IBERIAN DAILY 15 NOVEMBER + 3Q’22 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, CELLNEX, SACYR, VIDRALA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’22 results to be released over the coming days in Spain.
The Ibex, near 8,200 points
European stock markets kicked off last week with gains, where the G-20 meeting will mark the political agenda. Xi Jinping and Joe Biden met yesterday and agreed some actions to improve the relationship of both countries. Thus, in the Euro STOXX, Pharma and Household led gains, whereas Real Estate and Travel&Leisure saw the biggest drops. On the macro side, in Europe, September’s industrial output climbed more than expected, fuelled by non-durable consumer goods. In the US, Waller from the Fed warned that rates will continue to be raised, remaining high until inflation is near 2.0%. In Japan, the 3Q’22 GDP slowed down unexpectedly, with weakness in the external sector. In China, October’s industrial output and investments in fixed assets rose less than expected whereas retail sales slowed down unexpectedly. In US 3Q’22 business results, Tyson Foods and Dentsply Sirona came in worse than expected.
What we expect for today
European stock markets would open flat with a slight bearish slant during the session. Currently, S&P futures are up +-0.5% (the S&P 500 ended -0.72% lower vs. the European closing bell). Volatility in the US rose (VIX 23.73). Asian markets are climbing (China’s CSI 300 +1.8% and Japan’s Nikkei +0.1%).
Today the G-20 meeting will continue. In the euro zone we will learn the 3Q’22 GDP, in Germany November’s ZEW index, in Spain, October’s final CPI, in the UK September’s unemployment rate, in the US October’s production prices and November’s manufacturing Empire. In US business results, Walmart, among others, will release its earnings. In debt auctions: Germany (€ 4 Bn in bonds due 2029).
COMPANY NEWS
CELLNEX. Accelerated bookbuild of 3.6% of the capital. BUY
At yesterday’s closing bell, HSBC and JP Morgan announced the accelerated bookbuild of 3.6% of CLNX’s shares at a -7.4% discount vs. yesterday’s closing bell (at € 33.50/sh.). The placement would be explained by the management of Hutchinson’s derivative coverage signed with these groups to cover the recently subscribed stake in the company. Despite the 12-month lock-up period for this subscription, the coverage management is an exception included. We do not foresee a relevant impact from the market placement given the rationale behind this move (it is not a divestiture by a shareholder) and the relatively limited amount.
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.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.