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SPANISH MARKET: RESULTS HIGHLIGHTS WEEK 27 TO 30 APRIL 2020 (ANÁLISIS BANCO SABADELL)

Results highlights next week.
Of the companies releasing 1Q’20 results in Spain next week, we expect to see a negative impact in Naturgy, where we do not rule out a disappointment in the guidance for the rest of the year. The opposite might be the case in Iberdrola, which could beat expectations and give a positive surprise with respect to the guidance. In CIE, we expect the results to have a positive slant, showing resilience in sales vs. peers after being severely punished on the stock market. Lastly, we would also highlight Santander, not so much because its results will be particularly good, but because they should fuel the stock to a greater extent than those of the rest of the sector after it has underperformed its peers in the last month.
Underlyings
Banco Santander S.A.

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.

CIE Automotive S.A.

CIE Automotive is the parent company of an industrial group formed by several companies that are engaged in the design, manufacture and sale of automobile component and sub-units on the world market. In addition, Co. is also engaged in the bio-fuels business which is in the initial stages of development and is made up of various companies devoted to the production and distribution of bio-fuels.

Iberdrola SA

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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Sabadell
Sabadell

Analysts
Research Department

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