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INFORME DIARIO 19 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, CAIXABANK, IBERDROLA, MAPFRE, SACYR. EUROPA: SOCIÉTÉ GÉNÉRALE.

Mirando a la Fed
Después de la reunión del BCE de la semana pasada, ahora las bolsas miran a la reunión de la Fed (miércoles). Así, la semana comenzó con pérdidas en las principales bolsas europeas después de que varios miembros del BCE (Kazaks, Holzmann y Muller) descartaran bajadas de tipos antes del 1S’24. En el Euro STOXX todos los sectores terminaron con pérdidas, lideradas por Inmobiliario y Bancos frente a los defensivos Telecos y Alimentación que tuvieron el mejor comportamiento relativo. Por el lado macro, en EE.UU. el índice NAHB de construcción residencial bajó en septiembre más de lo esperado hasta niveles de marzo. Por otro lado, el sindicado de trabajadores del automóvil UAW amenaza con ampliar la huelga a otras plantas si no hay avances para este viernes. En la Eurozona, desde el BCE los rumores apuntan a que estaría barajando la posibilidad de elevar las reservas mínimas obligatorias de los bancos hasta el rango 2,0% - 3,0%.
Qué esperamos para hoy
Las bolsas europeas abrirían con cierto sesgo a la baja pero con un comportamiento positivo del sector petrolero respaldado por el repunte del Brent. En estos momentos, los futuros del S&P cotizan con caídas del -0,05% (el S&P 500 terminó ayer con caídas del -0,22% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 14,00). Los mercados asiáticos cotizan con caídas (CSI 300 chino -0,36%, Nikkei de Japón -1,05%).
Hoy en la Eurozona la inflación final de agosto. En EE.UU. las viviendas iniciadas y los permisos de construcción de agosto.


EUROPA

SOCIETE GENERALE. Plan estratégico’26, más vale una vez rojo... COMPRAR
GLE cayó ayer un -12,3% (-10% vs sector) como reacción a un plan estratégico que elimina la posibilidad de recompras de acciones extraordinarias al incrementar en 1p.p. el CET1 objetivo, reduce el payout (-1p.p. en yield’26 BS(e) hasta 12,8%), asume una evolución de ingresos cauta (TACC’23/26
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.

CaixaBank SA

Caixabank is an investment company based in Spain. Co. is involved in investment portfolio management activities across two areas: Services and Financial Business and Insurance. In the services area, Co. provides investment solutions for companies involved in the infrastructure, energy, services and entertainment sectors. In the financial business and insurance area, Co. is engaged in the investments for international banks, insurance and specialist financial services. Co. focuses most of its banking investments in India, China, the U.S., and Central and Eastern Europe with a particular interest in retail banking. Co. is also involved in the disinvestments activities.

Iberdrola SA

Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.

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.

Sacyr S.A.

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.

Societe Generale S.A. Class A

Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.

Provider
Sabadell
Sabadell

Analysts
Research Department

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