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INFORME DIARIO 24 ENERO + RDOS. ESPAÑA Y EUROPA 4T'21. PREVIEWS (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: AENA, ATRYS HEALTH, BBVA, CELLNEX, FLUIDRA, IAG, NEINOR HOMES. EUROPA: PHILIPS.

Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los previews de Rdos. 4T’21 que se publicarán en España y Europa en los próximos días.


Viernes negro para cerrar la semana
Las caídas en Asia, la apertura negativa en EE.UU. con el derrumbe de Netflix (caídas superiores al -25%) y el incremento de la tensión entre Rusia y Ucrania lastraron los índices europeos, que terminaron la semana con caídas cercanas al -1,5%. Así, en el Euro STOXX destacaron en la semana Bienes de Consumo y Retail, que fueron los únicos que cerraron en positivo, frente a las mayores caídas de R. Básicos y Autos. Por el lado macro, en la Eurozona la confianza del consumidor de enero cayó menos de lo esperado. En Japón el PMI de manufacturas de enero retuvo los niveles de diciembre mientras que el de servicios retrocedió significativamente por debajo de 50. Por el lado geopolítico EE.UU. ordenó la evacuación de familiares de la embajada en Ucrania mientras la tensión militar sigue subiendo. En Rdos. Empresariales en EE.UU. Huntington decepcionó, Schlumberger mejor.
Qué esperamos para hoy
Las bolsas europeas abrirían con ganancias del orden del +0,5% con un ligero mejor comportamiento del growth. En estos momentos, los futuros del S&P cotizan con subidas del +0,75% (el S&P 500 terminó el viernes con caídas del -1,38% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. subió (VIX 28,85). Los mercados asiáticos cotizan mixtos (CSI 300 chino -0,03%, Nikkei de Japón +0,25%).
Hoy en la Eurozona PMIs de enero y en EE.UU. el índice de Actividad de la Fed de Chicago de diciembre. En subastas: Alemania (6.000 M euros en letras de 6 y 12 meses) y Francia (letras a 3, 6 y 12 meses) En Rdos. Empresariales en EE.UU. Halliburton, Zions Bancorp y Brown & Brown entre otros.


EUROPA

PHILIPS. Rdos. completos sin novedades, guidance flojo. COMPRAR
Rdos. 4T’21 completos sin sorpresas frente a la prepublicación del 12/01, donde además de anunciar que no alcanzarían su guidance’21 incrementaron el número de aparatos afectados por el caso de los respiradores (5,2 M de aparatos vs 3,5 M antes). Así, el único elemento relevante de esta publicación estaba en el guidance’22, que implica un crecimiento en ventas del +3%/+5% y una mejora del margen EBITA ajustado de entre +40/+90 pbs lo que supone que en 2022 éste se situará entre 2.191/2.323 M euros (vs 2.463 M euros BS(e) y 2.537 M euros consenso). Esto es negativo y parece asumir que el guidance a largo plazo será difícil de alcanzar. Tras estos Rdos. revisaremos estimaciones ~-12% en EBITA ajustado para el periodo 2022-2026 con un impacto del -15% en P.O. dejándolo c. ~43 euros/acc.(+46% potencial).
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.

Atrys Health

Atrys Health SA. Atrys Health SA, formerly Europath Biosciences SL, is Spain-based company primarily engaged in the predictive and personalized oncology therapies. It operates under Atrys brand name. Atrys is a clinical and translational research laboratory dedicated to the diagnosis, prognosis and treatment of cancer, including hematologic and solid malignancies. It has four areas of activity: Laboratory, Telemedicine, Radiotherapy, as well as Research and Development (R&D). The Company has its diagnostic laboratories and translational research in Barcelona and Granada, and offices in Madrid, Spain.

Banco Bilbao Vizcaya Argentaria S.A.

Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.

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.

Koninklijke Philips N.V.

Koninklijke Philips Electronics is active in the markets of healthcare, consumer lifestyle and lighting. Co.'s activities can be divided into three segments: Healthcare (Co. provides Imaging Systems, Patient Care and Clinical Informatics, Home Healthcare Solutions and Customer Services), Consumer Lifestyle (Co.'s products are divided into the following: Health and Wellness; Domestic Appliances; and Lifestyle Entertainment), Lighting (Co. provides lighting solutions for homes, shops, offices, schools, hotels, factories and hospitals; Co. also offers solutions for roads (street lighting and car lights) and for public spaces, residential areas and sports arenas).

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Sabadell
Sabadell

Analysts
Research Department

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