Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

Coverage

  • Research Category: Equity, Macro & Politics, Sector & Thematic
  • Asset Class: Equity, Currencies, Multi Asset
  • Geographic Coverage: Australia, Brazil, Germany, Spain, United Kingdom
  • Size Coverage: Large Cap, Mid Cap, Small Cap, Micro Cap, Nano Cap
  • Sector Coverage: Alternative Energy, Automobiles & Parts, Banks, Construction & Materials, Electricity, Financial Services, Food & Drug Retailers, Food Producers, Forestry & Paper, Gas, Water & Multi-utilities, General Industrials, General Retailers, Industrial Engineering, Industrial Transportation, Media, Oil & Gas Producers, Pharmaceuticals & Biotechnology, Real Estate Investment & Services, Real Estate Investment Trusts, Support Services, Travel & Leisure
  • Underlying Coverage: 56
Export
Ticker Underlying First Report Latest Report
723610 DE0007236101 Siemens AG 2018/02/16 2019/01/25
A12D3A ES0105046009 Aena SME SA 2018/01/18 2019/02/27
A1429L ES0168675090 Liberbank SA 2017/09/06 2018/12/12
A14NV1 ES0105058004 SAETA YIELD 2017/01/25 2018/06/21
A14SE5 ES0105065009 Talgo SA 2017/02/27 2019/05/13
A14WGE ES0105079000 Grenergy Renovables 2018/11/26 2018/11/26
A1W97N ES0180907000 Unicaja Banco 2017/10/24 2018/12/12
A1XFFA ES0105015012 Lar Espana Real Estate SOCIMI SA 2017/09/28 2019/04/05
A2AHL4 ES0105131009 Parques Reunidos 2017/09/27 2017/09/27
A2DLP6 ES0105229001 Prosegur Cash 2017/09/11 2019/05/06
A2DNEE ES0105223004 Gestamp Automocion 2019/02/21 2019/04/30
A2DNJB ES0105251005 Neinor Homes 2017/09/14 2019/05/09
A2DXN6 ES0105287009 Aedas Homes 2019/02/11 2019/04/30
A2H864 ES0105293007 Greenalia SA 2018/11/26 2018/11/26
A3TV ES0109427734 Atresmedia 2018/10/26 2018/10/26
ABE ES0111845014 Abertis Infraestructuras S.A. 2017/10/04 2017/10/04
ACS ES0167050915 Actividades de Construccion y Servicios S.A. 2017/10/19 2018/07/26
ADX AU000000ADX9 ADX Energy 2018/11/26 2018/11/26
ALM ES0157097017 Laboratorios Almirall S.A. 2017/02/24 2019/05/09
ANA ES0125220311 Acciona S.A. 2017/03/01 2019/05/08
AXIA ES0105026001 Axiare Patrimonio SOCIMI SA 2018/01/12 2018/01/12
BBV.. US05946K1016 Banco Bilbao Vizcaya Argentaria S.A. (ADS) 2017/10/24 2018/05/02
BBVA ES0113211835 Banco Bilbao Vizcaya Argentaria S.A. 2018/07/23 2018/07/24
BKIA ES0113307062 Bankia 2017/06/27 2018/07/24
BME ES0115056139 Bolsas y Mercados Espanoles 2017/07/28 2019/04/25
BNDSY US0595681059 Banco de Sabadell, S.A. 2017/10/17 2017/10/17
CABK ES0140609019 CaixaBank 2017/10/24 2018/10/24
CAF ES0121975017 Construcciones Y Auxiliar De Ferrocarriles, S.A. 2017/10/25 2019/05/07
COL ES0139140174 Inmobiliaria Colonial S.A. 2017/07/31 2019/02/27
COLN ES0139140042 INMOBILIARIA COLONIAL 2018/07/30 2019/05/10
DIA ES0126775032 DIA 2018/09/25 2018/12/28
ENC ES0130625512 Ence Energia y Celulosa SA 2017/02/24 2019/04/26
ENDESPAN US29258N1072 Endesa S.A. 2018/11/26 2018/11/26
ES0105221008 ES0105221008 Pangaea Oncology 2017/10/24 2017/10/24
FER ES0118900010 Ferrovial 2018/01/31 2019/03/01
GAM ES0143416115 Siemens Gamesa Renewable Energy SA 2017/02/21 2019/05/06
GAS ES0116870314 Naturgy Energy Group SA 2018/11/26 2018/11/26
HPVBF ES0105019006 HISPANIA ACTIVOS INMOBILIARIOS SAU 2017/07/28 2018/06/22
IBE ES0144580Y14 Iberdrola S.A. 2018/11/26 2018/11/26
ITX ES0148396007 Inditex S.A. 2018/04/13 2018/12/12
MEL ES0176252718 Melia Hoteles International SA 2017/11/02 2019/03/13
MERLIN ES0105025003 Merlin Properties Socimi SA 2017/09/12 2019/02/28
MVC ES0105122024 Metrovacesa S.A. 2019/02/11 2019/02/11
NHH ES0161560018 NH Hotel Group 2017/09/06 2019/03/06
OHL ES0142090317 Obrascon Huarte Lain S.A. 2017/07/28 2019/02/28
PAC ES0168561019 Papeles y Cartones de Europa 2018/03/13 2019/01/23
PSG ES0175438003 Prosegur S.A. Compania de Seguridad 2016/12/14 2019/05/06
RJF ES0165359029 Laboratorio Reig Jofre SA 2018/06/19 2019/07/26
ROVI ES0157261019 Laboratorios Farmaceuticos Rovi S.A. 2018/02/19 2019/05/07
SAB ES0113860A34 Banco de Sabadell S.A. 2018/07/24 2018/10/23
SAN ES0113900J37 Banco Santander 2017/10/10 2018/07/25
SANB3 BRSANBACNOR8 Banco Santander S/A Ord 2018/07/19 2019/04/12
SMDS GB0008220112 Smith (DS) 2019/01/23 2019/01/23
SYV ES0182870214 Sacyr 2018/12/13 2018/12/13
TL5 ES0152503035 Mediaset Espana Communicacion 2017/10/25 2017/10/25
ZEL ES0169501030 Pharma Mar 2017/07/27 2017/07/27

Analysts

  • Pedro Echeguren

    Analyst Years of Experience: 30
  • Marisa Mazo

    Head of Research Years of Experience: 25
  • Juan Moreno

    Analyst
  • Javier Hombria

    Analyst
Pedro Echeguren

Reig Jofre: 2Q19 results grow 3% in sales and net profit

Reig Jofre: 2Q19 results grow 3% in sales and net profit Sales in 1H19 increased +3%, but sales and earnings dipped in 2Q19 from 1Q19 An equity issue in 2Q19 to prepare for an acquisition that closed in July 2019 Net debt falls sharply following the equity increase but is set to increase again in 3Q19 Valuation

Pedro Echeguren

Reig Jofre: An undiscovered pharma stock

Reig Jofre: An undiscovered pharma stock A pharma group focused on injectables Capacity additions and new launches to generate growth in sales Margin expansion Acquired a portfolio from Bioibérica in 3Q19 Valuation

Pedro Echeguren

Reig Jofre: 1Q19 results: A promising start of the year

Reig Jofre: 1Q19 results: A promising start of the year Sales in 1Q19 increased +6.0% yoy Net profit increased +8.5% Leverage is moderate at 1.8x EBITDA Valuation

Pedro Echeguren

Talgo: New contract for US$138.9mn under a joint venture

Talgo: New contract for US$138.9mn under a joint venture The contract may represent 14% of sales Recommendation: Buy

Pedro Echeguren

Talgo: 1Q19 results preview: Sales may increase 5% yoy and EBIT +21%

Talgo: 1Q19 results preview: Sales may increase 5% yoy and EBIT +21% Talgo will report its 1Q19 results on Tuesday 14th May. Moderate growth in sales … …but accelerating in the next quarters A strong pipeline Buy reiterated

Pedro Echeguren

Reig Jofre: 2Q19 results grow 3% in sales and net profit

Reig Jofre: 2Q19 results grow 3% in sales and net profit Sales in 1H19 increased +3%, but sales and earnings dipped in 2Q19 from 1Q19 An equity issue in 2Q19 to prepare for an acquisition that closed in July 2019 Net debt falls sharply following the equity increase but is set to increase again in 3Q19 Valuation

Pedro Echeguren

Reig Jofre: An undiscovered pharma stock

Reig Jofre: An undiscovered pharma stock A pharma group focused on injectables Capacity additions and new launches to generate growth in sales Margin expansion Acquired a portfolio from Bioibérica in 3Q19 Valuation

Pedro Echeguren

Reig Jofre: 1Q19 results: A promising start of the year

Reig Jofre: 1Q19 results: A promising start of the year Sales in 1Q19 increased +6.0% yoy Net profit increased +8.5% Leverage is moderate at 1.8x EBITDA Valuation

Pedro Echeguren

Talgo: New contract for US$138.9mn under a joint venture

Talgo: New contract for US$138.9mn under a joint venture The contract may represent 14% of sales Recommendation: Buy

Pedro Echeguren

Talgo: 1Q19 results preview: Sales may increase 5% yoy and EBIT +21%

Talgo: 1Q19 results preview: Sales may increase 5% yoy and EBIT +21% Talgo will report its 1Q19 results on Tuesday 14th May. Moderate growth in sales … …but accelerating in the next quarters A strong pipeline Buy reiterated

Marisa Mazo

Spain 2018: A slower pace of growth

  2018e GDP growth may slow to 2.5% Spain’s GDP will increase +2.5% and +2.2% in 2018e and 2019e (vs. +3.1% in 2017e) according to our forecasts. Despite the slowdown, the figures compare positively with the Eurozone’s expected growth rates (+1.8% and +1.6% for 2018e and 2019e). But the miracle still continues: positive contribution of both domestic and external demand We estimate domestic and external demand to contribute +2.0pp and +0.5pp to GDP growth in 2018e (+2.5pp and +0.6pp in 2017e). This is a remarkable fact that we also highlighted in our previous reports since historically bo...

Marisa Mazo

Spain 2017: A shining sun for a renewed economy

The Spanish economy is experiencing robust growth. Both domestic and external demand are contributing to this evolution, a remarkable fact for our economy because they have usually evolved with opposite sign. The imbalances that were built at the beginning of the century are corrected and the fundamentals are sound. GDP is expected to increase +3.2% and +2.9% in 2017e and 2018e with a positive contribution of both domestic and external demand. Public deficit may decline to 3.2% and 2.2% in 2017e and 2018e, respectively, while the public debt/GDP ratio peaked in 2015 and may decline to 99.0% in...

Javier Hombria

TUBOS REUNIDOS: too many known unknowns. We initiate with a Hold (Bankinter Securities)

The main points of our research are:  After the US shale market crashed in 2016, Tubos Reunidos management took some time to readjust. After changing its leadership it unveiled a turnaround plan (Transforma 360º) with the ambitious goal of reaching at least an EBITDA of €45mn within two years, thanks to improved commercial activity (i.e: moving its geography-focused approach to a sector-based one), increased operating efficiency (i.e: reduce operating costs per ton by at least 10%) and improved productivity (i.e: change the mentality from volume and revenues to profitability). Overall, it i...

Juan Moreno

Superb environment for infrastructures

We recommend to overweight infrastructure vs. construction companies, and international exposure vs. domestic. Our top picks are Ferrovial and OHL.

Juan Moreno

Infrastructure Sector: The Kingdom of Spain will take over the motorway concessionaires in chapter 11

  Good news for infrastructure sector because this decision could open bank financing for some infrastructure projects in Spain. The Government will only assume highways’ debt of €3.34Bn, not paying anything for the equity invested in the roads. It is completely in line with our base case scenario, what implies to worth the equity invested by infrastructure companies at zero.

Marisa Mazo

Liberbank: The capital increase begins. Issue price: €0.25 per share

Capital increase details have been announce:Issue price: €0.25 per shares Total number of new shares:1,996,090,904 Exchange ratio: 19 old shares x 41 new shares Preferred subscription period: October 27th 2017 to November 10th 2017 Value of the right: €0.33New target price ex-rights: €0.44

Marisa Mazo

The Spanish banking sector: 3Q17 results- Experiencing the seasonal impact of the summer.

Aggregate results may amount to €3.7bn Spanish banks may post a +3.1% yoy increase on their 3Q17 aggregate net profit, Caixabank leading the growth rates (+65.0%). We expect that oper-ating trends will be pretty similar to 1H17 although volumes should perform slightly worse due to summer and margins’ compression process would be nearly over. Earnings upwards’ revisions continues The aggregated 2017e net group profit of the Spanish banks has been revised upwards +7.7% since December, 2016 (+6.7% in July, 2017). Caixabank lead the upwards revisions since our July report while Liberbank, onc...

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