted to € 241 million (+11%) and EBITDA was € 159 million (+11%). The net result closed neutral at € 0 million compared to losses of 37 million in the first quarter of 2018, according to the firm.
José Benito de Vega | Following the sharp fall compared to the Ibex 35 in the last two months of 2018 (-26% in November/December 2018 compared to the -4% of the Ibex 35), NH has performed relatively positively so far in 2019, with a rise of 22% compared to the 12% of the Ibex 35.