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INFORME DIARIO 23 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCERLOR MITTAL, CELLNEX, GLOBAL DOMINION, IAG, PROSEGUR. EUROPA: DAIMLER, NOKIA

Resaca después del acuerdo
Caídas en los principales selectivos europeos en torno al -1% después de las subidas protagonizadas por la aprobación del acuerdo. En el Euro STOXX todos los sectores cerraron en negativo salvo Servicios Financieros e Inmobiliario, con Media y Energía presentando el peor comportamiento relativo. Por el lado macro, en Europa, desde el BCE C. Lagarde reconoció que el acuerdo pudo haber sido mejor. En EE.UU. las ventas de viviendas de segunda mano avanzaron como se esperaba. En México las ventas al por menor de mayo cayeron más de lo previsto. En Rdos. Empresariales en EE.UU. Biogen, KeyCorp y Nasdaq mejor, Baker Hughes peor.

Qué esperamos para hoy
Apertura con ligeros avances apoyado en los rdos. empresariales en EE.UU. y a pesar de un nuevo rebrote de tensión entre China y EE.UU. En estos momentos, los futuros del S&P cotizan planos (el S&P 500 cerró con subidas del +0,36% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 24,32%). Los mercados asiáticos cotizan mixtos (Japón -0,55% y Hong Kong +0,37%).
Hoy en Europa la confianza del consumidor. En EE.UU. el paro semanal y la confianza del Consumidor. En Rdos. empresariales en EE.UU. Twitter, AT&T, American Airlanes, Intel y Feeport McMoran entre otros.

ESPAÑA

CELLNEX. Anuncia una ampliación de capital de 4.000 M euros, otros 11.000 M euros en el pipeline. COMPRAR
Anunció ayer una ampliación de capital de 4.000 M euros (18,5% capitalización) a un precio de 39,45 euros/acc. (-29,7% vs cierre de ayer y -25% sobre TERP: 52,66 euros/acc.) y serán necesarios 19 derechos para 5 acciones nuevas (101,382 M nuevas acciones, 26,3% del total) y que cuenta con el respaldo del 19% del accionariado quedando fuera por primera vez Edizione (16,45% Cellnex). La finalidad de la ampliación es financiar su expansión inorgánica y ofrecen un nuevo pipeline de 11.000 M euros. Se trata de un movimiento esperado y reduciría la DFN/EBITDA hasta las c.2,8x (desde las c.5,8x actuales incluyendo la compra de Arqiva y NOS). Recordamos que nuestro escenario central contemplaba por una ampliación de capital de c.4.600 M euros (21,3% capitalización) para realizar operaciones por 13.000 M euros manteniendo su ratio de DFN/EBITDA c.6x.

G.DOMINION: Rdos. 2T’20 débiles como esperado pero con buena evolución de caja. Reitera guidance’20. COMPRAR.
El EBITDA del trimestre cayó algo menos de lo esperado (-52% vs –56% BS(e) y –55% consenso) gracias a unos márgenes ligeramente superiores (6,7% vs 6,1% BS(e) y 6,3% consenso) y unas ventas en línea (-16% vs –17% BS(e) y consenso). Buen comportamiento de la caja neta, que se mantuvo estable en 102 M euros (vs 103 M euros BS(e) y >100 M euros 1T’20), además reiteró su guidance 2020 (BDI positivo vs 9 M euros BS(e) y 12,5 M euros consenso). Tras hacer +6% vs IBEX desde que comenzó la pandemia, no esperamos impacto significativo, pero seguimos viendo amplio margen de revalorización a medida que se materialice la recuperación (2S’20) y avance en la consecución de objetivos a largo plazo (Duplicar BDI hasta 64 M euros en 2023).

EUROPA

DAIMLER. Rdos. completos sin grandes sorpresas, ante la falta de potencial pasamos a VENDER.
Ha publicado resultados completos 2T’20, donde tras la prepublicación del EBIT la semana pasada, la principal incógnita era la evolución de las ventas, donde no hay novedades. Por otra parte, DAI aporta detalles acerca de la buena dinámica del FCF (685 M euros positivos en 2T en su negocio industria), que se ha visto favorecido por la gestión de los inventarios (en línea con lo previsto). Con todo, hemos visto una rápida recuperación del sector lo que aleja la probabilidad de un desplome en 2S’20 y nos lleva a situarnos en nuestro escenario de recuperación en “V” subiendo el P.O. 40,00 euros/acc. (vs 36,00 euros/acc. antes). Con el rebote en Bolsa el precio de cotización ya estaría en dicho nivel (rebota +44% vs ES50 desde mazro) y cambiamos a VENDER.
Underlyings
ArcelorMittal

Bankinter SA

Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.

Cellnex Telecom S.A.

Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.

CIE Automotive S.A.

CIE Automotive is the parent company of an industrial group formed by several companies that are engaged in the design, manufacture and sale of automobile component and sub-units on the world market. In addition, Co. is also engaged in the bio-fuels business which is in the initial stages of development and is made up of various companies devoted to the production and distribution of bio-fuels.

Daimler AG

Daimler provides a range of transportation products, including passenger cars and commercial vehicles, and also financial services. Co. operates in five segments. Mercedes-Benz Cars sells passenger cars and off-road vehicles under the Mercedes-Benz brand and small cars under the smart brand. The Daimler Trucks distributes its trucks (Mercedes-Benz, Freightliner, FUSO, Western Star, Thomas Built Buses and BharatBenz). The vans of the Mercedes-Benz Vans segment are sold under the brand name Mercedes-Benz and Freightliner. Daimler Buses sells completely built-up buses (Mercedes-Benz and Setra). The Daimler Financial Services division supports sales of Co.'s automotive brands.

Euskaltel SA

Euskaltel SA is a Spain-based company engaged in the provision of integrated telecommunication services. The Company's activities are divided into three segments: Residential, Business, as well as Wholesale and Other. The Residential segment provides fixed and mobile telecommunication services, broadband and wireless Internet, as well as digital television (TV) as a single service and in packages. The Business division primarily offers fixed and mobile telephony, as well as Internet access for enterprises. The Wholesale and Other area serves wholesale customers and is responsible for the delivery of communication services, such as infrastructure leasing, information technology (IT) outsourcing, as well as sell of installation material and electronics. The Company operates in the Basque Country, Spain.

Global Dominion Access SA

Global Dominion Access SA is a Spain-based company primarily engaged in the construction and engineering sector. The Company's activities are divided into two segments: Multi-technological Services, which offers design, implementation and maintenance of fixed and mobile telecommunications networks, manages sales and distribution processes for telecommunications carriers, as well as renders of inspection, maintenance, repair and renovation services for industrial and energy firms, and Solutions and EPCs, which executes turnkey Engineering-Procurement-Construction (EPC) projects, provides construction, repair and renovation of industrial heating installations, as well as develops processes and other technological and business solutions in numerous sectors. Its services are provided in three areas: Technology and Telecommunications (T&T), Industry and Renewable energies. It operates worldwide in Europe, the Americas, Asia and Africa. The Company is a subsidiary of CIE Automotive SA.

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

Mapfre SA

Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.

Nokia Oyj

Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.

Repsol SA

Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.

UNILEVER N.V.

Unilever is engaged in the supply of consumer goods in foods, household care and personal products. Co.'s activities are carried out through four categories: Personal Care, sales of skin care and hair care products, deodorants and oral care products; Home Care, sales of home care products, such as powders, liquids and capsules, soap bars and a range of cleaning products; Foods, sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads; and Refreshment, sales of ice cream and tea-based beverages. Co.'s products are sold in over 190 countries around the world.

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