Report
Research Department
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INFORME DIARIO 09 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: AEDAS, CELLNEX, FLUIDRA, IAG, MAPFRE-BANKIA-CAIXABANK, MASMOVIL. EUROPA: AIRBUS, AIR LIQUIDE

Fuerte caída del petróleo y las tecnológicas en EE.UU.
Fuerte caída del petróleo ante los riesgos de sobreoferta a la que se sumó las ventas en las tecnológicas en EE.UU. mientras que en Europa las pérdidas se fueron reduciendo durante la parte final de la sesión. Con todo, en el Euro STOXX sólo Autos terminó con ganancias frente a Energía y Bancos, que presentaron las mayores caídas. Por el lado macro, en Alemania las exportaciones e importaciones de julio moderaron su ritmo de avance ligeramente más de lo esperado, aunque el superávit comercial aumentó por encima de lo previsto. En la Eurozona la segunda lectura del PIB del 2T’20 se revisó al alza hasta el -14,7% a/a (vs -15% ant.) aunque se mantiene el fuerte deterioro del consumo privado (-15,9%). En EE.UU. la confianza de las PyMes se recuperó en agosto hasta 100,2 desde 98,8 anterior (104,5 en ene’20). En España Fitch revisa su previsión y ahora espera una caída del PIB’20 del 13,2% vs 9,6% anterior, mientras que las estimaciones de la UE apuntan a un recorte del 18,5%. En China la inflación moderó su tasa interanual en agosto en línea con lo previsto hasta el 2,4% mientras que los precios de producción moderaron su contracción. En cuanto a la vacuna para el Covid-19 AstraZeneca ha paralizado la última etapa de pruebas ante la aparición de posibles efectos adversos.
Qué esperamos para hoy
Las bolsas abrirían con cierto sesgo a la baja ante las dudas en los avances de la vacuna. En estos momentos, los futuros del S&P cotizan con subidas del +0,5% (el S&P 500 cerró con caídas del -0,7% respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. subió (VIX 31,46%). Los mercados asiáticos cotizan con caídas (Japón -1,16% y Hong Kong -0,95%).
Hoy sin indicadores a destacar. En subastas: Italia (7.000 M euros en letras a 12 meses), Grecia (625 M euros en letras a 3 meses), Alemania (4.000 M euros en bonos 2030) y Portugal (1.250 M euros en bonos 2030 y 2045).

ESPAÑA
FLUIDRA, VENDER
Anunció al cierre que vista la favorable evolución del negocio desde que comenzó la pandemia el consejo ha decidido retomar el dividendo a cargo de 2020. Así, pagará 0,21 euros/acc. (vs cero en 2019) como dividendo a cuenta’20 el 27 de octubre’20 (ex-dividend 23 octubre’20). Yield 1,5%. Noticia positiva porque no se esperaba que FDR retomase el dividendo en niveles previos hasta 2021. Tras este primer pago a cuenta, entendemos que FDR podría pagar un DPA’20e Total de al menos 0,40 euros/acc. (3% yield vs cero esperado por nosotros y 0,12 el consenso) lo que supondría retomar la política con niveles de payout de ~100% vs niveles previos máximos de 80%. Valoramos positivamente la respuesta de FDR a una mejor evolución del entorno.
Underlyings
AEDAS Homes SA

Aedas Homes is engaged in the housing development business in Spain. The company has a portfolio of approximately 1.5 million square meters of land that it develops for residential purpose. Co. develops multifamily homes for the housing market in Madrid, Catalonia, Levante and Majorca, Costa del Sol and Seville.

Air Liquide SA

L'Air Liquide is engaged in the market of gases for industry, health and the environment. Oxygen, nitrogen, hydrogen, and rare gases make up Co.'s core activities. Co. structures its activities in three segments: Gas and Services, Engineering and Technology, and Other activities. The Gas and Services segment comprises four business lines: Industrial Merchant, Large Industries, Healthcare and Electronics; Engineering and Technology designs, develops and builds industrial gas production plants for Co. and third parties; and the Other Activities segment develops welding and cutting edge technologies, and markets deep-sea diving and swimming equipment to professionals and privates individuals.

Airbus Group SE

Bankia S.A.

Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.

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.

Cellnex Telecom S.A.

Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.

Fluidra S.A.

Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.

International Consolidated Airlines Group SA

International Airlines Group is an international scheduled airline and global premium airlines. Co.'s principal place of business is London with significant presence at Heathrow, Gatwick and London City airports.

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.

Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

Provider
Sabadell
Sabadell

Analysts
Research Department

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