INFORME DIARIO 22 ABRIL + RDOS. ESPAÑA Y EUROPA 1T’21. IDEAS DESTACADAS Y PREVIEWS (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACS, CELLNEX, INDRA, RED ELÉCTRICA. EUROPA: PERNOD RICARD, SAP.Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los previews de Rdos. 1T’21 que se publicarán en España y Europa en los próximos días.
El mercado se recupera
El mercado compró con las caídas y las bolsas europeas recuperaron parte del terreno con el rebote del +1,0%. En general, los sectores growth del Euro STOXX han tomado el relevo en las subidas, con Retail y B. de consumo liderando las ganancias mientras que Inmobiliario y Utilities fueron los sectores más castigados por las ventas. Por el lado macro, en Alemania el Tribunal Constitucional rechazó el recurso contra la ratificación del Plan de Recuperación de las ayudas europeas que ya no tienen obstáculos por este lado. En R. Unido la inflación de marzo repuntó algo menos de lo esperado pero los precios de producción repuntaron muy por encima de las expectativas. Por otro lado, el Pasaporte Europeo Covid no garantizará la movilidad dentro de Europa porque se considera discriminatorio (la OMS también se opone). Mientras, Italia empezar a levantar restricciones el 26 de abril y Draghi anuncia la inversión de 221.000 M euros del Plan de Recuperación Europeo para impulsar la economía italiana (tren de alta velocidad, energías verdes etc…). En EE.UU. el ritmo de vacunación bajó drásticamente en la última semana (-11%). Por otro lado, los republicanos advirtieron que no acordarán un aumento del techo de deuda si no va acompañado de un recorte del gasto. Finalmente, Canadá es el primer país desarrollado donde el banco central comenzó a reducir las compras de deuda. En Rdos. Empresariales en EE.UU. Baker Huges y Halliburton salieron mejor, Verizon en línea.
Qué esperamos para hoy
Las bolsas europeas abrirían con ganancias cercanas al +0,5% liderada por el value, imitando el movimiento de ayer en EE.UU. En estos momentos, los futuros del S&P cotizan con caídas del -0,1% (el S&P 500 terminó con avances del +0,28% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. bajó (VIX 17,50). Los mercados asiáticos cotizan mixtos (CSI 300 chino -0,1%, Nikkei de Japón +2,06%).
Hoy reunión del BCE. En EE.UU. el paro semanal y la venta de viviendas de marzo. En México la tasa de paro de marzo y las ventas al por menor de febrero. En Rdos Empresariales en EE.UU. American Airlines y Biogen entre otros. En subastas: España (6.000 M euros en Bonos 2024, 2027 y 2031).
EUROPA
PERNOD RICARD. Ventas 3T’21 mejores y guidance’21 superando expectativas. COMPRAR
Ventas 3T’21 mejores con un crecimiento LfL del +19% (vs +10% BS(e) y +11% consenso), con una muy positiva evolución en todos los mercados. Destaca Asia/Row (~45% ventas; +36% LfL vs +25% BS(e) y -1% en 2T’21) favorecida por una base menos exigente y el impacto del Año Nuevo Chino, mientras que Americas (~30%) acelera hasta el +10% (vs -1% en 2T’21) y Europa vuelve a terreno positivo (+5% LfL vs -6% en 2T’21) a pesar de las restricciones. Confirman dinamismo en los “must-win-markets” (EE.UU., China y la India) y aportan guidance de crecimiento en EBIT recurrente c.+10% (vs +5,5% BS(e) y +7% consenso). Esperamos acogida positiva.
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.
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.
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.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
SAP is engaged in selling licenses for software solutions and related support services. Co. derives its revenue from fees charged to its customers for the use of its cloud solutions and for licensing of on-premise software products and solutions. Additional sources of revenue are support, professional services, development, training, and other services. Co. has more than 300,000 customers in over 180 countries. Co.'s SAP HANA platform holds the ability to simplify both the user experience and the overall IT landscape, creating a smaller data footprint, increased system throughput, and easier data processing and operation.
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