Alphavalue | Even if the battle between Chevron and Occidental for Anadarko serves to remind us that financial discipline and oil and gas rarely go together, it remains far from its 2014 heights. The companies integrated in Tecnicas Reunidas have drastically restructures their cost basis in the last five years, to the consternation of the oil services sector.
Bankinter | Bankia has presented its first quarter results (Q12019). We highlight the principal figures compared to the consensus: Interest margins: 526 M€ (-4,7% vs 502 M€ expected); Gross margin: 813 M€ (-13,3%; vs 814 M€ expected); Operational margin: 357 M€ (-16,6%; vs 355 M€ esperado); Annual net profit: 205 M€ (-10,8% vs -40 M€ in Q4 18 vs 196M€ expected).
Banco Santander revealed its 1Q19 numbers. Intermediation margin (NII or margin of interest) € 8.68 + 3% yoy <€ 8.75 bn € e cons. Attributed net profit is 1.84 bn € -10.41% yoy against the 1.83 bn € estimated by the consensus, after a net charge of € 108 M for restructuring costs in the United Kingdom and Poland and assets sale. Ordinary profit has grown in seven of its ten main markets.
S&P Global confirmed the long-term credit rating “BBB +”, with a “stable” outlook for Iberdrola, backed by “solid” operating performance in 2018 and in 1Q2019.
Renta4 | Q119 results are below our estimates across the whole account: -3% in interest margins; -4% in gross profits; -2% in net margin for lower operational costs than expected and -4% in net profits. Compared to the consensus, slightly below in interest margins and gross profits (-1% in both cases), and 1% above in net margins and net profits.
Bankinter | Good results for Iberdrola in Q1 2019, beating market estimates. The principal figures compared to the Bloomberg consensus are: income 12.599 billion euros (+12%) vs 2.494 billion euros; EBITDA 2.599 billion euros (+12% vs 2.494 billion euros; EBIT 1,632 billion euros (+185) vs 1.533 billion euros; Net Annual Profit 964 M€ (+15%) vs 871 M€; funds generated by operations 2.037 billion euros (+8.5%); Net debt 35.559 billion euros (vs 34.217 billion euros in December 2018).
Link Securities | CaixaBank has announced that the Bank of Spain has notified it formally of its minimum level of eligible assets (MREL), as has been determined by the Single Resolution Unit (JUR, in Spanish).
Viscofan has published sales data for Q119. Sales income grew 7% compared to Q118. This figure has not surprised us, although we recognise that without more details it is difficult to evaluate fully Viscofan´s income performance in Q119, analysts at Santander point out.
Morgan Stanley | Spanish group Inditex has published for the first time numbers by region and data which show that it is extending the useful life of its assets, increasing the capitalisation of its IT spending and reducing provisions.
Renta 4 | JD Digits has invested through an increase in capital in Smart Steps Digital Technology Company, the JV created by Telefónica (TEF) and China Unicom to offer Big Data services to corporate Chinese clients.