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MERCADO ESPAÑOL: RESULTADOS A DESTACAR SEMANA 27 A 31 JULIO 2020 (ANÁLISIS BANCO SABADELL)

Resultados España destacados para la próxima semana.
De los valores que publican Rdos. 2T’20 la semana que viene esperamos impacto positivo en: (i) Caixabank: donde las expectativas no son exigentes y esperamos que CABK presente una evolución más sólida que otros domésticos en M. Neto, (ii) Colonial: donde esperamos que los Rdos. muestren las cualidades defensivas de su cartera, , (iii) Grifols: tras el mal performance desde mínimos de marzo, la mejora de márgenes EBITDA subyacentes y del endeudamiento deberían justificar acogida positiva y (iv) MásMóvil: donde esperamos que se mantenga el crecimiento de la base de clientes y del EBITDA. Por el lado negativo destacaríamos: (i) Arcelor Mittal: Esperamos unos Rdos. débiles, que evidencien que la demanda de acero está débil en todas las regiones, (ii) Bankia: tras el buen comportamiento de la acción, estos Rdos. pondrían de nuevo en evidencia la dificultad en la generación de ingresos por la presión en el M. Intereses, (iii) Siemens Gamesa: esperamos malos Rdos. que podría llevar a caídas tras el +57% que le saca al IBEX desde los mínimos de marzo y (iv) Técnicas Reunidas: la clave será la potencial definición de un nuevo guidance anual (retirado con motivo del Covid-19) donde creemos que el consenso está todavía muy alto.
Underlyings
ArcelorMittal

Bankia S.A.

Bankia is a financial institution based in Spain. Co. is primarily engaged in operations in the banking sector. Co.'s business operations are structured into seven areas: Retail Banking, Business Banking, Private Banking, Asset Management and Bancassurance, Capital Markets and Holdings. Co. offers financial products and services to various customer segments, such as individuals, small and medium enterprises, large corporations, as well as public and private institutions. As of Dec 31 2014, Co. had total assets and total customer deposits of Euro233,648,603,000 and Euro106,806,698,000 respectively.

CaixaBank SA

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.

Inmobiliaria Colonial (COL SM)

Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

SIEMENS GAMESA (SGRE SM)

Tecnicas Reunidas SA

Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.

Provider
Sabadell
Sabadell

Analysts
Research Department

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