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INFORME DIARIO 29 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: APPLUS, BANKINTER, GRIFOLS, INDRA, LIBERBANK, SACYR. EUROPA: DEUTSCHE TELEKOM, ORANGE.

S&P de nuevo en máximos
EE.UU. rompió la resistencia de los 3.028 puntos volviendo a situarse en máximos históricos apoyado por un calendario de resultados que está sorprendiendo por su solidez (con algo menos de la mitad de empresas presentadas, el 80% han batido expectativas en beneficios). En el Euro STOXX jornada lateral donde mostraron un mejor comportamiento Autos y R. Básicos frente a Alimentación y Telecos que terminaron con caídas del –0,7%. Por el lado macro, en la Eurozona la M3 de septiembre moderó su ritmo de avance de forma imprevista. En cuanto al Brexit, la UE finalmente acordó un flexideadline hasta el 31/01/20 dejando una ventana abierta para que sea aprobado por el R. Unido en diciembre. Por su parte, B. Johnson perdió su tercer intento de convocar elecciones anticipadas e intentará hoy conseguirlo con mayoría simple. En EE.UU. el índice de la Fed de Chicago septiembre se deterioró más de lo previsto volviendo a la contracción, lo que podría apuntar un ISM a la baja. En el frente comercial, D. Trump comentó que se la Fase I del acuerdo con China podría cerrarse antes de lo previsto, probablemente en la cumbre de Chile del 16/17 de noviembre. Además dio más detalles sobre este acuerdo, que se centrará en la agricultura y los servicios bancarios. En Japón la inflación general y subyacente se moderó en octubre más de lo esperado. En Rdos. empresariales de EE.UU. AT&T estuvo muy en línea, Loews y Alphabet (Google) decepcionaron.
Qué esperamos para hoy
Las bolsas europeas vienen con una apertura plana a pesar del buen comportamiento de la bolsa estadounidense. Los futuros del S&P cotizan con subidas del +0,12% (el S&P 500 cerró sin cambios respecto al cierre de los mercados en Europa). La volatilidad en EE.UU. subió (VIX 13,11%). Los mercados asiáticos que están abiertos cotizan mixtos (Hong Kong -0,38% Japón +0,47%).
Hoy en España las ventas al por menor y el déficit público de septiembre. En EE.UU. las ventas de viviendas pendientes de septiembre y la confianza del consumidor de octubre. En Rdos. empresariales en EE.UU. Mastercard, Nomura, BP y General Motors entre otros. En subastas: Italia (6.500 M euros en letras a 6 meses).

ESPAÑA

LIBERBANK- COMPRAR. Rdos. 3T’19 ligeramente por debajo de lo esperado.
Los Rdos. han estado por debajo de lo esperado, con una caída vs 3T'18 de -9% en Margen neto (vs -2% BS(e) y +3% de consenso) y de -54% en BDI (c.-10% vs esperado), por gastos no esperados en la línea de otros ingresos y un ligero repunte de gastos (+2% vs esperado). Dicho esto, la evolución del M. de intereses (+0,9% vs 2T'19 y vs +0% esperado) y comisiones (+0,7% vs -1% esperado) ha sido muy positiva. Como esperado hay una desaceleración en actividad y LBK reduce ligeramente el guidance de M. de Intereses, esperando ahora que se sitúe en la parte baja del rango (vs mid single digit previo). CET1 del 13% (+20p.b. vs 2T’19), en línea. Esperamos reacción negativa de la cotización. COMPRAR. P.O. 0,49 euros/acc. (potencial +61,40%).


EUROPA

ORANGE. Rdos en línea en EBITDA. Las ventas en Francia y España caen más de lo previsto. COMPRAR.
Rdos. 3T’19 algo mejores en ventas (+0,8% vs +0,5% BS(e) y +0,4% consenso) por África y Oriente Medio, pero en línea en EBITDA (+0,3% vs +0,2% BS(e) y +0,2 consenso). Sin el efecto negativo de Orange Bank (-34 M euros), el crecimiento de EBITDA de telecomunicaciones es +0,3%. El margen se mantiene estable vs 3T’18 (34,7%). Destacamos que en Francia (44% ventas) las ventas caen un -0,4% (vs +0,1% BS(e) y +0,2% conseso), afectadas por el comparable negativo de contenidos digitales (+0,2% sin ese efecto). En España, la caída es del -2,5% (vs -0,8% BS(e) y -1,3% consenso). En definitiva, unos Rdos. flojos, que continúan afectados por la fuerte competencia en sus dos principales geografías. Esperamos un sesgo negativo en la acogida.
Underlyings
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.

APPLUS SERVICES S.A.

Applus Services SA is a Spain-based company that provides inspection, testing and quality assurance services. The Company's activities are divided into five segments: Applus+ RTD, which provides non-destructive testing services mainly to the oil industry; Applus+ Velosi-Norcontrol, which offers solutions for technical assistance, supervision, inspection, quality control testing, certification and consulting services mainly to industrial, electrical, oil and telecommunications facilities; Applus+ Laboratories, which focuses on laboratory testing, system certification and product development services within aerospace, industrial and consumer goods sectors, among others; Applus+ Automotive, which is responsible for the vehicle roadworthiness testing services, and Applus+ IDIADA, which delivers design, engineering, testing and certification services mainly to car manufacturers. The Company operates in Europe, Africa, Asia and the Americas.

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.

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.

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.

Deutsche Telekom AG

Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.

ENCE Energia y Celulosa SA

Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.

EssilorLuxottica SA

Essilor International (Compagnie Generale d'Optique) designs, manufactures and sells ophthalmic lenses, ophthalmic optical instruments and equipment. Co.'s activities are divided into three segments: Lenses and Optical Instruments (Co. designs, manufactures and customizes corrective lenses such as: Varilux (progressive lenses); anti-reflective, smudge-proof and anti-static lenses (Crizal); Nikon lenses, Transitions variable-tint lenses and Kodak lenses under agreements; polarized lenses (Xperio) and fog-proof lenses (Optifog)), Equipment (Co. produces, distributes and sells equipment and consumables used by prescription laboratories) and Readers (Co. designs and sells reading glasses).

Euskaltel SA

Euskaltel SA is a Spain-based company engaged in the provision of integrated telecommunication services. The Company's activities are divided into three segments: Residential, Business, as well as Wholesale and Other. The Residential segment provides fixed and mobile telecommunication services, broadband and wireless Internet, as well as digital television (TV) as a single service and in packages. The Business division primarily offers fixed and mobile telephony, as well as Internet access for enterprises. The Wholesale and Other area serves wholesale customers and is responsible for the delivery of communication services, such as infrastructure leasing, information technology (IT) outsourcing, as well as sell of installation material and electronics. The Company operates in the Basque Country, Spain.

Grupo Prisa (PRS SM)

Indra Sistemas S.A. Class A

Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.

L'Oreal SA

L'Oreal acts as a holding company. Through its subsidiaries, Co. plays a strategic coordination role and scientific, industrial and marketing coordination role on a global basis. Co. develops, manufactures and commercializes products for Skin care, Hair care, Make-up, Perfumes, Toiletries and deodorants, and Oral cosmetics. Co. has three branches: Cosmetics, Body shop and Dermatology. Co.'s principal activities comprise four divisions: Professional Products, Consumer Products, L'Oreal Luxe and Active Cosmetics. The Body Shop branch offers various cosmetics and toiletry products. The Dermatology branch offers topical dermatology prescription, and corrective and aesthetic dermatology.

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.

Red Electrica Corp. SA

Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.

Sacyr S.A.

Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.

Total SE

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.

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