IBERIAN DAILY 15 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, MEDIASET ESPAÑA, ROVI, SANTANDER.The Ibex recovers the 8,200-point level
European stock markets were in positive territory thanks to the ease in energy prices in view of the positive prospects about a possible agreement between Russia and Ukraine and despite the new sanctions imposed by Europe to Russian companies such as Rosneft, Transneft and Gazprom (although the sale of crude oil has not been banned yet). Thus, in the Euro STOXX, Banks and Basic Resources were the best-performing sectors whereas Technology was the only sector in negative territory and Energy ended with the lowest gains (after the drops in crude oil). On the macro side, in Spain, January’s retail sales climbed slightly less than expected. In China, early this morning, industrial output and February’s retail sales came in above expectations. In monetary policy, the PBoC kept rates unchanged (vs. expectations of a cut following the lockdown in several cities). Separately, the US has warned about the possibility that China may end up helping Russia in its effort to take over Ukraine. Tomorrow, Russia might default on its sovereign debt, which could open a new source of concern for the market.
What we expect for today
European stock markets would see a bearish opening with the eyes set again on the tougher monetary policy before the Fed meeting. Currently, S&P futures are flat (yesterday the S&P 500 ended -0.23% lower vs. the European closing bell). Volatility in the US rose (VIX 31.77). Asian markets are mixed (China’s CSI 300 -3.75%, and Japan’s Nikkei +0.15%).
Today we will learn in the United Kingdom, January’s ILO employment rate, in Germany March’s ZEW economic sentiment, in the Euro zone January’s industrial production, and in the US February’s production prices and the Empire manufacturing index for March. In debt auctions: Germany (€ 5.5 Bn in bonds due 2024).
COMPANY NEWS
ROVI. Accelerated bookbuild of ~5% of capital. BUY.
Norbel Inversiones, an investment vehicle held by the López-Belmonte family, founders of ROVI, has conducted an accelerated bookbuild of 2.8 M shares (~5% capital) at € 64.50/sh., -9.4% vs. yesteday’s close. After the placement, the stake held by Norbel Inversiones will stand at 55.1% and it has pledged to keep a 180-day lock-up period. The sale is justified by the aim of raising liquidity after the implementation of two share buyback plans (~4% capital). Negative news given the significant discount even though the share price was trading near record highs (€ ~71.00/sh.). We would take advantage of the possible initial correction to BUY.
Banco Santander is a holding company, providing a range of financial products. Co.'s products and services include: retail banking business that covers all customer banking businesses; wholesale banking business; as well as asset management and insurance business. Co.'s principal operations are in Spain, the U.K., Portugal, Germany, Italy and Latin America. As of Dec 31 2014, Co.'s total assets amounted to Euro1,266,296,000,000 and total customer deposits amounted to Euro647,627,000,000.
Laboratorios Farmaceuticos Rovi is engaged in the sale of its own pharmaceutical products and the distribution of other products for which it holds licenses granted by other laboratories for specific periods, in accordance with the terms and conditions contained in the agreements entered into with said laboratories.
Gestevision Telecinco is a television network company based in Spain. Co. heads a group of dependent companies, which form the Telecinco Group. Through its subsidiaries, Co. is engaged in the management and commercial exploitation of a television network. Co.'s television network acquires, produces, and distributes audiovisual content. Co. also sells the network advertising airtime, carried out by its subsidiary. In addition, Co. is involved in the sale of other advertising products; production of news programs; the production and sale of audiovisual property rights; and teleshopping.
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