SPANISH MARKET: RESULTS HIGHLIGHTS WEEK 24 TO 28 FEBRUARY 2020 (ANÃLISIS BANCO SABADELL)
4Q’19 Results Highlights next week.Of the companies releasing 4Q’19 results in Spain next week, we expect to see a positive impact in Grifols, where the strong sales growth and positive performance of margins should continue. We also expect positive results from Técnicas Reunidas, which is expected to reiterate its guidance of improved margins’20 following its recent negative performance (-12% vs. Ibex YTD). On the negative side, we stress the weak 4Q’19 Results of Iberpapel due to the current environment of weak prices and where the prospects for 2020 are not entirely favourable. In the case of Red Eléctrica, we believe that the consolidation of Hispasat from the 4Q’19 could be disappointing and the resignation of its chairman generates uncertainty on the strategic level.
Iberpapel Gestion is engaged in the manufacture, wholesale distribution, sale and export of pulp and printing and writing paper. In addition, Co. maintains forestry activities, including the cultivation of timberlands.
Red Electrica is engaged in the transmission of electrical energy, the operation of the system and the management of the transmission network in the Spanish electricity system. In addition, through its subsidiaries, Co. is engaged in the acquisition, holding and management of foreign securities, co-ordination of international exchanges, provision of telecommunications services for third parties, provision of consultancy, engineering and construction services outside the Spanish electricity system, securing of funds, carrying out of financial transactions and provision of financial services.
Tecnicas Reunidas is a general contractor company based in Spain. Co. engages in the engineering, design, and construction of industrial facilities for refining and petrochemical, oil and gas, power, and infrastructure and industries sectors worldwide. Co. constructs nuclear plants, conventional thermal plants, and renewable energy and cogeneration facilities for power sector; refineries and facilities for petrochemicals; water treatment, desalination, waste management, air, land, and marine transport facilities; and liquefaction, and storage facilities, as well as oil and gas fields and pipelines. Co. also provides engineering, management and operating services for industrial plants.
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