The Ibex 35 companies have undressed the accounts for the first semester. During the first six months of the year, companies have had to deal with inflation that remains high, with economic uncertainty and with the continued rise in interest rates by central banks. In general terms, the balance is positive, since of the 32 companies that have presented results (Inditex, Solaria and Meliá are missing, which will do so this coming Monday), only four have reported red numbers, although for Colonial and Merlin in line with estimated, and the rest have improved estimates.
Within the Spanish selective, banks and tourist companies have beaten expectations. Banco Santander, BBVA, Caixabank, Banco Sabadell and Unicaja Banco boosted the interest margin. The interest margin of the entity headed by César González-Bueno shot up 55%, that of Sabadell, 29% and that of Bankinter, an extraordinary 60.5%. And, although the Malaga-based entity has seen its profit fall by 13% compared to the first six months of the year, it exceeded market estimates. As for Mapfre, the first insured continues to feel the impact of the earthquake in Turkey and the drop in inflation in the auto industry due to rising costs.
The tourist companies have also improved the profit estimates for the semester that the analysts calculated, dealing perfectly with greater economic uncertainty due to the rise in rates, but managing to transfer inflation to prices. In addition, the end of the pandemic has also boosted travel. For example, Aena obtained a net profit of 607 million euros in the first six months of the year, compared to the 559 million estimated by the market.
Amadeus raised consensus expected profit by 2%, although it remains below pre-pandemic levels. Within the sector, IAG has given the most positive note, with a profit of 925 million euros, compared to losses in the first half of 2022, assuming a new all-time record for a second quarter and a demand that remains strong despite the rise of ticket prices.
Unequal reading in construction companies and socimis
The concessions business has been the main engine of the construction companies with the recovery of traffic and mobility at the same time that they are carrying out divestments of their service subsidiaries, which allows them to improve their income. With the recovery of traffic and mobility. In addition, many of the contracts are also referenced to the CPI. ACS and Sacyr would be the best examples, with profit increases of 16.7% and 52% respectively. In the case of Ferrovial, despite the fact that profit has improved by 119%, it continues to put pressure on construction revenues affected by the start of new purchases. Some results that experts consider weak.
The two Ibex 35 companies Colonial and Merlin
Energy: investments and oil price
Mixed luck has run the energy companies. On Thursday we knew the Repsol accounts. The oil company disappointed expectations and its results reflect a moderation with respect to the same quarter of the previous year, in a context of falling prices for both oil and gas. On the other hand, the first half of the year for Iberdrola has been positive. In fact, the company expects to increase its result by 10% at the end of the year after improving it by 21% in the first half.
Naturgy went to the market with the update of its strategic plan, in which it revises the 2025 targets upwards thanks to a more favorable environment for energy prices (gas and electricity). Likewise, it has recovered the Geminis project, which intends to divide the company into two listed companies, and improved the expected profit by 20%. Enagás, for its part, has improved its expected profit by 10% and will update its strategic plan next year. Finally, the Redeia accounts have been online.
Telecos: Cellnex more losses than expected
Telefónica’s results have been very much in line with forecasts at the operational level and have exceeded mainly in terms of net profit, explains Iván San Félix, Renta 4 analyst for the second quarter of the year, with an increase of 44%, which it is 69% more than what analysts expected. In addition, the company has raised its guides for this 2023. Indra’s results have also been better than calculated. In addition, the company has raised its forecasts for the year. On the other hand, Cellnex has written down numbers in the red, somewhat above forecasts, due to higher financial expenses and higher amortizations.
Industrialists and pharmacies, profit falls
The rise in energy costs continues to take its toll on industrial companies. Both Acerinox and Arcelormittal have presented a drop in profit in the first six months of the year, but in line with the estimate by the market consensus. With a worse perception due to production stoppages in the case of the latter. In fact, the company has worsened its guidance for this year.
As for Grifols and Rovi, the former has posted losses of 56 million euros, but these are in line with expectations and have led the company to improve its guidelines for this year. While in the second, the benefit has fallen by 17%. Finally, Fluidra released its results. Activity continues to show weakness, analysts said, but it has improved the expected result for the second quarter, despite earning 37.5% less. For its part, Logista presented the results for the third quarter, in line with the objectives set.
