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INFORME DIARIO 18 DICIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, ARCELOR MITTAL, ENDESA, IAG, MAPFRE, OHL. EUROPA: KERING, VIVENDI

El S&P500 en máximos históricos
A pesar de unos datos macro mixtos en EE.UU. (las cifras del sector inmobiliario de noviembre sorprendieron al alza, mientras que el índice de la Fed de Filadelfia de diciembre y el paro semanal fueron peores de lo esperado), las expectativas de aprobación de un paquete fiscal (el líder republicano en el Senado, McConnell comentó que el acuerdo fiscal está muy cerca y que esperaba que el Congreso lo revisara durante el fin de semana por un importe de hasta 730.000 M dólares) unidas a las de un acuerdo del Brexit (a pesar de algunas desavenencias que han aparecido sobre las implicaciones del fondo de recuperación europeo en el level playing field) volvieron impulsar a las bolsas de Europa y EE.UU. Así, en el Euro STOXX nuevamente la mayoría de los sectores cerraron en positivo, con Retail y Tecnología liderando los avances, frente a Energía y Hogar, que mostraron el peor comportamiento relativo. En R.Unido el BoE mantuvo, como se esperaba, los tipos en 0% y el programa de compras en 875.000 M de libras. Igualmente desde Japón, el BoJ mantuvo la política monetaria sin cambios extendiendo el paquete de financiación empresarial 6 meses más, mientras que la inflación de noviembre salió ligeramente por debajo de lo esperado. En México el Banco Central también mantuvo los tipos en el 4,25%.
Qué esperamos para hoy
Con el nuevo conato de tensión entre China y EE.UU, que pretende engrosar su lista negra de compañías chinas (mientras Europa y China están acelerando para firmar un acuerdo de inversiones más amplio), y a la espera de novedades fiscales en EE.UU, las bolsas europeas abrirían con caídas del orden del -0,5%. En estos momentos, los futuros del S&P cotizan con caídas del -0,25% (el S&P 500 cerró ayer con subidas del +0,2% respecto al precio al que cotizaba al cierre de las bolsas en Europa). La volatilidad en EE.UU. bajó (VIX 21,93). Los mercados asiáticos cotizan con caídas (CSI 300 -0,4%, Japón -0,2%). Hoy en Alemania el IFO de diciembre.


ESPAÑA

ARCELOR MITTAL: La subida del precio del acero y el M&A nos hacen revisar P.O. al alza. COMPRAR
Tras un año difícil por la falta de visibilidad operativa, las buenas noticias de las últimas semanas (recuperación de actividad y precio global) nos hacen revisar estimaciones un +6% en 2020 y +10% en 2020/22e (LfL), beneficiando a todas las divisiones. A esto se unen noticias propias de la compañía con operaciones corporativas que generan valor como la venta de activos en EE.UU. y la salida de Ilva, y nos hace revisar su P.O. a 22 euros/acc. (+46% vs antes y +14% potencial). MTS afronta el 2021 desde una posición financiera sólida (
Underlyings
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.

ArcelorMittal

Endesa S.A.

Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.

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.

Kering SA

Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.

Mapfre SA

Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.

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.

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.

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Analysts
Research Department

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