IBERIAN DAILY 04 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ALMIRALL, APPLUS, CAIXABANK, COLONIAL, GRIFOLS, INDRA, MERLIN, OHL, REPSOL, SANTANDER, TOURISM SECTOR.MARKETS YESTERDAY AND TODAY
Europe still taking a breather
Slight profit taking on European stock markets (larger on the IBEX and FTSE), which was limited by the positive surprises in US macro data. This, the Euro STOXX ended practically flat, with the best-performing sectors being Household Goods and Autos vs. the drops in Travel & Leisure (in the end Spain will not be on the UK green list) and Basic Materials. On the macro side, in the euro zone May’s final services PMI was raised slightly to 55.2 and should rally to 70 in August. We highlight the solid performance in Spain before the summer season (59.4 vs. 57.9 previously). In the US, the non-manufacturing ISM rose more than expected (new record high) and suggests 9.2% growth QoQ for 2Q’21. May’s ADP employment survey recorded almost double the private employment expected, suggesting May’s non-farm job creation will not disappoint. Separately, Biden now proposes a minimum general corporation tax of 15% in the US in order to gain favour from the Republicans. Lastly, the Govt. added 59 names to the blacklist of Chinese companies banned from receiving US investor money.
What we expect for today
European stock markets would open with a slightly bearish slant. Currently, S&P futures are down -0.03% (the S&P 500 ended -0.16% lower vs. its price at the closing bell in Europe). Volatility in the US increased (VIX 18.04). Asian markets are mixed (China’s CSI +1.2% and Japan’s Nikkei -0.3%).
Today in the euro zone we will learn April’s retail sales and in the US non-farm job creation, salary gains and unemployment (all for May), as well as April’s factory orders and final durable goods orders.
COMPANY NEWS
GRIFOLS. Investor Day’21: delay in plasma supply, with little impact on the valuation. BUY.
The company cut its plasma supply’21 forecast to +10%/+20% (vs. +30% previous), now expecting sales to recover in 4Q’21 (vs. 2H’21 BS(e)), which in any event would have an impact of less than -1% on the T.P. GRF will make a bigger effort in R&D (6%-7% of sales vs. 5.5% currently) and keeps its NFD/EBITDA target of
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.
Applus Services SA is a Spain-based company that provides inspection, testing and quality assurance services. The Company's activities are divided into five segments: Applus+ RTD, which provides non-destructive testing services mainly to the oil industry; Applus+ Velosi-Norcontrol, which offers solutions for technical assistance, supervision, inspection, quality control testing, certification and consulting services mainly to industrial, electrical, oil and telecommunications facilities; Applus+ Laboratories, which focuses on laboratory testing, system certification and product development services within aerospace, industrial and consumer goods sectors, among others; Applus+ Automotive, which is responsible for the vehicle roadworthiness testing services, and Applus+ IDIADA, which delivers design, engineering, testing and certification services mainly to car manufacturers. The Company operates in Europe, Africa, Asia and the Americas.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
Repsol is an oil and gas company. Co. is engaged in all the activities relating to the oil and gas industry, including exploration, development and production of crude oil and natural gas, transportation of oil products, liquefied petroleum gas (LPG) and natural gas, refining, the production of a wide range of oil products and the retailing of oil products, oil derivatives, petrochemicals, LPG and natural gas, as well as the generation, transportation, distribution and supply of electricity. Co. operates in more than 40 countries. Co.'s operations are divided into four segments: Upstream, Downstream, LNG and Gas Natural Fenosa.
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