IBERIAN DAILY 26 APRIL + 1Q’21 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: METROVACESA.At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’21 results to be released over the coming days in Spain.
MARKETS YESTERDAY AND TODAY
The Ibex saved a complicated week in Europe
Despite the fact that the Spanish index was one of the worst performers last Friday, it ended the week without corrections vs. the Euro STOXX 50 that slid -0.5% or vs. the Dax that fell -1.2%. Meanwhile, the best performers in the Euro STOXX were Retail sand Consumer Goods last week (and also the week before), while Banks and Automobiles were the worst relative performers. On the macroeconomic level, in the euro zone PMI rallied above expectations, both the Services (returning to levels consistent with growth) and Manufacturing PMI. In Germany, The Greens received record support in the polls (28% vs. 27% CDU/CSU), whereas the Govt. suggests a reopening by the end of May. In the US, PMI also rose (the Manufacturing component less than expected and Services more than expected). March’s new home sales grew more than expected to record levels from the past 15 years. Separately, the CDC lifted the suspension on J&J’s vaccine. In US business results, AT&T, Dr American Express and Regions Financial came in better than expected.
What we expect for today
European stock markets would open flat, but with a slightly bullish slant, with solid performance in consumer and growth sectors in general, awaiting the possible impact on tourism companies (hotels and airlines) with the vaccination target in Europe moving forward, now expected to reach 70% in July. Meanwhile, the EU will allow the arrival of vaccinated US tourists starting in the summer. Currently, S&P futures are up +0.1% (the S&P 500 ended up +0.11% vs. its price at the closing bell in Europe). Volatility in the US fell (VIX 17.33). Asian markets are rising (China’s CSI 300 +0.3% and Japan’s Nikkei +0.5%).
Today in Germany we will learn April’s IFO, in the US March’s durable goods orders and April’s Dallas Fed index, and in Brazil March’s economic activity index. In US business results, Tesla and Alexandria Real Estate, among others, will release their earnings. As for auctions, Germany will issue € 4 Bn in 12M T-bills and France € 5.4 Bn in 3, 6 & 12M T-bills.
COMPANY NEWS
1Q’21 Results highlights and rest of previews.
Among the companies releasing their earnings next week, on the positive side we highlight Grupo Catalana Occidente (release date 30/04), where we expect a warm reception, bearing in mind the stock’s strong underlying performance vs. the trends seen in 2020, and where the trend towards normalisation of Credit Insurance is a fact; the key will lie in the comments on CR in the credit insurance segment, which we believe could stand at a maximum gross level of ~85% at year-end and “normalised” in 2022e.
Metrovacesa SA, formerly Metrovacesa Suelo y Promocion SA, is a Spain-based real estate developer. The Company specializes in construction and sale of sustainable housing, both single-family and multi-family residential properties. Its activities also include promotion, urbanization and parceling of real estate in general, as well as real estate management for own benefit or on behalf of third parties. Its asset portfolio includes more than 6 million square meters of building land across Spain, as well as already developed properties in cities, such as Malaga, Almeria, Cordoba, Barcelona and Madrid, among others.
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