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INFORME DIARIO 25 AGOSTO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, BANKINTER, REPSOL, TÉCNICAS REUNIDAS. EUROPA: VINCI.

El Ibex a las puertas de los 9.000 puntos
Jornada muy volátil en Europa que abrió al alza, continuó perdiendo fuelle con el transcurso de la sesión y aceleró con la apertura positiva de EE.UU. ayudado por la creciente esperanza de que se retrase la retirada de estímulos y donde el sector energético volvió a liderar los avances. Así, en el Euro STOXX Viajes&Ocio y R. Básicos fueron los que mejor comportamiento relativo tuvieron frente a las pérdidas de los Bienes de Consumo y Hogar. Por el lado macro, en Alemania se revisó al alza una décima el PIB del 2T’21 hasta el 1,6% a/a. En EE.UU. la venta de viviendas nuevas de julio repuntó por encima de lo previsto.
Qué esperamos para hoy
Las bolsas europeas abrirían planas o con cierto sesgo a la baja después de que los mercados asiáticos se movieran planos rozando las pérdidas. En estos momentos, los futuros del S&P cotizan planos (el S&P 500 terminó al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió ligeramente (VIX 17,22). Los mercados asiáticos cotizan planos (tanto el CSI 300 chino como el Nikkei de Japón).
Hoy en Alemania el IFO de agosto. En México en PIB 2T’21 y la actividad económica IGAE de junio.


TÉCNICAS REUNIDAS, COMPRAR
Qatar Petroleum ha adjudicado a TRE un proyecto de ingeniería, aprovisionamiento y construcción (EPC) para la ampliación de las instalaciones “on shore” de GNL en el nordeste de la península catarí. El importe inicial de esta adjudicación está estimado en más de 500 M dólares (426 M euros). No obstante, la adjudicación contempla también varias opciones adicionales.
Noticia positiva de impacto limitado. Esta adjudicación representaría ~10% del guidance dado por la compañía para 2021 (4.000 M euros vs 3.500 M euros BS (e) y ~3.000 M euros a 1S’21) y supondría ~4% de la cartera de pedidos hasta la fecha (~11.302 M euros).
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.

Bankinter SA

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 SA

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 SA

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.

VINCI SA

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

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Sabadell
Sabadell

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Research Department

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