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INFORME DIARIO 25 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACS, CELLNEX, IAG, INDRA, MERLIN. EUROPA: BAYER

Mercado plano sin catalizadores
Jornada sin grandes movimientos a ambos lados del Atlántico. En el Euro STOXX la mayoría de los sectores presentaron ganancias, con Media e Inmobiliario liderando las subidas frente a Recursos Básicos y Bienes de Consumo que presentaron el peor comportamiento relativo. Por el lado macro, las actas del BCE insinúan una mayor flexibilización de la política monetaria en junio, donde además, el economista jefe P. Lane subrayó que revisarla es una prioridad para que los Bancos Centrales protejan la inflación en el medio plazo. En España, donde el Ibex-35 se anotó un +3,4% en la semana apoyado por los valores bancarios, el Ministerio de Sanidad permitió que Madrid, Barcelona y Castilla y León avanzaran a la fase 1 desde hoy y se indicó que se podría estudiar acelerar la desescalada (reduciendo la duración de cada fase) para que en julio ya se pueda recibir turismo extranjero (con corredores de seguridad en Europa). En México las ventas al por menor de marzo se contrajeron hasta el -1,3% a/a desde el +2,5% a/a anterior. En China, florecen las protestas en Hong Kong por la ley de seguridad nacional y el asesor de seguridad nacional de D. Trump advirtió que EE.UU. podría imponer sanciones a China. En Japón, el gobierno ha casi finalizado un nuevo paquete fiscal por 1.000 M de dólares para ayudar a empresas y trabajadores enfermos.
Qué esperamos para hoy
Las bolsas europeas abrirían con ligeras ganancias que podrían ir diluyéndose en una sesión con EE.UU. cerrado por festivo. En estos momentos, los futuros del S&P cotizan con subidas del +0,36% (el S&P 500 cerró con subidas del +0,51% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 28,16%). Los mercados asiáticos cotizan mixtos (Japón +1,53% y Hong Kong -1,0%).
Hoy festivo en EE.UU. En Alemania el PIB final del 1T’20 y el IFO del mes de mayo. En subastas: Holanda (2.000 M euros en letras a 12 meses), Alemania (8.000 M euros en letras a 6 y 12 meses) y Francia ( 5.000 M euros en letras a 3, 6 y 12 meses).

ESPAÑA

CELLNEX, COMPRAR
ConnecT, el vehículo de la familia Benetton que controlaba un 29,9% de CLNX, ha roto su pacto de accionistas. Recordamos que los Bennetton (Edizione) controlaban un 55% de ConnecT mientras que ADIA (fondo soberano de Abu Dabi) y GIC (fondo soberano de Singapur) controlaba un 22,5% cada uno. Tras esta operación, Edizione Holding (Benetton) seguirá siendo el primer accionista de CLNX con un 16,45%, mientras que ADIA y GIC, pasan a tener, cada uno, un 6,73%. Además, uno de los vocales de Edizione (consta de 4 consejeros sobre los 12 de CLNX) dimitirá y será, previsiblemente, reemplazado por uno nombrado a propuesta del fondo de Singapur (que no disponía de vocal propio).
Noticia de corte negativo. Por un lado se anulan los compromisos del pacto de socios, entre los que estaba el respaldo a operaciones que conllevaran ampliación de capital (restaban c.390 M euros, 2% capitalización). Por otro lado (y aunque no se ha confirmado nada en este sentido) podría generar cierta incertidumbre sobre la posibilidad de overhang dadas las fuertes plusvalías que han generado los accionistas (95 euros/acc. (nuestro P.O. actual de 90,00 euros/acc. asume una sanción por el Glifosato de ~15.000 M euros).
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.

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.

Indra Sistemas S.A. Class A

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.

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.

MERLIN Properties SOCIMI S.A.

Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.

Tecnicas Reunidas SA

Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.

Provider
Sabadell
Sabadell

Analysts
Research Department

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