Report
Research Department
EUR 100.00 For Business Accounts Only

INFORME DIARIO 01 OCTUBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: APPLUS, ARCELOR MITTAL, LIBERBANK, MERLIN, SACYR, TELEFÓNICA, UNICAJA. EUROPA: BAYER, DEUTSCHE TELEKOM, TOTAL, VOLKSWAGEN.


Los datos macro americanos dan la vuelta al mercado
Cierres mixtos en las bolsas europeas y positivos en las americanas donde los buenos datos macro en EE.UU. (ADP de empleo, PMI de Chicago y venta de viviendas pendientes repuntaron por encima de lo esperado) impulsaron sectores cíclicos growth como consumo y tecnología. Mientras, Europa surfea la segunda oleada de Covid-19 y países como Alemania, R. Unido o España preparan nuevas restricciones. Así, en el Euro STOXX Energía e Inmobiliario liderando los avances frente a Bienes de Consumo y Recursos Básicos que presentaron las mayores caídas. En Alemania el número de desempleados de septiembre disminuyó menos de lo esperado. Desde el BCE, C. Lagarde apuntó a alinear la estrategia del BEC con la de la Fed. En España, el Ministerio de Sanidad ordenaría un confinamiento selectivo de Madrid que la comunidad no reconocería. Mientras, el FMI advirtió sobre una recaída del PIB por los rebrotes aunque mantuvo su estimación de PIB’20 para España en el -12,8% y revisó al alza el de 2021 hasta el 7,2% por los fondos europeos. En EE.UU. la Fed extenderá la prohibición de recompra de acciones y las limitaciones al pago de dividendo de los bancos hasta 2021. En Japón, el índice Tankan manufacturero y no manufacturero del 3T se recuperó menos de lo esperado.
Qué esperamos para hoy
Las bolsas europeas abrirían con ligeras ganancias que deberían ir a más, impulsadas por los sectores de perfil growth por la buena marcha de las negociaciones del paquete fiscal en EE.UU. que podría rondar los 1,5-2,0 billones e incluiría un nuevo cheque a las familias. En estos momentos, los futuros del S&P cotizan con subidas +0,45% (el S&P 500 cerró con caídas del -0,5% respecto al precio de cierre de las bolsas en Europa). La volatilidad en EE.UU. subió (VIX 26,37) Los mercados asiáticos cotizan con subidas (Japón +0,2%, Hong Kong +0,8%).
Hoy en la Eurozona la tasa de desempleo de agosto y el PMI manufacturero final de septiembre. En EE.UU el paro semanal, el gasto personal de agosto, el ISM manufacturero de septiembre y el gasto de construcción de agosto. En Brasil el PMI manufacturero de septiembre. En subastas: España (4.000 M euros en Bonos 2025, 2030, 2066 e I/L 2033) y Francia (11.500 M euros en Bonos 2030, 2034, 2040 y 2050).


ESPAÑA

SACYR. La caída reciente justifica cambio de recomendación a COMPRAR.
Tras fuerte caída del valor en las 3 últimas sesiones (-25%; -26% relativo al IBEX 35) el potencial de nuestro P.O. es de +33%. Creemos que el mercado ya recoge sobradamente las pérdidas generadas por el laudo sobre Panamá conocido el fin de semana pasado ya que la capitalización en estas 3 sesiones ha caído c. 300 M euros, cifra que es superior a las salidas de caja previstas tras dicha sentencia (86 M euros más otros 29 M euros contingentes) y que debería cubrir también la menor probabilidad de recibir reclamaciones positivas en el futuro. Olvidemos Panamá. El foco a futuro es la división de concesiones (85% del EV) que presenta excelentes perspectivas a medida que van entrando activos en funcionamiento con tipos de interés en mínimos.
Underlyings
APPLUS SERVICES S.A.

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.

ArcelorMittal

Bayer AG

Bayer is a life sciences group based in Germany. Co.'s operations are organized along three divisions: Pharmaceuticals (engaged in prescription pharmaceuticals for cardiology and women's healthcare); Consumer Health (engaged in non-prescription products in dermatology, dietary supplement, analgesic, gastrointestinal, allergy, cold and flu, foot care, sun protection and cardiovascular risk prevention categories); and CropScience (engaged in the development of seeds and plant traits; crop protection; and for gardens, the green industry and non-agricultural pest control). Co. also maintains an Animal Health business unit engaged in the development of products for farm and companion animals.

Deutsche Telekom AG

Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.

MERLIN Properties SOCIMI S.A.

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.

Sacyr S.A.

Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.

Telefonica SA

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.

Total SE

Total is an international integrated oil and gas company also active in solar and biomass energy sources. Co. engages all aspects of the petroleum industry, including Upstream operations (oil and gas exploration, development and production, and LNG (Liquefied Natural Gas)) and Downstream operations (refining, petrochemicals, specialty chemicals, marketing and marketing and trading and shipping of crude oil and petroleum products). In addition, Co. is engaged in the coal mining and power generation sectors. Co.'s worldwide operations are conducted through three business segments: Upstream, Refining & Chemicals, and Marketing & Services.

Unicaja Banco S.A.

Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.

Provider
Sabadell
Sabadell

Analysts
Research Department

Other Reports on these Companies
Other Reports from Sabadell

ResearchPool Subscriptions

Get the most out of your insights

Get in touch