INFORME DIARIO 21 DICIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, BANCO SANTANDER, BANKINTER, EBRO FOODS, NH HOTELES. EUROPA: AXA.¿Síntomas de agotamiento?
A excepción de las subidas del FTSE en R. Unido, beneficiado por el buen dato de inflación de noviembre, asistimos a una jornada de tímidas bajadas en Europa a pesar de unos datos macros positivos. En cualquier caso, en el STOXX 600 la mayoría de los sectores terminaron con subidas, lideradas por Inmobiliario y Telecos frente a Tecnología, Autos y R. Básicos que fueron los únicos que registraron caídas. Por el lado macro, en la Eurozona, la confianza del consumidor de diciembre se recuperó más de lo esperado hasta máximos anuales. Por otro lado, los ministros de Finanzas acordaron la vuelta de las reglas fiscales con los mismos objetivos (-3,0% de déficit y 60% de deuda) pero con mayor flexibilidad y gradualidad en la senda para alcanzarlos. En EE.UU. tanto la confianza del consumidor del Conference Board de diciembre como la venta de viviendas de segunda mano de noviembre repuntaron más de lo esperado.
Qué esperamos para hoy
Las bolsas europeas recogerían beneficios hoy con caídas superiores al -0,5% y peor comportamiento del growth. En estos momentos, los futuros del S&P 500 cotizan con subidas del +0,34% (el S&P 500 terminó ayer con caídas del -1,29% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 13,67). Los mercados asiáticos cotizan mixtos (CSI 300 chino +0,89%, Nikkei de Japón -1,60%).
Hoy en EE.UU. la Fed de Filadelfia de diciembre.
EUROPA
AXA. Optimización de capital y anuncio de recompra de acciones. COMPRAR
Ha reasegurado c.12.000 M euros de provisiones en el negocio de Vida en Francia, transfiriendo el riesgo financiero sobre la rentabilidad garantizada fuera del grupo. Le permitirá liberar c.600 M euros de capital (+2p.p. en Solvencia, actual 230%), que repatriará al holding. Supondrá un impacto de c.-50 M euros/año en el BDI operativo anual (-0,7% BS(e)) que CS compensará con una recompra de acciones de 500 M euros (0,8% de la capitalización) que lanzará después de la publicación de los Rdos’23 y del nuevo plan estratégico (22/02/24). Con esta medida, avanza en su objetivo de repatriar al menos 14.000 M euros en 2021-2023 (70% ya alcanzado en Dic’22), base para incrementar la remuneración al accionista y que es clave en Axa.
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.
AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
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.
Ebro Puleva is a food manufacturing group based in Spain. Co. is engaged in the manufacture and marketing, export and import of sugar, rice, dairy products, and products destined for agriculture development and human and animal consumption. Co.'s brand names include: Panzani®, Ronzoni®, American Beauty®, Skinner®, Lancia®, Catelli®, Healthy Harvest®, etc. in pastas and sauces, Mahatma®, Sucess®, Carolina®, Lustucru®, Taureau Aile®, Oryza®, Bosto®, Reis-Fit®, Riceland®, Danrice®, Risella®, Brillante®, Nomen®, La Cigala® and La Fallera® in the rice sector, Puleva®, Ram® and El Castillo® in the dairy sector, and Azucarera® and Sucran® in the sugar sector.
NH Hotel is engaged in the operation and management of hotels throughout Spain, the Benelux countries, Germany, and South America.
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