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EUROSTOXX 50: RESULTADOS A DESTACAR SEMANA 03 A 07 AGOSTO 2020 (ANÁLISIS BANCO SABADELL)

Resultados EuroStoxx 50 destacados para la próxima semana.
De los valores que publican Rdos. 2T’20 la semana que viene destacamos en positivo: (i) Allianz, donde vemos ligeras revisiones al alza en Rdo. Operativo (especialmente en Gestión de Activos), si mantienen su indicación de -1.200 M euros de impacto Covid-19 para 2020 y (ii) Axa, en la que no esperamos ajustes adicionales por Covid-19, por lo que estando ya recogido en estimaciones, podría tener impacto positivo en cotización. Por el contrario, esperamos acogida negativa en: (i) Ahold, que seguirá mostrando una buena evolución, pero no vemos margen de sorpresas positivas (ni de revisión al alza en objetivos’20) que puedan impulsar la acción y (ii) Société Générale, que podría continuar con el underperformance (por falta de concreción de estrategia en CIB, mala evolución de Rdos. y mayor perfil de riesgo) si no presenta un plan coherente de mejora en el 2S’20.
Underlyings
Allianz SE

Allianz is engaged in the provision of a range of insurance and asset management products and services. Co. has three business segments: Property-Casualty, which provides insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance; Life/Health, which provides life and health insurance products including annuities, endowment and term insurance, unit-linked and investment-oriented products and private health and supplemental health and long-term care insurance; and Asset Management, which provides institutional and retail asset management products and services.

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.

Koninklijke Ahold Delhaize N.V.

Koninklijke Ahold Delhaize is an international group of supermarket and foodservice operators based in Europe and the U.S. Co. operates supermarkets and convenience stores. In addition, Co. provides online food retailing services. Co. also finances, develops and manages store sites and shopping centers. Ahold Europe comprises Albert Heijn in the Netherlands and Belgium; Etos, Gall & Gall, and albert.nl in the Netherlands; and Albert / Hypernova in the Czech Republic and Slovakia. Ahold USA is organized into four retail divisions: Giant Carlisle, Giant Landover, Stop & Shop New England, and Stop & Shop New York Metro. The Peapod online business is also part of Ahold USA.

Societe Generale S.A. Class A

Societe Generale is a universal banking and financial services group based in France. Co. is engaged in operations in areas such as retail banking, corporate and investment banking, financial services, insurance, private banking and asset management. Co.'s three segments are: French Retail Banking (FRB); International Retail Banking & Financial Services (IBFS); and Global Banking and Investor Solutions (GBIS). FRB offers products and services to individual, professional and business customers; IBFS comprises banking networks and consumer finance activities; and GBIS covers global activities of Corporate and Investment Banking. Co. maintains operations across 76 countries globally.

Provider
Sabadell
Sabadell

Analysts
Research Department

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