EUR 100.00 For Business Accounts Only

SPANISH MARKET: RESULTS HIGHLIGHTS WEEK 03 TO 07 FEBRUARY 2020 (ANÁLISIS BANCO SABADELL)

4Q’19 Results Highlights next week.
Of the companies releasing 4Q’19 results in Spain next week, we expect to see a positive impact in: (i) Arcelor Mittal, which is expected to release poor earnings and where the key will lie in the message to be provided by the company for the 1H’20, which we believe will be positive thanks to the rise in the price of steel since Nov 2019 and considering the stock’s poor performance in the last year (-13%; -12% vs. Ibex); and (ii) Naturgy, the results of which will be marked by the better performance of its liberalised businesses (including positive surprises in GNL), which will help the company meet or even beat its guidance’19.