MAPFRE: TODO TIENE UN PRECIO (ANÃLISIS BANCO SABADELL)
No está exento de riesgo, pero la cotización deja un margen de seguridad suficiente. COMPRARMAP debe seguir restructurando, (implica volatilidad/riesgo en BDI) y reduciendo endeudamiento. Esperamos un recorte del DPA’20 de -26% (BS(e) 0,107 euros/acc., consenso 0,12 euros), que aún asà deja una yield de c.7%.Desde marzo solo ha recuperado c.+16% (-4% vs Ibex), con un underperformance de -24% vs sector y a PER’20-2170% en MAP) es defensivo frente al Covid-19 y la desaceleración económica. Revisamos -7% el BDI’20e y c.-1,5% en 2021e, con un P.O. de 2,17 euros/acc.) (-1,3% vs antes.; potencial >30%).
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.
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