SPANISH MARKET: RESULTS HIGHLIGHTS WEEK 27 TO 31 JULY 2020 (ANÃLISIS BANCO SABADELL)
Results highlights next week.Of the stocks releasing 2Q’20 results next week, we expect a positive impact in: (i) Caixabank: where the expectations are not demanding, and we expect CABK to show more robust performance than other domestic banks in Operating Income; (ii) Colonial: where we expect the results to show the defensive nature of the company’s portfolio, high-quality and with very low vacancy levels; (iii) Grifols: following the poor performance since March lows, the improvements to underlying EBITDA margins and debt should justify a warm reception; and (iv) MásMóvil: where we expect the growth in the client base and EBITDA to continue, showing the stock’s defensive character and ability to deliver, even in a quarter hit by Covid-19. On the negative side we would highlight: (i) Arcelor Mittal: we expect poor results that will show that steel demand is weak in all the company’s regions, which could bring back doubts following the strong recent performance; (ii) Bankia: following the stock’s solid performance, these results would once again stress the difficulty in generating revenues due to the pressure on NII; (iii) Siemens Gamesa: we expect poor results that could be the perfect excuse for some investors to sell their stakes after the stock has outperformed the IBEX by +57% since March lows; and (iv) Técnicas Reunidas: the key will be the company potentially giving a new annual guidance (which was withdrawn due to Covid-19), where we think the consensus estimates are still too high for the year, and thus any negative surprise will lead to a poor reception.
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 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.
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.
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.
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