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INFORME DIARIO 25 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, FERROVIAL, SANTANDER, TALGO, TÉCNICAS REUNIDAS.

La semana comenzó tranquila
Jornada plana, de poco volumen y festiva en algunos países europeos que cerró con el growth brillando frente al value a ambos lados del Atlántico. Así, los mejores sectores del Euro STOXX fueron Tecnología y Viajes&Ocio frente a Utilities y Seguros que terminaron con el peor comportamiento relativo. Por el lado macro, en EE.UU. el índice nacional de actividad de Chicago de abril se desaceleró inesperadamente. En R. Unido el Gobierno se mostró en contra del impuesto mínimo global de sociedades propuesto por Biden. Por otro lado, Haldane del BoE adelantó al Comité de la Cámara de los Comunes que se pude evitar un taper tantrum si se anuncia el cambio de sesgo con claridad y suficiente anticipación.

Qué esperamos para hoy
Las bolsas europeas abrirían planas con cierto sesgo al alza con el sector petrolero beneficiado del repunte del Brent. En estos momentos, los futuros del S&P cotizan con subidas del +0,25% (el S&P 500 terminó prácticamente sin cambios respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. bajó (VIX 18,40). Los mercados asiáticos cotizan con subidas (CSI 300 chino +2,5%, Nikkei de Japón +0,6%).

Hoy en la Eurozona segunda jornada de Consejo Europeo. En Alemania el IFO de mayo y el PIB final del 1T’21. En EE.UU. la venta de viviendas nuevas y el índice Manufacturero de la Fed de Richmond. En subastas: Alemania (4.000 M euros en letras a 12 meses), Francia (6.500 M euros en letras a 3, 6 y 12 meses) y Holanda (2.000 M euros en bonos 2047).


ESPAÑA

TALGO. Renfe le adjudica un contrato para 40 cabezas motrices para AVE. COMPRAR
Según prensa, TLG habría resultado adjudicatario de un contrato por parte de Renfe para el suministro y mantenimiento de 40 cabezas motrices (26 + 14 en opción) para trenes de alta velocidad por un total de 281 M euros. La noticia no deja claro si el importe del contrato es por las 26 cabezas en firme o incluye la opción. La compañía no ha comunicado todavía la adjudicación del contrato. Noticia positiva de impacto limitado en la medida que los 281 M euros suponen c.9% de la cartera de pedidos a cierre de 1T’21.
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.

Banco Santander S.A.

Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.

Ferrovial S.A.

Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.

Talgo SA

Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.

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.

Provider
Sabadell
Sabadell

Analysts
Research Department

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