IBERIAN DAILY 25 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACS, BANKINTER, REPSOL, TÉCNICAS REUNIDAS.MARKETS YESTERDAY AND TODAY
IBEX on the verge of 9,000 points
It was a highly volatile session in Europe, which opened with gains, lost some steam as the session went on and sped back up with the positive opening in the US, aided by the growing hope that the withdrawal of stimulus measures will be delayed, and where the energy sector once again led the way. In the Euro STOXX, Travel & Leisure and Basic Materials were the best relative performers, whereas Consumer Goods and Household Goods were the worst performers. On the macro side, in Germany the 2Q’21 GDP was raised +0.1% to 1.6% YoY. In the US, July’s new home sales rose more than expected.
What we expect for today
European stock markets would open flat or slightly bearish after Asian markets moved sideways. Currently, S&P futures are flat (the S&P 500 ended flat vs. its price at the closing bell in Europe). Volatility in the US rose slightly (VIX 17.22). Asian markets are flat (both China’s CSI and Japan’s Nikkei).
Today in Germany we will learn August’s IFO and in Mexico the 2Q’21 GDP and June’s IGAE economic activity index.
COMPANY NEWS
TÉCNICAS REUNIDAS, UNDER REVISION
Qatar Petroleum has awarded TRE an engineering, procurement and construction (EPC) contract to enlarge GNL’s onshore installations in the northeast of the Qatari peninsula. The initial amount of the contract is estimated to be more than US$ 500 M (€ 426 M). However, the awarding also includes several additional options.
Positive news of little impact. This awarding would represent ~10% of the guidance given by the company for 2021 (€ 4 Bn vs. € 3.5 Bn BS(e) and €~3 Bn in 1H’21) and would mean ~4% of the backlog to date (€~11.3 Bn).
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.
Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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.
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.