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INFORME DIARIO 29 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACS, AENA, CIE AUTOMOTIVE, TELEFÓNICA, UNICAJA, VOCENTO. EUROPA: AXA
Miedos a las nuevas cepas
Caídas en las bolsas mundiales después del rápido repunte de casos de la nueva cepa del Covid en R. Unido y que varios gobiernos de Europa y Asia hayan impuesto restricciones a los viajes desde las islas británicas. En el Euro STOXX, los mejores sectores fueron los que se quedaron atrás la semana pasada, Tecnología y Telecomunicaciones. En cambio, Viajes&Ocio y Energía sufrieron las mayores pérdidas del día. Por el lado macro, desde el BCE, L. de Guindos alertó de los efectos de segunda ronda de la inflación aunque espera que a medio plazo se mantenga por debajo del objetivo de la institución. Además insistió en que la rentabilidad de la banca europea sigue lastrada por la sobrecapacidad y advirtió sobre ciertos signos de deterioro crediticio. Por otro lado, el Presidente del Bundesbank, J. Weidmann abogó por reducir las compras del BCE de forma gradual ante los riesgos de inflación mayores a lo esperado. En R. Unido se desvanece la idea de un corredor turístico entre EE.UU. y R. Unido para finales de este mes ante el repunte de la variante Delta y la falta de acuerdo política. En España el Gobierno anunció un PIB 2T'21 creciendo un 18%, siendo una fuerte recuperación pero esperada. En EE.UU. los bancos anunciaron una fuerte recompra de acciones y dividendos.
Qué esperamos para hoy
Las bolsas europeas abrirían con cierto sesgo al alza con un ligero mejor comportamiento del value pero con el sector energía penalizado por el Brent y la cercanía de la reunión de la OPEP+ (este jueves). En estos momentos, los futuros del S&P cotizan con caídas del -0,11% (el S&P 500 terminó con avances del +0,21% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 15,76). Los mercados asiáticos caen (CSI 300 chino -1%, Nikkei de Japón -0,95).
Hoy en España la inflación preliminar de junio y las ventas al por menor de mayo. En Alemania la inflación preliminar de junio. En la Eurozona el índice de sentimiento económico de junio.

ESPAÑA
CIE. CMD'21. Enfoque en el largo plazo. COMPRAR
CIE centro su CMD'21 en el largo plazo (2025), fijando como objetivo de ventas'25 un crecimiento de ~+20pp por encima del sector entre 2020 y 2025 (+48% vs +42% BS(e)) y un objetivo de margen EBITDA >19% (vs 18,1% BS(e)). El objetivo incluyendo posible crecimiento inorgánico superaría los 1.000 M euros de EBITDA (vs ~800 M euros implícitos en el guidance orgánico; 431 M Euros en 2020). Así, a pesar de la incertidumbre en el corto plazo que generan los posibles efectos en la economía de la variante india del Covid y la coyuntural escasez de microchips, revisamos nuestras estimaciones al alza para CIE (TACC'20-25e EBITDA hasta +11,4% desde +10,0%) y por tanto nuestro P.O. un +14% hasta 29,31 euros/acc., lo que arroja un potencial del +17% por lo que cambiamos nuestra recomendación a COMPRAR (en VENDER desde febrero'21; -4% vs IBEX desde entonces).
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.

Aena SME SA

Aena SME SA, formerly Aena SA, is a Spain-based company primarily engaged in the airports operation. Its activities are divided into four segments: Airports, which comprises Aeronautical subdivision, responsible for the management of airports, jetways, security, handling, cargo and fuel services, among others, as well as Commercial subdivision, including duty-free and specialty stores, restaurant services, car rental, as well as banking services and advertising; Services outside the terminal, which manages real estate assets, such as parking lots, warehouses and lands; International, which comprises operations of Company's subsidiary, Aena Desarrollo Internacional SA, that invests in other airport owners principally in Mexico, Colombia and the United Kingdom; and Others, encompassing corporate activities. It manages tourism, hub and regional airports, as well as heliports and general aviation areas. Furthermore, its destination range comprises Europe, the Americas, Asia and Africa.

AXA
AXA

AXA is a holding company. Through its subsidiaries, Co. is engaged in insurance and assets management. Co. operates primarily in Europe, North America, the Asia-Pacific Region and, to a lesser extent, in other regions including the Middle East, Africa, and Latin America. Co. has five operating business segments: Life & Savings, Property & Casualty, International Insurance, Asset Management, and Banking. In addition, various holding companies within the AXA Group conduct certain non-operating activities. As of Dec 31 2013, Co. had total assets of Euro757,143,000,000.

Telefonica SA

Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.

Unicaja Banco S.A.

Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.

Vocento S.A.

Vocento is engaged in the editing, distribution and sale of unit or periodic publications of general, cultural, sport, artistic or any other nature type of information, as well as the printing and sale of printing warehouses and any other activities related to the editorial industry and graphic arts. Co. is also engaged in the establishment, utilization and sale of radio stations, television stations and other types of installations for the emission, production and promotion of audiovisual media, as well as the production, edition and distribution of discs, tapes, magnet phonic tapes, programs, films and all other types of communication media.

Provider
Sabadell
Sabadell

Analysts
Research Department

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