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INFORME DIARIO 17 MAYO + RDOS. ESPAÑA 1T’21. PREVIEWS (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CELLNEX, LAR ESPAÑA, MAPFRE, SIEMENS GAMESA, TELEFÓNICA. EUROPA: KERING, SANOFI, SIEMENS.

Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos.1T’21 que se publicarán en España y Europa en los próximos días.

El Ibex salva una semana turbulenta para las bolsas
Los índices europeos cerraron la sesión del viernes con ganancias superiores al 1,2% que permitieron suavizar las pérdidas de una semana marcada por las tensiones inflacionistas, donde el Ibex fue el mejor índice de la Eurozona. Así el viernes la calma regresó a los mercados estadounidenses, que repitieron las subidas del jueves a pesar de la decepción en los datos macro. Con todo, en la semana en el Euro STOXX los mejores sectores con ganancias fueron Bancos y Hogar, mientras que Tecnología y Viajes&Ocio registraron las mayores pérdidas. Por el lado macro, en España la inflación final de abril confirmó el 2,2% interanual preliminar. En EE.UU. tanto las ventas al por menor como la producción industrial de abril decepcionaron al caer más de lo esperado. En China, las ventas al por menor y la producción industrial de abril moderaron su ritmo de crecimiento más de lo esperado mientras que los precios de la vivienda avanzaron un +4,8% anual vs 4,6% anterior. Por último, la UE y EEUU. Podrían anunciar hoy una tregua en la disputa sobre los aranceles a los metales.
Qué esperamos para hoy
Las bolsas europeas abrirían con ligeras ganancias que podrían ir moderándose a lo largo de la sesión. En estos momentos, los futuros del S&P cotizan con caídas del -0,15% (el S&P 500 terminó con un recorte del -0,25% con respecto al nivel al que estaba al cierre de las bolsas europeas). La volatilidad en EE.UU. bajó (VIX 18,81). Los mercados asiáticos cotizan mixtos (CSI 300 chino +1,5%, Nikkei de Japón -0,9%).
Hoy en EE.UU. el índice Empire manufacturero de mayo y el índice de vivienda NAHB. En subastas: Alemania (3.000 M euros en letras a 6 y 12 meses) y Holanda (2.000 M euros en letras a 3 y 6 meses).


ESPAÑA

LAR ESPAÑA. Cambio P.O. tras Rdos 1T’21. COMPRAR.
Los Rdos 1T’21 que presentó el viernes fueron flojos pero entendemos que el 1T debería ser el trimestre más débil de todo el ejercicio (si la pandemia no va a peor) y aunque la acción ha subido un +79% desde mínimos de 2020 creemos que todavía tiene recorrido y aprovechamos estos Rdos para elevar nuestro P.O. un +14% hasta 6,94 euros/acc. (potencial +26,6%) tras retocar las hipótesis de reducción de valor de los activos retail, que antes pecaban de pesimistas, y por el roll-over del modelo. Reiteramos recomendación de COMPRAR.


EUROPA

KERING, COMPRAR
Según prensa, Kering podría vender su negocio de relojes, que engloba las marcas Girard-Perregaux y Ulysse Nardin, y cuyas ventas estimamos que suponen
Underlyings
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.

Kering SA

Kering is engaged in the retail industry, particularly luxury fashion brands. Co.'s operations can be divided into two segments: Luxury and Sport & Lifestyle divisions. The Luxury division includes brands such as Gucci, Bottega Veneta, Yves Saint Laurent, Balenciaga, Boucheron, Sergio Rossi, Alexander McQueen, Girard-Perregaux & JeanRichard, & Stella McCartney. In addition, Co. offers Leather Goods, Shoes, Ready-to-wear, Watches, and Jewelry & Other products. The Sport & Lifestyle division designs & develops footwear, apparel & accessories and includes brands like Puma, Volcom and Electric among others.

Lar Espana Real Estate SOCIMI SA

Lar Espana Real Estate SOCIMI SA is a Spain-based company primarily engaged in the operation of retail Real Estate Investment Trusts (REITs). The Company specializes in acquiring, managing and renting real estate assets within the Spanish market. Its business activities are divided into three segments: Shopping Centers, Offices, as well as Logistics. The Shopping Centers area is responsible for operation of a number of shopping malls, namely Txingudi, Las Huertas, Albacenter, Anec Blau, Hiper Albacenter, and Nuevo Alisal, among others. The Offices segment invests in office properties, such as Arturo Soria, Cardenal Marcelo Spinola, Egeo and Eloy Gonzalo. The Logistics division focuses on managing logistics warehouses, including Alovera I and Alovera II. The Company also owns a plot for residential properties development. It is a parent of a number of entities, such as Lar Espana Inversion Logistica SA, Gran Via Centrum Holdings SAU, Global Noctua and Puerta Maritima Ondara.

Mapfre SA

Mapfre is an insurance company based in Spain. Co. is the parent company of a group engaged in the underwriting and provision of insurance in Spain and abroad. Insurance policies provided include: life, non-life, accident, home-owner, general and health. Through its subsidiaries, Co. is also engaged in the provision of reinsurance, the management of investment funds, pension funds and pension plans, real estate and related services. On the domestic market, Co.'s activities include managing investment funds, pension funds and pension plans, real estate and other service businesses.

Sanofi

Sanofi is an integrated, global healthcare company focused on patient needs and engaged in the research, development, manufacture and marketing of healthcare products. Two segments make up Co.'s business: Pharmaceuticals and Vaccines. The Pharmaceuticals segment covers research, development, production and marketing of medicines, consisting of flagship products, plus a broad range of prescription medicines, generic medicines, and consumer health products. The Vaccines segment includes research, development, production and marketing of vaccines in five areas: pediatric vaccines, influenza vaccines, adult and adolescent booster vaccines, meningitis vaccines, and travel and endemic vaccines.

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.

SIEMENS GAMESA (SGRE SM)

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.

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