IBERIAN DAILY 05 AUGUST (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: CELLNEX, NATURGY.Stock markets pause for a break
European stock markets recovered after the strong corrections seen last Friday, fuelled by banks. Thus, in the STOXX 600 most sectors (16/20) ended with gains, led by Banks and Insurance vs. Pharma and Retail that were the worst performers. On the macro side, in the euro zone, August’s Sentix dropped significantly as opposed to expectations following the tariff agreement signed with the US to the worst level since April. In the US, June’s factory orders dropped in line with expectations. From the Fed, M Daly stated that following the job market slowdown, the time to cut rates is near, with more than two cuts being likely this year. In China, Caixin’s services PMI climbed more than expected. In US business results, Tyson Foods beat expectations, ON Semiconductor was in line.
What we expect for today
European stock markets would open with slight gains after yesterday’s rally and the positive session seen in Asia. Currently, S&P futures are up +0.25% (the S&P 500 ended +0.5% higher vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +0.66% and Japan’s Nikkei +0.70%).
Today in the euro zone we will learn July’s final services PMI, in Spain June’s industrial output and in the US June’s non-manufacturing ISM and trade balance. In US business results Pfizer, Zoetis, Marriot and Fox, among others, will release their earnings.
COMPANY NEWS
NATURGY. Sale of 5.5% stake. UNDERWEIGHT
After yesterday’s closing bell the company announced the placement of a 5.5% stake (53.4 M shares) through: (i) an accelerated bookbuild among institutional investors of 2% of the capital (19.3% M shares), closed at approx. € 25.90/sh. (-7.1% discount vs. yesterday’s close); (ii) the sale of up to 34.1 M shares (3.5% capital) to an international financial institution. In this case, NTGY has also subscribed a swap with the same institution whereby it will keep the economic rights of the stake. This placement is aimed at increasing free-float to levels >15% in order to make easier the stock’s inclusion in the MSCI indices. NTGY will keep 4.5% of the capital in treasury stock with a 60-day lock-up commitment and the placement will be settled next Friday 07/08. Expected news, as one of the conditions of the self-TOB carried out in June (9.08% of the capital at € 26.50/sh.) was reaching a free-float level of 19.68% before 2027. The share price is expected to be adjusted to the placement price.
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.
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