Amadeus net annual profits exceed market expectations by 1.7%
Bankinter | Amadeus´Q119 results have slightly exceded market expectations, with slight gains in market share in Distribution thanks to the evolution of Soluciones Tecnológicas.
Markets
Spanish financial sector reduces its assets
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.
Acciona Underweight: valuation is very tight, trading with multiples and elevated IRR
Santander Corporate & Investment | We have revised our valuation and forecasts for Acciona (ANA) (Underweight, TP 96.00)
Ferrovial: price pressures on construction in the US lead it to provision 345 M€
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.
Small & Mid Caps: Neinor Homes, Hitting bottom
Sabadell | Neinor 8 April´s profit warning was undoubtedly a bucket of cold water, not just because it was unexpected (the consensus expected a lowering of targets), but also because of the scale of the cut (-50% of the Ebitda accumulated in 2019 and 2020). In this note we downgrade our objective price 13% to 13.86 euros/share because of the delay in the delivery plan and because of more conservative profitability hypotheses in the long term. Despite the cut in our O.P. we continue to see value in the share and maintain or recommendation of BUY.
Ence blames fall in income from cellulose and earns 41.6% less in first quarter
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%).
Overweight Sabadell (O.P. 1.35 eur): Greater visibility in both profits and capital
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.
Siemens Gamesa earns 49 M€ (+40%): strong entry of orders, but pressure remains on onshore
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.
Cellnex records +11% growth in Q1 2019
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.
NH Hotels: Interesting, But Expensive Compared To Rivals
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.