IBERIAN DAILY 20 FEBRUARY + 4Q'23 RESULTS. PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ENAGÁS, FCC, MELIÁ HOTELS, METROVACESA, SANTANDER.At the end of today’s report, and during the entire results season, we will include a presentation with previews for the 4Q’23 results to be released over the coming days in Spain.
Near January’21 highs
With the US holiday European stock markets remained stable, awaiting new drivers such as Nvidia’s results tomorrow, February’s PMI and the Fed minutes. Thus, in the STOXX 600, defensive sectors such as Pharma (the promising tests of Tagrisso against lung cancer fuelled AstraZeneca share price) and Telecoms led gains, whereas Basic Resources (iron fell due to doubts about Chinese growth after the new year holidays) and Autos saw the biggest drops. In China, the PBoC kept the 1 & 5Y benchmark loan interest rates unchanged at 3.45% and 4.2%, respectively. On the macro side in China the PBoC made a bigger cut than expected to the reference interest rate for 5Y loans to 3.95% (vs. 4.2% previously), keeping the 1Y rate unchanged at 3.45%. On the geopolitical front peace talks failed in the Middle East between Israel and Hamas.
What we expect for today
European stock markets would open with drops of as much as -0.3% with the worse performance of growth. Currently, S&P futures are down -0.25% (the S&P 500 was closed due to Washington holiday vs. the European closing bell). Asian stock markets are sliding (China’s CSI 300 -0.09%, Japan’s Nikkei -0.28%).
Today no relevant macroeconomic data will be released. In US business results, Home Depot, Walmark and Keysight Tech, among others, will release its earnings.
COMPANY NEWS
ENAGAS. FY2023 Results above expectations but with the dividend’24-26 cut by -42%. BUY.
EBITDA’23 € 780 M (-2% vs. 2022, vs. -3% BS and consensus) and Net Profit € 342 M (-9% vs. 2022, -10% BS and -15% consensus), including the capital gains from Morelos gas pipeline (€ 42.2 M). The company beats the Net Profit guidance (€ 310/320 M) thanks to the effectiveness of its efficiency, financial and operating plan and to the good performance of its associated companies. 2023 NFD improves to € 3.34 Bn (€ -122 M vs. 2022) due to working capital. The FFO/ND ratio also improves (18.7% vs. 17.6% in 2022). The company reiterated its 2023 DPS of € 1.74/sh. (12% yield) but cut the DPS’24-26 to € 1.00/sh. (-42% to ~7% yield). ENAG unveiled new guidance for 2024: EBITDA’24 € 750/760 M / Net Profit’24 € 260/270 M. NFD’24 € 3.4 Bn. We expect a negative market reaction due to the dividend. Conference call at 8:30 (CET).
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.
Fomento de Construcciones y Contratas is the parent company of a group engaged in sanitation services, cleaning, maintaining, purification and distribution of water, construction of highways, hydraulic works, marine works, air and rail transport infrastructure, urban developments, housing, non-residential buildings, office buildings, toll highways, parking garages, marinas and water treatment plants. Co. is also engaged in the manufacture and sale of cement and cement infrastructures, such as precast concrete elements; and in the financial markets, and real estate development, leasing and tourism.
Melia Hotels International is the parent company of a group engaged in the acquisition, management and operation of hotels. Co. operates its hotel network in Germany, Argentina, Brazil, Bulgaria, Cabo Verde, Chile, China, Costa Rica, Croatia, Cuba, Egypt, Spain, United States, France, Greece, Netherlands, Indonesia, Italy, Luxembourg, Malaysia, Mexico, Panama, Peru, Portugal, Puerto Rico, United Kingdom, Dominican Republic, Singapore, Switzerland, Tunisia, Uruguay, Venezuela and Vietnam under the followings brandnames: Paradisus Resorts®, Melia Hotels & Resorts®, TRYP Hoteles® and Sol Hotels & Resorts®.
Metrovacesa SA, formerly Metrovacesa Suelo y Promocion SA, is a Spain-based real estate developer. The Company specializes in construction and sale of sustainable housing, both single-family and multi-family residential properties. Its activities also include promotion, urbanization and parceling of real estate in general, as well as real estate management for own benefit or on behalf of third parties. Its asset portfolio includes more than 6 million square meters of building land across Spain, as well as already developed properties in cities, such as Malaga, Almeria, Cordoba, Barcelona and Madrid, among others.
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