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EUROSTOXX 50: RESULTADOS A DESTACAR SEMANA 27 ABRIL A 01 MAYO 2020 (ANÁLISIS BANCO SABADELL)

Resultados EuroStoxx 50 destacados para la próxima semana.
De los valores que publican Rdos. 1T’20 la semana que viene destacamos Bayer, donde prevemos una buena evolución en márgenes (+140 pbs) siendo éste el elemento más determinante en operativo. Ésto, unido a la falta de noticias negativas sobre el Glifosato, deberían devolverle su condición de Safe-Heaven (tan valorada actualmente) y ayudar al valor. Mientras, las ventas de Orange deberían confirmar su solidez en el mercado doméstico y su relevante capacidad de generación de caja, ayudando a la acción. Es en Adidas donde creemos que es pronto para ver buenas noticias y para que la visibilidad se incremente de manera notable, lo que debería seguir pesando a corto plazo.
Underlyings
Adidas AG

ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.

Bayer AG

Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.

Orange SA

Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.

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Analysts
Research Department

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