Martyn Hole (Capital Group) | Since 2009, many of the 50 companies with the best annual profitability were based outside the US. During much of the subsequent ten years, between 80% and 90% of them were based in other countries.
Renta 4 | Bankinter is publishing its 2Q19 results on July 25, 2019 before the opening of the market. Maintain. Target price 8.1 eur / share. Our estimates point to a net interest margin of 284 million euros, + 5% yoy, and + 3% vs 1Q19 in a quarter where we could see some improvement in the MI / ATM (1.48 % R4e vs. 1.46% in 1Q19).
In a difficult year for the sector, major Spanish IT provider for the global travel and tourism industry Amadeus (AMS) has shown solidity in its operations thanks to the high visibility of its revenues (dependent on transactions vs. price) and the global reach of its business, well diversified geographically, analysts at Sabadell argue.
Spanish regulator (CNMC) is preparing new regulations which will lead to a greater than expected cuts in the returns for natural gas transportation and distribution networks and also, possibly, for electricity distribution networks.
Sabadell | Despite the poor performance of the stock this year (-3% vs IBEX) and especially since the beginning of April (where it reached its maximum of 44.25 euros / year / -12% since then), possibly due to an market towards more defensive values, until now we see no reason to stop trusting CAF.
Spanish multinational pharmaceutical and chemical manufacturer Grifols (GRF) has received the approval of Xembify (20% concentrated subcutaneous immunoglobulin) by the FDA for the treatment of primary immunodeficiencies.
Morgan Stanley | As we indicated in our last real estate strategy report, this has been the worst sector in Europe in 2Q19 (oversold and with a relative performance of 3.5sd below its 12MA). This has been mainly motivated by concerns about the proposal to freeze rental prices in the city of Berlin (and its possible spread to other cities in the country) as well as the uncertainty regarding Brexit.
European Views | Accountancy giants KPMG are set to pay €44 million in fines to settle allegations by the U.S. Securities and Exchange Commission (SEC) that the audit firm, one of the so-called Big Four, inappropriately altered already-complete audits. KPMG is accused of illegally obtaining information that several of their clients were in line for investigation by an American non-profit in charge of overseeing the audits of public companies—and then subsequently doctoring records to conceal transgressions.
Santander Corporate & Investment | In 1Q19, MásMóvil (MAS) registered 140,000 new net subscribers in fixed broadband (compared to expectations of less than 100,000 for the entire market) and the trend in 2Q19 remains solid, considering fixed ports, suggesting no less of 100,000 net connections in 2Q19 and implies a risk of upward deviation for the scenario that we handle of 350,000 net connections in 2019E.
Low growth below the 2% threshold coupled with below-target inflation has led our macros to believe that the ECB is taking extra stimulus for granted. This would mean the return of the centra banks’ asset repurchase program, experts at Morgan Stanley point out..