SPANISH MARKET: RESULTS HIGHLIGHTS WEEK 20 TO 24 JULY 2020 (ANÃLISIS BANCO SABADELL)
Results highlights next week.Of the companies releasing 2Q’20 results in Spain next week, we expect to see a positive impact in Euskaltel, where we expect results to underscore the company’s defensive business profile in a quarter severely hit by the measures adopted to halt the impact from Covid-19. In this regard, EBITDA growth should continue (+3.1% vs. 2Q’19) with an increase in the client base thanks to the launch of Virgin (+0.4%). On the negative side, we stress Naturgy, even though the market is already forecasting poor results due to marketing, LNG and LatAm currencies, we believe there could be an additional implicit or explicit disappointment in guidance for the rest of the year (there is no official guidance for now).
Euskaltel SA is a Spain-based company engaged in the provision of integrated telecommunication services. The Company's activities are divided into three segments: Residential, Business, as well as Wholesale and Other. The Residential segment provides fixed and mobile telecommunication services, broadband and wireless Internet, as well as digital television (TV) as a single service and in packages. The Business division primarily offers fixed and mobile telephony, as well as Internet access for enterprises. The Wholesale and Other area serves wholesale customers and is responsible for the delivery of communication services, such as infrastructure leasing, information technology (IT) outsourcing, as well as sell of installation material and electronics. The Company operates in the Basque Country, Spain.
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