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.
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.
Link Securities | … After these rises both indices and many shares are somewhat over bought, which is why no-one should be surprised that they pit stop, even more so when considering how much they have risen since the beginning of the year.
Renta4 | LetterOne has communicated to the regulator (CNMV) that it will further extend the acceptance period for its bid to 6 May inclusive (compared to 30 April before, and the 23 April originally established) after the company made public and advance of its Q119 results last week which continue to show a significant operational deterioration.
Igor de Maack (Natixis IM) | In contradiction of all the prophets of doom, the start of the year was one of the best of recent times. Despite a marked economic slowdown in the first quarter of 2019, buying risky assets has more than paid off. Publications of annual results and the first quarterly results contained no indications of a severe global recession.
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.