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INFORME DIARIO 04 FEBRERO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: BBVA, MEDIASET, OHL. EUROPA: VIVENDI

Tímido intento de rebote
Las medidas de ajuste del PBoC junto con las sorpresas positivas en los indicadores adelantados de enero han contribuido a estabilizar las bolsas. Así el Euro STOXX presentó ganancias moderadas (por debajo del 1%) dirigidas por Tecnología y Viajes&Ocio, mientras que sólo Energía tras un nuevo desplome del petróleo (-3,8%) cerró con caídas, seguido por R. Básicos, que terminó casi plano. Por el lado macro, en la Eurozona el PMI de manufacturas de diciembre mejoró una décima el preliminar por la buena contribución de España. En EE.UU. el ISM Manufacturero sorprendió al escalar por encima de 50 (terreno compatible con la aceleración de la actividad) gracias a la mejor dinámica de los pedidos y de la fuerza del empleo. Lo anterior perfilaría una recuperación de la producción industrial en 2020. En Rdos. empresariales en EE.UU. Sysco muy en línea y Alphabet (Google) mejor de lo esperado (aunque decepcionó en crecimiento de anuncios).
Qué esperamos para hoy
Las bolsas europeas vienen con subidas del +0,5%. En estos momentos, los futuros del S&P cotizan con subidas del +0,60% (el S&P 500 cerró prácticamente sin cambios respecto al precio al que cotizaba al cierre de los mercados en Europa). La volatilidad en EE.UU. bajó (VIX 17,97%). Los mercados asiáticos cotizan con subidas (Japón +0,49% y Hong Kong +1,22%).
Hoy en EE.UU. los pedidos de fábrica de diciembre. En Rdos. empresariales en EE.UU. Phillips, Gartner y Emerson electric entre otros. En subastas: Alemania (500 M euros en Bonos ligados a la inflación vto. 2030 y 2046).



ESPAÑA

OHL. Negocia una fusión con la mejicana Caabsa. VENDER.
Según prensa, Villar Mir (30,6% de OHL) estaría negociando con los hermanos Amodio una fusión entre OHL y la constructora mejicana no cotizada Caabsa (100% Amodio). Según prensa, los Amodio se convertirían en los primeros accionistas de la fusionada y OHL seguiría cotizando. A falta de conocer los detalles de la operación (precio) , valoramos positivamente los detalles cualitativos: la integración de OHL en un conglomerado de mayor tamaño mejoraría su posición competitiva, permitiendo acelerar el crecimiento internacional al desbloquear la ampliación de las líneas de avales. Por otro lado, destacamos que el potencial cambio de control en OHL habilitaría la cancelación anticipada de su deuda financiera (730 M euros) con un coste superior al 5% BS(e).
Underlyings
Banco Bilbao Vizcaya Argentaria S.A.

Banco Bilbao Vizcaya Argentaria is an international financial group, engaged primarily on providing banking services and consumer finance to private individuals and businesses in Spain and Portugal; providing real estate activity in Spain; providing services to international companies and investment banking, capital markets and treasury management services to clients; and providing the banking, insurance and pension businesses in Mexico and the U.S., as well as in South America.

Banco Bilbao Vizcaya Argentaria S.A. Sponsored ADR

BNP Paribas SA Class A

BNP Paribas is engaged in the provision of banking and financial services. Co.'s business activities are divided into two segments: Retail Banking & Services and Corporate and Investment Banking. The Retail Banking and Services business includes domestic markets and international financial services. The Corporate and Institutional Banking comprises of corporate banking, global markets, and securities services. Other activities include principal investments, which related to Co.'s central treasury function, some costs related to crossbusiness projects, the residential mortgage lending business of personal finance, and certain investments.

Intesa Sanpaolo S.p.A.

Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.

Mediaset Espana Comunicacion SA

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.

Obrascon Huarte Lain SA

Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.

Siemens AG

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.

VINCI SA

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

Vivendi SE

Vivendi is an audiovisual group active in the entertainment industry with activities in music, TV, cinema, mobile, fixed and internet, and games. Co.'s operations are divided into five businesses: Canal+ Group which produces and distributes pay-TV in France, analog or digital, and is involved in film making; Universal Music Group which sells recorded music (physical and digital media); GVT which serves as a telecommunication operator for fixed ultra high-speed broadband, fixed-line telecommunications and Pay-TV in Brazil; SFR which is engaged in mobile phone services in France, as well as fixed and ADSL services; and Other Activities which involves ticketing, Wengo and Watchever.

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Sabadell
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Analysts
Research Department

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