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INFORME DIARIO 24 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CELLNEX, LIBERBANK, SECTOR ELÉCTRICO Y GAS. EUROPA: AIR LIQUIDE, DAIMLER, NOKIA.

El mercado indiferente
Las bolsas europeas se dedicaron a consolidar la actual zona de resistencias. En el Euro STOXX Químicas y Energía (por las subidas del petróleo) fueron los mejores sectores frente a S. Financieros y C. Personal que terminaron con las mayores pérdidas. Por el lado macro, en la Eurozona el dato preliminar de la confianza del consumidor de octubre se deterioró más de lo esperado. Por otra parte, la UE retrasó la decisión sobre la prórroga del Brexit hasta este viernes, aunque previsiblemente se prolongará el periodo de negociación hasta finales de enero. En China se retiró formalmente la ley de extradición de ciudadanos de Hong Kong por las protestas. En Rdos. empresariales en EE.UU. salieron en línea Hilton, eBay y Nasdaq y decepcionaron Caterpillar y Boeing, batieron expectativas Ford Motor, PayPal y Microsoft.
Qué esperamos para hoy
Las bolsas abrirían planas pero con cierto sesgo a la baja con los frágiles datos macro a conocerse y una campaña con sabor agridulce. Los futuros del S&P cotizan sin cambios (el S&P 500 cerró con subidas del +0,15% respecto al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 14,01%). Los mercados asiáticos que están abiertos cotizan con subidas (Hong Kong +0,59% Japón +0,38%).
Hoy destaca la reunión del BCE y los PMI preliminares de manufacturas y servicios de octubre en la Eurozona. En España la tasa de desempleo del 3T’19. En México el índice de actividad económica IGAE de agosto. En EE.UU. los pedidos de bienes duraderos preliminares de septiembre, el paro semanal y la venta de viviendas nuevas de septiembre. En Rdos. empresariales en EE.UU. American Airlines, American Electric, Twitter, 3M, Visa y Amazon.com entre otros.


EUROPA

AIR LIQUIDE, COMPRAR
Ha publicado ventas 3T’19 en línea con lo previsto: 5.454 M euros (+3,5% vs +3,2% BS(e) y +4,3% consenso). El negocio de Gas&Services (96% ventas) experimenta un crecimiento orgánico en línea con lo esperado (+3,5% vs +3,5% BS(e) y +3,6% de consenso), destacando favorablemente la evolución de Industrial Merchant (45% ventas) con un crecimiento del +2,4% (vs +1,5% BS(e)) que incluso se acelera frente al +2% visto en 2T’19. Esto es así gracias a que la favorable evolución en precios continúa. Por otra parte, la compañía mantiene guidance de crecer en BDI a tipo de cambio constante (vs +3,9% BS(e) y +5% de consenso). Finalmente y aunque AI no publica datos de EBITDA, cabe destacar que la generación de caja operativa crece un +8,8% vs la vista en 9meses’18 (vs +8,6% a 1S’19), lo que representa un muy buen indicador sobre ese parámetro. Si bien la evolución de las ventas está en línea con lo previsto, creemos que demuestran la solidez del negocio de AI y como la concentración del sector está permitiendo subidas de precio, que se dejan notar especialmente en la evolución de su negocio más cíclico (IM) y en la generación de caja. Esperamos detalles adicionales en su conference call de las 10:00h.

DAIMLER. Rdos. 3T mejor de lo esperado en EBIT, pero revisan a la baja las ventas en Camiones y Vans. COMPRAR
Rdos. 3T’19 por encima de lo esperado en EBIT (+3,7% vs -0,6% BS(e) vs -2,6% consenso) gracias a unos márgenes ligeramente por encima de lo previsto (6,2% vs 5,9%) que pone de manifiesto que más allá de los profit warnings el negocio sigue generando tracción. Por la parte del guidance, si bien mantienen sus objetivos agregados (en Ventas y en EBIT), rebajan un escalón las perspectivas de ventas en Camiones (20% EBIT) y Vans (10% EBIT) y esperan ahora que se sitúen “al nivel de 2018” (vs “ligeramente por encima de 2018” antes) y “ligeramente por encima de 2018” (vs “claramente por encima de 2018” antes) respectivamente. En definitiva, Rdos. mejores de lo previsto por la parte operativa que podrían verse empañados por los signos de agotamiento en las divisiones más industriales (que en todo caso no nos hará revisar nuestras estimaciones, impacto
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.

Anheuser-Busch InBev N.V. ADS

Atresmedia Corporacion de Medios de Comunicacion SA

Atresmedia Corporacion De Medios De Comunicacion is a television and radio broadcasting company based in Spain. Co. is engaged in the indirect management of television and radio services, which include the broadcasting, creation, production and distribution of television and radio programming, and the sale of advertising time. Group companies mainly carry on business activities relating to the production, copying and broadcasting of sounds and images, and TV and Internet home shopping. Co. provides National and World Digital Television Services. Co. is the parent company of Grupo Antena 3.

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.

Daimler AG

Daimler provides a range of transportation products, including passenger cars and commercial vehicles, and also financial services. Co. operates in five segments. Mercedes-Benz Cars sells passenger cars and off-road vehicles under the Mercedes-Benz brand and small cars under the smart brand. The Daimler Trucks distributes its trucks (Mercedes-Benz, Freightliner, FUSO, Western Star, Thomas Built Buses and BharatBenz). The vans of the Mercedes-Benz Vans segment are sold under the brand name Mercedes-Benz and Freightliner. Daimler Buses sells completely built-up buses (Mercedes-Benz and Setra). The Daimler Financial Services division supports sales of Co.'s automotive brands.

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.

Kering SA

Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.

Nokia Oyj

Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.

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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Sabadell

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Research Department

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