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INFORME DIARIO 26 JULIO + RDOS. ESPAÑA Y EUROPA 2T’24. IDEAS DESTACADAS Y PREVIEWS (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: FERROVIAL, GRUPO CATALANA OCCIDENTE, NEINOR, TALGO. EUROPA: AIR LIQUIDE, BASF, ENI, ESSILORLUXOTTICA, HERMÈS INTERNATIONAL. MERCEDES BENZ GROUP, VINCI,

Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 2T’24 que se publicarán en España y Europa en los próximos días.


Moderación de caídas con ayuda de EE.UU.
La jornada fue nuevamente negativa en Europa, con malos datos macro de Francia y Alemania, pero moderó las caídas tras el buen dato del PIB 2T’24 en EE.UU. Así, la mayoría de sectores del STOXX 600 cerraron nuevamente con pérdidas, lideradas por Media y Tecnología (que repite entre los peores sectores por segundo día consecutivo) frente a Telecom y Hogar que presentaron el mejor comportamiento relativo. Por el lado macro, Alemania el IFO de julio de 2024 cayó en contra de lo esperado por los componentes de situación actual y expectativas. En Francia la confianza empresarial de julio cayó con fuerza hasta mínimos de Febrero’21. En EE.UU. el PIB 2T’14 repuntó hasta el +2,8% t/ta (+2,0% t/ta esperado) principalmente por la acumulación de inventarios y el incremento del consumo. Los pedidos de bienes duraderos de junio cayeron con fuerza en contra de lo previsto hasta el nivel más bajo de abril’2020. El desempleo semanal cayó más de lo esperado. En Japón, la inflación de Tokio de julio se moderó hasta el 2,2%. En Rdos. empresariales en EE.UU. del 2T’24 Nasdaq y American Airlines mejor de lo esperado.
Qué esperamos para hoy
Las bolsas abrirían con subidas cercanas al +0,10% tras las caídas de los últimos días. En estos momentos, los futuros del S&P 500 cotizan con subidas del 0,5% (el S&P 500 terminó al mismo nivel con respecto al estaba al cierre de las bolsas europeas). Los mercados asiáticos cotizan con subidas (CSI 300 chino +0,10%, Nikkei de Japón +0,12%).
Hoy en España las ventas al por menor de julio y la tasa de desempleo del 2T’24. En EE.UU. el deflactor subyacente del consumo y el ingreso y gasto personal de junio. En Paris comienzan los Juegos Olímpicos. En Rdos. Empresariales en EE.UU. Colgate, 3M y Aon entre otros


ESPAÑA

NEINOR HOMES. Rdos en línea, reitera guía de abultados pagos de dividendos. SOBREPONDERAR.
Ingresos: 182 M euros (+1% vs 0% BS(e)); EBITDA: 21 M euros (-2% vs +5% BS(e)). Las entregas de 2024 tienen sesgo a 2S’24 por lo que la PyG es poco representativa. Las entregas son menores que en 1S’23 (582 uds, todas BtS, vs 637 uds en 1S’23) pero a un precio medio superior. El EBITDA es de tan solo 21 M euros (20% de lo que esperamos para todo 2024) porque un número tan reducido de entregas no diluye bien los costes fijos. Con todo, no cambiamos nuestras estimaciones ya que esperamos un 2S’24 fuerte (como el año pasado). Quizá, como punto negativo, habría que señalar los inicios de obra en 1S’24 están
Underlyings
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.

BASF SE

BASF is a chemical company based in Germany. Co. conducts its operations through five reportable segments: Chemicals, which comprises the Petrochemicals, Monomers and Intermediates divisions; Performance Products, which consists of the Dispersions & Pigments, Care Chemicals, Nutrition & Health and Performance Chemicals divisions; Functional Materials & Solutions, which comprises the Catalysts, Construction Chemicals, Coatings and Performance Materials divisions; Agricultural Solutions, which comprises the Crop Protection division; and Oil & Gas, which is composed of the Oil & Gas division.

Eni S.p.A.

Eni is engaged in the oil and gas exploration and production, gas marketing operations, management of gas infrastructures, power generation, petrochemicals, oil field services and engineering industries. Co.'s operations are divided into three segments; Exploration and Production (oil and natural gas exploration and field development and production, as well as LNG operations), Gas and Power (supply, trading and marketing of gas and electricity, managing gas infrastructures for transport, distribution, storage, re-gasification, and LNG supply and marketing), and Refining and Marketing (supply of crude oil, refining and marketing of refined products). Co. maintains operations in 73 countries.

Ferrovial S.A.

Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.

Hermes International SCA

Hermes International is engaged in the manufacture, sale, and distribution of luxury goods primarily in France, rest of Europe, Japan, Asia-Pacific, and Americas. Co.'s activities can be divided into two segments: the distribution via Co.'s exclusive network and the distribution via specialist outlets. The distribution via Co.'s exclusive network comprises silks and textiles, leather goods and saddlery, ready-to-wear and fashion accessories (men and women's clothing, belts, jewellery accessories, gloves, hats and shoes), and other goods (jewellery and products of the art of living department). The distribution via specialist outlets comprise perfumes, tableware and watches.

Neinor Homes SA

Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.

Talgo SA

Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.

VINCI SA

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

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