IBERIAN DAILY 11 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, CAIXABANK, CELLNEX, IAG, NATURGY, TELEFÓNICA.The Euro STOXX 50 at the 5,000-point support level
European stock exchanges reacted with strong corrections to the lower probability of rate cuts and to the result of the European Parliament elections. In this regard, French companies (banks, infrastructure, toll road and renewable groups) saw the bigger drops after early Parliamentary elections were called on 30/06. In the STOXX 600, 16 out of 20 sectors ended in negative territory, with Energy and Basic Resources being the best performers, whereas Consumer Goods and Food saw the biggest drops. On the macro side, in the euro zone, June’s Sentix index improved much more than expected, returning to positive territory for the first time since Feb’22. From the ECB, P. Kazimir considers that we could wait until October before studying a new rate cut, as the pressure on prices could resume.
What we expect for today
Stock markets would open with gains of more than +0.30%. Currently, S&P futures are up +0.13% (the S&P 500 ended up +0.16% vs. the European closing bell). Asian stock markets are mixed (China’s CSI 300 -1.09%, Japan’s Nikkei +0.30%).
Today in the UK we will learn May’s number of unemployed and April’s ILO unemployment rate, in the US May’s SMEs confidence index, in Mexico April’s industrial output and in Brazil May’s inflation.
COMPANY NEWS
CELLNEX. Criteria places 2.63% of CLNX at a -2% discount at € 32.91/sh. BUY.
Criteria, through an accelerated placement carried out yesterday afternoon, has sold 2.63% of CLNX at a limited discount of -2%, only holding 0.39% (exclusively to meet the conversion obligations of a convertible bond due on 06/2025) for which a 180-day lock-up period has been signed. The departure of Criteria (a historical shareholder in CLNX), which has been very active in acquisitions of other companies lately, does not come as a surprise, as the press had already reported it and it had already lowered its stake from 4.77%. On the positive side, we stress that with this placement, the overhang risk that could weigh on the share price disappears. Other relevant shareholders: Edizione 9.9%, TCI 9.4%, GIC 7.0%, CPPIB 5.2, Blackrock would keep a 5.1% stake and Norges 3%.
Almirall is engaged in the acquisition, manufacture, storage, sale and mediation in the sale of pharmaceutical specialties and products and all manner of raw materials used to prepare pharmaceutical specialties and products. Also, Co. acquires, manufactures, storages, sales and mediates in the sale of cosmetics, chemical, biotechnological and diagnostic products for human, veterinary, agrochemical and food-industry use, as well as all manner of utensils, complements and accessories for the chemical, pharmaceutical and clinical industries. In addition, Co. is engaged in the acquisition, sale, lease, subdivision and development of land lots, land and properties of all kinds.
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 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.
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.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
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