SPANISH MARKET: RESULTS HIGHLIGHTS WEEK 04 TO 08 NOVEMBER 2019 (ANÃLISIS BANCO SABADELL)
3Q’19 Results Highlights in Spain next week.Of the companies releasing 3Q’19 results in Spain next week, we expect to see a positive impact in: (i) Indra: we expect confirmation of the recovery in margins and growth in sales, which could have a positive impact on a stock that has performed negatively (-18% vs. IBEX) since 12/06 when the interest in ITP was announced (a deal that has since fallen through); (ii) Logista: we expect results without surprises and in line with the guidance (mid/high-single-digit EBIT growth), which could have a positive impact following the poor performance in 2019 (-19% vs. IBEX). On the negative side we would highlight: (i) Acciona: the results would stress the difficulty in obtaining organic growth in 2019, as well as a more complex business structure (lack of strategic focus).
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.
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.
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