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INFORME DIARIO 12 DICIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CELLNEX, FERROVIAL, GRUPO SANJOSE, REPSOL, TELEFÓNICA, VIDRALA. EUROPA: BNP PARIBAS.

El Ibex enfila los 17.000 puntos
Las bolsas europeas avanzaron ayer cerca de un 1% tras la bajada de tipos por parte de la Fed y pese a las dudas en las tecnológicas tras la mala acogida de los resultados de Oracle. En el STOXX 600, los mejores sectores fueron Construcción (rebotó tras ser el miércoles el peor sector) y Ocio seguido de cerca por los Bancos mientras que Utilities y Energía fueron casi los únicos que cerraron con caídas. Por el lado macro, en EE.UU. el desempleo semanal repuntó más de lo previsto. En Brasil, las ventas al por menor de octubre avanzaron inesperadamente. En China, el presidente X. Xinping se mostró conforme con el cumplimiento del plan quinquenal 2021-25 y reafirmó el compromiso de implementar políticas más proactivas y de impacto y seguir apostando por fuerzas productivas de calidad. Por el lado geopolítico, V. Zelenski abrió la puerta a un referéndum para que el pueblo decida sobre cuestiones territoriales del Donbás mientras que D. Trump apuntó a la necesidad de una zona desmilitarizada entre Ucrania y Rusia.
Qué esperamos para hoy
Las bolsas abrirían con ganancias del orden del +0,5% con recuperación de las tecnológicas y mejor comportamiento de las cíclicas. En estos momentos, los futuros del S&P 500 cotizan con subidas del +0,1% (el S&P 500 terminó ayer con avances del +0,3% con respecto al nivel al que estaba al cierre de las bolsas europeas). Los mercados asiáticos cotizan con subidas (CSI 300 chino +0,6%, Nikkei de Japón +1,4% y el Kospi surcoreano +1,3%).
Hoy en R. Unido el PIB trimestral y la producción industrial de octubre. En Alemania y España la inflación final de noviembre. En México la producción industrial de octubre.

ESPAÑA

GRUPO SANJOSE. Actualizamos nuestra valoración un +5% hasta 10,08 euros/acc. SOBREPONDERAR.
La acción ha tenido un excelente comportamiento en los últimos 12 meses (+61%, +12% relativo al IBEX) pero creemos que todavía tiene potencial adicional. Revisamos un +5% nuestro P.O. hasta 10,08 euros/acc. (potencial +36%) tras actualizar la valoración de los distintos activos que forman GSJ. El negocio de construcción y la caja generada y no distribuida en el último año explica la mejora, principalmente, compensado en negativo por Carlos Casado (-30% en Bolsa desde nuestro anterior informe) y el negocio energético. La caja neta a Sep’25 era de 437 M euros, si ajustamos la cifra por el importe de las provisiones en balance el dato sería de 357 M euros, equivalente al 74% de la capitalización bursátil.
Underlyings
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.

Cellnex Telecom S.A.

Cellnex Telecom SA is a Spain-based company engaged in the wireless telecommunications (telecom) business. Its activities are divided into three segments: Broadcasting infrastructure, Telecom site rental, as well as Network services and other. The Broadcasting infrastructure division comprises distribution and transmission of television (TV) and frequency modulation (FM) radio signals, operation and maintenance (O&M) of radio broadcasting network, as well as over-the-top (OTT) radio services, among others. The Telecom site rental division provides access to wireless infrastructure, primarily through infrastructure hosting and telecom equipment co-location, mainly for mobile network operators and other wireless and broadband telecom network operators. The Network services and other division offers connectivity services for a variety of telecom operators and radio communication, among others. The Company also develops 5th generation mobile networks (5G) through Alticom BV.

Ferrovial S.A.

Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.

Grupo Empresarial San Jose S.A.

Grupo Empresarial San Jose SA is a Spain-based holding company. The Company's main activities are structured in four business areas: Construction, which comprises the construction, design and execution of public and private infrastructure projects; Real Estate, which specializes in the acquisition and development of residential and non-residential properties; Energy and Environment, focused on the initiation, development and operation of energy efficiency projects using renewable energy, and Concessions and Services, which includes the management, operation, exploitation and maintenance of infrastructure, hospitals, public and private facilities, urban real estate, parks and gardens. The Company is a parent of such a number of controlled entities as Constructora San Jose SA, Cartuja Inmobiliaria SAU, Desarrollos Urbanisticos Udra SAU, San Pablo Plaza SAU and Comercial Udra SA, among others.

Telefonica SA

Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.

Vidrala SA

Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.

Provider
Sabadell
Sabadell

Analysts
Research Department

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