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IBERIAN DAILY 11 MAY + 1Q’21 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CELLNEX, FLUIDRA, HOTEL SECTOR, REPSOL.

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 1Q’21 results to be released over the coming days in Spain.

MARKETS YESTERDAY AND TODAY

The IBEX hits 9,100 points
It was a mixed bag on European stock markets, where the IBEX was the only main index to close in positive numbers, breaking through the barrier of 9,100 points, and where growth was the big loser on both sides of the Atlantic. In the Euro STOXX, Banks and Basic Materials were the best relative performers, with Technology and Travel & Leisure falling the most. On the macro side, in the euro zone the Sentix investor sentiment index for May rose more than expected, reaching the same level as in March’18. In US business results, Marriott, Tyson Foods and Duke Energy beat expectations, Eversource Energy came in below.
What we expect for today
The European stock markets would open with losses of more than -1.0% after the WHO classified the Indian variant as a global threat. Currently, S&P futures are down -0.55% (the S&P 500 ended down -1.06% vs. its price at the closing bell in Europe). Volatility in the US rose (VIX 19.66). Asian markets are trading with mixed results (China’s CSI +0.4% and Japan’s Nikkei -3.1%).
Today in Germany we will learn the ZEW index for May. In US business results, Eversource, among others, will release its earnings. In debt auctions: Spain (€ 2 Bn in 3M and 6M t-bills) and Netherlands (€ 2 Bn in bonds due 2031).

COMPANY NEWS

FLUIDRA. Rhône Capital sells 4.9% of share capital (still holding a 16.6% stake). SELL.
At the closing bell Rhône Capital carried out an accelerated bookbuild of 4.9% of FDR’s share capital at a price of € 31.30/sh. (-5.0% discount vs. yesterday’s closing price). FDR has snapped up 0.9% as treasury stock. Following the deal, Rhône Capital would still hold 16.6%, making it a clear minority stake compared to the sum of the founding families’ stakes (~34% capital), and free float would reach 49%. Note that Rhône Capital’s previous placement (6.2% in Jan’21) was carried out at a similar discount (-4%), but at € 20.20/sh., as the stock has risen +55% since then. The increased free float is positive, and we expect more placements when the lock-up period (90 days) ends.