Report
Research Department
EUR 100.00 For Business Accounts Only

INFORME DIARIO 27 FEBRERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACERINOX, ACCIONA, BANKIA, ENCE, FERROVIAL, IBERPAPEL, MEDIASET, MELIA, NEINOR, UNICAJA, TELEFONICA, VIDRALA, VOCENTO. EUROPA: AB INBEV, BAYER, NOKIA, ORANGE, SAFRAN, VIVENDI.

Respiro en las bolsas…hasta hoy
Aparente calma en las bolsas después de varios días seguidos de caídas aunque Brasil registró una caída del -7,0% con su moneda debilitándose debido al primer caso de coronavirus. Así, en el Euro STOXX, los mejores sectores fueron Utilities y Autos frente a Ocio e Inmobiliario que presentaron las mayores correcciones. Por el lado macro, desde el BCE, C. Lagarde aplaudió el plan de Alemania de adoptar medidas fiscales para favorecer la economía. En EE.UU la venta de viviendas nuevas repuntó más de lo esperado. En Rdos. empresariales en EE.UU. Lowe´s Cos, JM Smucker y Ameren Corp mejor de lo esperado.
Qué esperamos para hoy
Las bolsas retomarían las caídas superiores al -2,0% acompañadas de un Brent que se acerca a los 50 dólares. En estos momentos, los futuros del S&P cotizan con caídas del -1,54% (el S&P 500 cerró con caídas del -1,81% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 27,56%). Los mercados asiáticos que están abiertos cotizan con caídas (Japón -2,13% y Hong Kong -0,75%). Hoy en España la inflación preliminar de febrero. En Eurozona el índice de clima económico de febrero y la M3 de enero. En EE.UU la revisión del PIB 4T’19 y los pedidos de bienes duraderos de enero. En Rdos. empresariales en EE.UU. Best Buy, CenterPoint y NRG Energy entre otros.

ESPAÑA

MELIA: Rdos. mejores de lo esperado. Optimistas con el negocio subyacente, pero no aportan guidance’20. COMPRAR
Rdos. mejores de lo esperado en EBITDA (477,9 M euros; -4,2% vs -6,8% BS(e) y -7,4% consenso) y BDI, gracias a una buena evolución de costes. Para 2020 se muestra moderadamente optimista. Ven signos de recuperación en Rep.Dominicana (~20% EBITDA) y México (~10% EBITDA), así como un ejercicio positivo en las ciudades europeas y estabilización en vacacional español. El Covid-19 les hace ser prudentes en sus previsiones, por lo que no aportan guidance concreto. MEL ha caído un –14% la última semana (-6,5% vs IBEX) y a este nivel de cotización descontaría un EBITDA recurrente un -25% inferior al de 2019, que parece demasiado negativo. Por tanto, estos Rdos. mejores de lo previsto deberían ayudar a dar soporte al valor.

ENCE. Rdos. 4T’19 en línea con nuestra estimación pero por debajo del consenso. COMPRAR.
Publicó al cierre unos Rdos.4T’19 que estuvieron en línea con nuestra estimación pero por debajo del consenso a nivel operativo (EBITDA -99% vs 4T’18 y vs -82% esperado por consenso), si bien en DFN mejoraron las expectativas (513 M euros vs 588 BS(e) y 548 consenso). Además de los bajos precios de la celulosa (-33% vs 4T’18), la parada programada en Navia se habría prolongado más de lo previsto, disparando el cashcost hasta los 426 euros/Tn en el 4T (vs 410 BS(e)), y dejando el EBITDA del trimestre en tan sólo 1 M euros. A priori entendemos que se trataría de unos Rdos. parcialmente esperados y no extrapolables, pero estar por debajo de consenso podría motivar una acogida negativa a pesar del –6% vs IBEX en 2020.

IBERPAPEL. Rdos. 4T’19 ligeramente por debajo pero muy en línea en el acumulado del año. VENDER.
Publicó al cierre unos Rdos.4T’19 flojos donde las ventas estuvieron ligeramente por debajo de nuestras estimaciones (-2% vs BS(e) y un -15% por debajo de las del consenso ) al igual que el EBITDA (-4% vs BS(e); +2,5% vs consenso) por unos márgenes peores de lo esperado (17,1% vs 17,5% BS(e) y 21,3% en 4T’18) , que entendemos podría deberse a peores precios de venta. Así, las ventas en el acumulado del año caen un -3,4% (vs -3% BS(e) y +0,7% consenso) y el EBITDA un -9,5% (vs -8,8% BS(e) y -10% consenso). La compañía reporta una posición de caja neta de 79 M euros vs 92 M euros a cierre de 2018, con unas inversiones de 13 M euros en el trimestre (entendemos que para las nuevas instalaciones de producción de celulosa) vs 3,2 M euros en 3T’19. A pesar de que en el trimestre el EBITDA ha estado ligeramente por debajo de nuestra estimación (restamos importancia al consenso por incoherente y escaso), en el conjunto del año está bastante alineado, por lo que esperaríamos una acogida neutra o ligeramente negativa por parte del mercado, tras el –3,8% vs IBEX que acumula el valor en el año. Habrá conference call a las 12:00h.



EUROPA

AB INBEV. Rdos.4T’19 peores e impacto relevante por Covid-19. COMPRAR
Rdos. 4T’19 peores (EBITDA 5.343 M dólares; -11,2% vs -3,5% BS(e) y -5,5% consenso), por Middle America (~31% EBITDA) con un comparable más exigente, EMEA (~12% EBITDA) por mix de producto más desfavorable y APAC (~5%), donde continúa la debilidad en China. En positivo, la evolución de los volúmenes en EE.UU. (~27% EBITDA) y South America (~25%), que mejoran ligeramente la tendencia. Anuncian un objetivo de crecimiento en EBITDA del +2%/+5% (vs +5% BS(e) y +5,7% consenso), concentrándose éste en 2S’20 y estiman una caída del EBITDA en 1T’20 del -10% por el impacto del coronavirus en China y un comparable muy desfavorable (especialmente en Brasil). Esperamos un impacto negativo dada la incertidumbre que genera el impacto anunciado por el coronavirus generará a corto plazo, aunque creemos que en parte estaría descontado (-15% en Ytd; -11% vs ES50).

BAYER: Rdos. 4T’19 en línea en EBITDA. COMPRAR
Rdos. 4T’19 en línea en EBITDA recurrente (+26,4% vs +26,9% BS(e) y +26,3% consenso) gracias a la mejor evolución de las ventas (+3,8% vs +3,2% BS(e) y +2,7% consenso) que compensa unos márgenes ligeramente por debajo de lo esperado (23,1% vs 23,3% previsto). Esta menor rentabilidad (que no creemos que vaya a suponer un cambio de dinámica en la mejora de márgenes de la compañía a largo plazo) se debería principalmente a los mayores gastos de lanzamiento (efecto puntual) en la división de Farma (55% EBITDA).
Además, BAY anunció su guidance’20 de ventas de entre 44.000 M euros y 45.000 M euros (vs 47.536 M euros BS(e) y 44.840 M euros consenso) y EBITDA de entre 12.300 M euros y 12.600 M euros (vs 13.098 M euros BS(e) y 12.666 M euros consenso), que implicaría que el consenso estaría esperando unos márgenes ligeramente superiores a los planteados por la compañía para el año (~28% vs 28,2% previsto). Rdos.4T’19 en línea, que no deberían de suponer un catalizador para el valor por sí solos. No obstante, en el otro elemento clave de la acción, BAY manifiesta que las reclamaciones por el glifosato alcanzan los 48.600 casos (vs 42.700 en 3T), lo que supone una estabilización de las demandas en este trimestre y podría facilitar un eventual acuerdo con los demandantes.

SAFRAN: Rdos. 2019 por encima, pero guidance por debajo condicionado al 737 MAX y el Covid-19. VENDER
Rdos. 2019 mejores en ventas y EBIT ajustado (+26,4% vs +23,4% BS(e) y +25,4% consenso) gracias a Interiores. En Propulsión (65% EBIT ajustado) los ingresos por servicios cumplen expectativas y crecen un +10%. Respecto al guidance’20 prevén un crecimiento del EBIT de c. 5% (vs +6,8% BS(e) y +7,4% consenso) y un FCF >2019. Estas previsiones están condicionadas la vuelta al servicio del 737 Max a mediados de 2020. Además mantienen la previsión de crecimiento de ingresos por servicios de Propulsión en dígito alto (vs +9% BS(e)) condicionado a que el impacto del coronavirus se limite al 1T’20. Pese a que los Rdos se sitúan nuevamente por encima de lo previsto, un guidance por debajo de lo esperado, puede pesar negativa en la acogida del valor. SAF sigue mostrando solidez en la ejecución operativa, pero con los riesgos abiertos de la vuelta al servicio del 737 Max y el impacto del coronavirus, seguimos manteniendo cautela en el valor.
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.

Acerinox SA

Acerinox is the parent company of a group engaged in the manufacture and sale of flat and long stainless steel products, and stainless steel wires. Co.'s major products include slabs, billets, black coils, plates, hot-rolled coils, hot-rolled sheets, flat bars, hot-rolled re-bars, hot-rolled black bars, engraved sheets, cold-rolled coils, cold-rolled sheets and circles. Co. also provides long stainless steel products, such as wire rods, angles, hot rolled flat bars, hot rolled re-bars, reinforced bars in coils, cold rolled re-bars, hot rolled black bars, cold drawn bars, and smooth turned bars. In addition, Co. offers wires, welding wire bars, and bars for electrodes.

Amadeus IT Group SA Class A

Amadeus is a transaction processor for the global travel and tourism industry. Co. provides transaction processing power and technology solutions to both travel providers (including full service carriers and low-cost airlines, hotels, rail operators, cruise and ferry operators, car rental companies and tour operators) and travel agencies (both online and offline). Co. acts both as a worldwide network connecting travel providers and travel agencies through a processing platform for the distribution of travel products and services (through the Distribution business), and as a provider of a portfolio of IT solutions which automate certain business processes (through the IT solutions business).

Anheuser-Busch InBev N.V. ADS

Atresmedia Corporacion de Medios de Comunicacion SA

Atresmedia Corporacion De Medios De Comunicacion is a television and radio broadcasting company based in Spain. Co. is engaged in the indirect management of television and radio services, which include the broadcasting, creation, production and distribution of television and radio programming, and the sale of advertising time. Group companies mainly carry on business activities relating to the production, copying and broadcasting of sounds and images, and TV and Internet home shopping. Co. provides National and World Digital Television Services. Co. is the parent company of Grupo Antena 3.

Bankia S.A.

Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.

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.

CIE Automotive S.A.

CIE Automotive is the parent company of an industrial group formed by several companies that are engaged in the design, manufacture and sale of automobile component and sub-units on the world market. In addition, Co. is also engaged in the bio-fuels business which is in the initial stages of development and is made up of various companies devoted to the production and distribution of bio-fuels.

Construcciones Y Auxiliar De Ferrocarriles, S.A.

Distribuidora Internacional de Alimentacion SA

Distribuidora Internacional De Alimentacion is a supermarket and convenience store group based in Spain. Co. is engaged in the retail trade of food through cut-price self-service supermarkets and franchise establishments. Co. is engaged in the operation of stores located in Spain, France, Portugal, Turkey, Argentina, Brazil and China.

ENCE Energia y Celulosa SA

Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.

Enersis SA (ADR)

Eni S.p.A.

Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.

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.

Grupo Catalana Occidente S.A.

Grupo Catalana Occidente is an insurance group based in Spain. Co. is engaged in insurance and reinsurance activities, including commercial, life, disability, and automobile insurance. Co. is also engaged in the sale of annuities and pension funds. Co.'s operations are organized along two businesses: Traditional business (insurance) and Credit Insurance business. Co.'s main markets are located in Spain, Germany, United Kingdom, France and the Netherlands. Co. maintains a presence in more than 40 countries.

Iberpapel Gestion S.A.

Iberpapel Gestion is engaged in the manufacture, wholesale distribution, sale and export of pulp and printing and writing paper. In addition, Co. maintains forestry activities, including the cultivation of timberlands.

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.

Inmobiliaria Colonial (COL SM)

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.

Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

Mediaset Espana Comunicacion SA

Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.

Melia Hotels International S.A.

Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.

Munich Reinsurance Company

Muenchener Rueckversicherungs-Gesellschaft is engaged in reinsurance, primary insurance and asset management. Co.'s international life business is written in the Life Division. The Global Clients and North America division manages accounts with international insurance groups. The Europe and Latin America division manages property-casualty business in Europe, Latin America and the Caribbean. The Germany, Asia Pacific and Africa division conducts property-casualty business in Germany, Africa, Asia, Australia and the Pacific Islands. The Special and Financial Risks division manages the classes of credit, aviation and space, agriculture, enterprise and contingency risks.

Neinor Homes SA

Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.

Nokia Oyj

Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.

Obrascon Huarte Lain SA

Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.

Orange SA

Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.

Prosegur Cash SA

Prosegur Cash SA, formerly Prosegur Cit Holding SA, is a Spain-based company engaged in the provision of security services. The Company's activities are divided into three business areas: Logistics, Cash management and Outsourcing. The Logistics division focuses on the provision of local and international transport services of cash and other valuable goods. The Cash management division offers counting, processing, custody, preparation and delivery of notes and coins, as well as replenishment of automatic teller machines (ATMs). The Outsourcing division includes a number of support financial services, such as automation of retail operations through self-service cash automatization machines (MAEs), ATMs management, as well as branch forecasting, reconciliation, settlement and credit card support services. The Company operates through own branches and joint ventures in Europe, Central and South America, Africa, Asia and Australia. It operates through Contesta Teleservicios SAU.

Safran S.A.

Safran designs, develops and manufactures high technology electronics through three businesses: Aerospace, Defense and Security. Aerospace includes Aerospace Propulsion (propulsion systems for commercial aircraft, military transport, training and combat aircraft, rocket engines, civil and military helicopters) and Aircraft Equipment (mechanical, hydromechanical and electromechanical equipment); Defense (optronic, avionic and electronic systems); and Security (biometric technologies for fingerprint, iris and face recognition, identity management products, access management and transaction security, including tomographic systems for detection of dangerous or illicit substances in baggage).

Talgo SA

Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.

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.

Telefonica SA

Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.

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.

Vidrala SA

Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.

Vivendi SE

Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.

Vocento S.A.

Vocento is engaged in the editing, distribution and sale of unit or periodic publications of general, cultural, sport, artistic or any other nature type of information, as well as the printing and sale of printing warehouses and any other activities related to the editorial industry and graphic arts. Co. is also engaged in the establishment, utilization and sale of radio stations, television stations and other types of installations for the emission, production and promotion of audiovisual media, as well as the production, edition and distribution of discs, tapes, magnet phonic tapes, programs, films and all other types of communication media.

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