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IBERIAN DAILY 21 FEBRUARY + 4Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX, MAPFRE, NATURGY.

At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 4Q’24 results to be released over the coming days in Spain.

The Ibex tries to hit the 13,000-point level again
European stock markets ended mixed in a session marked by the support of European leaders to Ukraine’s president V. Zelenski. In the STOXX 600, Basic Resources and Real Estate were the best performers whereas Media and Household posted the biggest drops, around -1%. On the macro side, in the US, weekly jobless claims rose more than expected and February’s Philadelphia Fed index moderated more than expected. Separately, the EU will offer the US to lower tariffs on cars and other products to avoid a trade war. In Japan, January’s inflation rose in line with expectations, with the core figure at 3.2% YoY, while the BoJ Governor, K. Ueda, announced that the organisation is ready to purchase debt if the yield rises too much. In US business results Hasbro beat expectations and Walmart, Booking.com and The Southern released disappointing figures.
What we expect for today
European stock markets would open flat with a bearish slant, awaiting the release of February’s PMI. Currently, S&P futures are down -0.1% (the S&P 500 ended +0.5% higher vs. the European closing bell). Asian markets are climbing (China’s CSI 300 +1.3% and Japan’s Nikkei +0.3%), with the Hang Seng standing out (+3.3%), fuelled by Alibaba.
Today in the UK we will learn January’s retail sales, in the euro zone February’s manufacturing and services PMI, in Mexico December’s IGAE activity index and in the US January’s existing home sales and the University of Michigan final consumer confidence for February. In US business results, Alliant Energy and VICI Properties, among others, will release its earnings.


COMPANY NEWS

4Q’24 Results highlights and rest of previews
Of the stocks releasing their earnings over the coming days, today on the positive side we highlight Merlin Properties (releasing on 27/02), where we believe the appraisal of data centres could bring a positive surprise following the recent Nabiax deal in Spain (suggesting valuations of €~19 M/MW vs. € 10 M at which MRL is developing its greenfields) and stress that there is a lot of hidden value in the business. Apart from this, we expect solid growth in rents, with improved occupancy rates and prices.