IBERIAN DAILY 13 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, ACCIONA ENERGÍA, ALMIRALL, ELECTRICITY SECTOR, FERROVIAL, IAG, SACYR.Calm Monday
The week of Central Bank meetings and US inflation kicked off with gains on almost all stock markets, with hardly any relevant macro data. In the Euro STOXX almost all sectors closed with gains, led by Consumer Goods and Retail, with Energy and Real Estate posting the biggest losses. On the macro side, in the US 1Y inflation expectations, according to the NY Fed index, fell to 4.07% vs. 4.45% previously and 3Y expectations rose to 2.98% vs. 2.89% previously. In China, the PBoC cut 1-week repo rates by -10bps to 1.9%.
What we expect for today
European stock markets would open with gains of more than +0.5%, which would fade over the course of the session. Currently, S&P futures are up +0.22% (the S&P 500 ended up +0.60% vs. the European closing bell). Volatility in the US rose (VIX 15.01). Asian stock markets are rising (China’s CSI 300 +0.12%, Japan’s Nikkei +2.05%).
Today in Germany we will learn June’s ZEW index, in the UK April’s ILO unemployment data and in the US May’s inflation. In debt auctions: Spain (€ 2.5 Bn in 3M and 9M t-bills), Germany (€ 5 Bn in bonds due 2028) and Italy (€ 7.5 Bn in bonds due 2026, 2030 and 2053).
COMPANY NEWS
ALMIRALL. € 200 M capital increase at € 8.20/sh. BUY
The company has announced a € 200 M capital increase (12.4% market cap) at € 8.20/sh. (-5.7% discount vs. yesterday’s closing price) with pre-emptive rights through a private accelerated bookbuild for qualified investors. The Gallardo family (59.66% of the capital) has subscribed to the increase (180-day lockup). The funds will be used to take advantage of inorganic growth opportunities (complementary acquisitions or licensing agreements) currently being analysed. On the valuation level, after the capital increase our T.P. (€ 12.00/sh.) would come in at € 11.56/sh., which would leave +33% upside over TERP (€ 8.64/sh.). The deal will lower debt to ~0.1x NFD/EBITDA (from 1.1x) and minority interests will suffer -11.6% dilution.
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
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.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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