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EUROSTOXX 50: RESULTADOS A DESTACAR SEMANA 04 A 08 MAYO 2020 (ANÁLISIS BANCO SABADELL)

Resultados EuroStoxx 50 destacados para la próxima semana.
De los valores que publican Rdos. 1T’20 la semana que viene destacamos Linde, donde prevemos que el impacto en volúmenes del Covid-19 sea contrarrestado por una favorable dinámica de precios y las sinergias. Mientras, en MunichRe esperamos una acogida positiva ya que, habiendo anticipado el BDI del 1T’20, esperamos que confirme un impacto manejable en el Ratio de Solvencia, clave para el soporte del dividendo. También esperamos una reacción positiva en Unicredit, donde el impacto en provisiones por Covid-19 ya ha sido anunciado (a diferencia del sector) y no centrará la atención. Por el contrario, en Intesa seguimos viendo riesgo por las comentadas provisiones y el potencial saneamiento que harían en los activos deteriorados de UBI.
Underlyings
Intesa Sanpaolo S.p.A.

Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.

LINDE AG

Linde is a gases and engineering company based in Germany. Co. operates through two divisions. The Gases division provides a range of compressed and liquefied gases as well as chemicals. Co.'s gases are used in the energy sector, in steel production, chemical processing, environmental protection, and welding, as well as in food processing, glass production and electronics. The Engineering division is engaged in industrial plants construction globally, focusing on market segments such as plants for the production of hydrogen and synthesis gas, air separation and olefins as well as plants for natural gas treatment.

Munich Reinsurance Company

Muenchener Rueckversicherungs-Gesellschaft is engaged in reinsurance, primary insurance and asset management. Co.'s international life business is written in the Life Division. The Global Clients and North America division manages accounts with international insurance groups. The Europe and Latin America division manages property-casualty business in Europe, Latin America and the Caribbean. The Germany, Asia Pacific and Africa division conducts property-casualty business in Germany, Africa, Asia, Australia and the Pacific Islands. The Special and Financial Risks division manages the classes of credit, aviation and space, agriculture, enterprise and contingency risks.

UniCredit S.p.A.

Unicredit is a pan-European commercial banking group based in Italy. Co. is engaged in the provision of in-branch and online corporate and investment banking services, providing customers with access to banks in 14 core markets as well as to an another 18 countries worldwide. Co.'s operations are organized along six business lines: Commercial Banking Italy; CEE Division; CIB; Commercial Banking Germany; Commercial Banking Austria; and Asset Gathering. Co.'s European banking network includes Italy, Germany, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Romania, Russia, Slovakia, Slovenia, Serbia and Turkey.

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