SPANISH MARKET: RESULTS HIGHLIGHTS AND PREVIEWS WEEK 19 TO 23 OCTOBER 2020 (ANÁLISIS BANCO SABADELL)
Results highlights and previews next week.The 3Q’20 results season kicks off with four companies: Atresmedia, Bankinter, Enagás and Iberdrola. We expect a positive impact in Atresmedia, where we expect to see substantial improvement vs. the sharp drops seen in 2Q’20 thanks not only to a better performance of the advertising market (with a drop of -5.5% in 3Q’20e vs. -32% in 1H’20) but also to a significant increase in revenues stemming from content sales to third-parties and further cost-control measures. In the case of Bankinter, we expect a slightly negative performance, not so much on the side of operating trends, which would be maintained, but as a result of the uncertainty in the face of NPL increases. As for the CoR, we expect it to stand at 65bps, which would be compatible with reaching 85bps BS(e) in 2020, which stands slightly above the guidance of 70bps.
Atresmedia Corporacion De Medios De Comunicacion is a television and radio broadcasting company based in Spain. Co. is engaged in the indirect management of television and radio services, which include the broadcasting, creation, production and distribution of television and radio programming, and the sale of advertising time. Group companies mainly carry on business activities relating to the production, copying and broadcasting of sounds and images, and TV and Internet home shopping. Co. provides National and World Digital Television Services. Co. is the parent company of Grupo Antena 3.
Bankinter is the parent company of a group engaged in banking activities. Services provided include: investment banking; capital market services; financial services insurance; international services such as foreign exchange transactions and travelers' checks; wholesale corporate banking; and retail and private banking services. Co. offers its products and services through the following channels of distribution: branch network; telephone banking, interactive (software) banking; agents; and Internet banking. As of Dec 31 2014, Co. had assets totalling Euro57,332,974,000 and deposits totalling Euro29,966,129,000.
Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
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