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INFORME DIARIO 18 FEBRERO + RDOS. ESPAÑA Y EUROPA 4T'21. IDEAS DESTACADAS Y PREVIEWS (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA/ACCIONA ENERGÍA, ACS, CELLNEX, ENAGÁS, FERROVIAL, UNICAJA. EUROPA: ALLIANZ, BAYER, SIEMENS.

Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’21 que se publicarán en España y Europa en los próximos días.

Mercados afectados por el ruido geopolítico
Las bolsas europeas terminaron cayendo después de que el flujo de noticias sobre Ucrania no despejase las dudas sobre las intenciones de Rusia. Mientras Biden sigue insistiendo que Rusia invadirá Ucrania en los próximos días. Así en el Euro STOXX dominó cierta dispersión sectorial, siendo los mejores Utilities y Hogar frente a las pérdidas de R. Básicos y Viajes&Ocio. Por el lado macro, en la Eurozona P. Lane se mostró bastante prudente abogando por no sobrerreaccionar a la alta inflación. En EE.UU. desde la Fed, Bullar (hawkish) apuntó a que se debería ir hacia el tipo neutral (2,5%) para controlar los precios y la reducción del balance debería comenzar en el 2T’22. En datos, el paro semanal repuntó de forma inesperada mientras que el índice de la Fed de Filadelfia de febrero retrocedió más de lo previsto al igual que las viviendas iniciadas. En Japón la inflación de enero se moderó más de lo esperado mientras que la subyacente retrocedió hasta el -1,1% interanual. En Rdos. Empresariales en EE.UU. Walmart decepcionó y Baxter en línea.
Qué esperamos para hoy
Las bolsas europeas volverían a abrir con ligeras alzas que irían diluyéndose a lo largo de la sesión en la medida que no se despejen las dudas sobre Ucrania antes del fin de semana. En estos momentos, los futuros del S&P cotizan con subidas del +0,6% (el S&P 500 terminó ayer con caídas del -0,94% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 28,11). Los mercados asiáticos cotizan con caídas (CSI 300 chino -0,26%, Nikkei de Japón -0,41%).
Hoy en la Eurozona la confianza del consumidor de febrero. En EE.UU. las ventas de viviendas de segunda mano de enero. En Rdos. Empresariales en EE.UU. Deere&Co y PPL entre otros.


EUROPA

ALLIANZ. Muy buenos Rdos. subyacentes. Anuncia DPA 10,80 euros/acc, 4,5% yield. Retoma buy-back. COMPRAR
Ha presentado muy buenos Rdos. subyacentes en todos los negocios y un +6,2% vs lo esperado en Rdo. Operativo que alcanza los 13.400 M euros (>13.000 M euros de rango alto de guidance'21). Así, las pérdidas del trimestre se explican por la provisión (-3.700 M euros brutos de impuestos) derivada de los litigios con inversores de Alpha Structure (dos fondos de su gestora) en consonancia con las indicaciones de las autoridades norteamericanas. A pesar de ello, anuncia DPA'21 10,80 euros/acc. (+12,5% vs 2020, en línea con lo esperado y 4,5% yield) y retoma recompra de acciones por 1.000 M euros en 2022 (1,1% yield; en línea BS(e)). Fija guidance en Rdo. Operativo'22 en 13.400 M euros (+/- 1.000 M euros) y vs 13.600 M euros de consenso y nosotros en línea. Habría cierto ajuste de estimaciones al alza. Esperamos buena acogida. Conference Call 14h CET.


SIEMENS. Más limpia y enfocada. Elevamos P.O. a 178 euros/acc. (+27,6% potencial). COMPRAR.
Los Rdos.’21 confirman la solidez financiera de SIE, así la compañía sigue demostrando que pese al entorno inflacionario su estrategia de precios y contención de costes es un éxito. Incluso en este entorno revisamos el EBITA industrial un +2,2% en 2022/24, lo que podría ser conservador si su estrategia de especialización en actividades de elevado crecimiento tiene éxito. Esto no estaría recogido aún en la acción ya que asumiendo la cotización actual de Healthineers (75% SIE) el resto del grupo cotizaría con un descuento del -28% vs comparables (EV/EBITDA’22), por lo que a medida que el mercado ponga en valor esto (unido al delivery de Rdos.) veríamos cierta aceleración desde los niveles actuales (-1,8% vs ES50 2022).
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.

Actividades de Construccion y Servicios SA

ACS Actividades de Construccion y Servicios is a holding company. Through its subsidiaries, Co.'s activities are divided into the following areas: Construction, engaged in the construction of civil works, and residential and non-residential building construction; industrial services, engaged in the development of applied engineering services, installations and the maintenance of industrial infrastructures in the energy, communications and control systems sectors; services, groups together environmental services, the outsourcing of building maintenance services, logistics and transport services; and concessions, mainly engaged in transport infrastructure concessions.

Allianz SE

Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.

Bayer AG

Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.

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.

CORPORACION ACCIONA ENERGIAS RENOVABLES SA

Enagas SA

Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.

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.

Siemens AG

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.

Unicaja Banco S.A.

Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.

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