Report
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INFORME DIARIO 13 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ALMIRALL, FERROVIAL, IAG, SACYR, SECTOR ELÉCTRICO.


Lunes de calma
Buen comienzo de la semana de los Bancos Centrales y de la inflación en EE.UU. con ganancias en prácticamente todas las bolsas. Así, en el Euro STOXX casi todos los sectores cerraron con ganancias, lideradas por B. de Consumo y Retail frente a Energía e Inmobiliario que lideraron las caídas. Por el lado macro en EE.UU. las expectativas de inflación a 1 año según el índice de la Fed de NY retrocedieron hasta el 4,07% vs 4,45% anterior y las a 3 años se incrementaron al 2,98% vs 2,89% previo. En China el PBoC recortó el tipo repo a 1 semana en -10 p.b. hasta el 1,9%.
Qué esperamos para hoy
Las bolsas europeas abrirían con ganancias superiores al +0,5% que irían diluyéndose a lo largo de la sesión. En estos momentos, los futuros del S&P cotizan con avances del +0,22% (el S&P 500 terminó ayer con subidas del +0,60% respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 15,01). Los mercados asiáticos cotizan con subidas (CSI 300 chino +0,12%, Nikkei de Japón +2,05%).
Hoy en Alemania el ZEW de junio. En R. Unido la tasa de paro ILO de abril. En EE.UU. la inflación de mayo. En subastas: España (2.500 M euros en letras a 3 y 9 meses), Alemania (5.000 M euros en bonos 2028) e Italia (7.500 M euros en bonos 2026, 2030 y 2053.


ESPAÑA

ALMIRALL. Ampliación de capital de 200 M euros a 8,20 euros/acc. COMPRAR
Ha anunciado una ampliación de capital de 200 M euros (12,4% capitalización) a 8,20 euros/acc. (-5,7% descuento) con exclusión del derecho de suscripción preferente a través de una colocación privada acelerada para inversores cualificados. La familia Gallardo (59,66% capital) ha suscrito la ampliación. Los fondos se utilizarán para ejecutar oportunidades de crecimiento inorgánico actualmente bajo análisis. A nivel de valoración, nuestro P.O. (12,00 euros/acc.) se situaría post ampliación en 11,56 euros/acc., lo que dejaría un potencial del +33% sobre TERP (8,64 euros/acc.). La operación reducirá el endeudamiento hasta ~0,1x DFN/EBITDA (desde 1,1x) y los minoritarios sufrirán una dilución del -11,6%.
Underlyings
Acciona SA

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 SA

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.

CORPORACION ACCIONA ENERGIAS RENOVABLES SA

Ferrovial S.A.

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 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.

Sacyr S.A.

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.

Provider
Sabadell
Sabadell

Analysts
Research Department

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