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EUROSTOXX 50: RESULTADOS A DESTACAR SEMANA 03 A 07 FEBRERO 2020 (ANÁLISIS BANCO SABADELL)

Resultados Euro Stoxx 50 4T’19 destacados la próxima semana.
De los valores del EuroStoxx50 que publican Rdos. la semana que viene esperamos impacto positivo en: (i) Nokia, donde esperamos unos Rdos. sólidos con fuerte recuperación del margen y mayor visibilidad en la generación de caja, y (ii) Unicredit, dado que con el cumplimiento de todos los objetivos de su Plan’17/19 demostraría que tiene palancas para continuar defendiéndose en un entorno de ingresos bajo presión. Por el lado negativo destacamos Siemens, en el que esperamos unos flojos Rdos. 1T’20 y donde la debilidad de Digital Industries podría generar incertidumbre tras su bien performance desde Rdos. 4T’19.
Underlyings
Nokia Oyj

Nokia is an Internet and communications technology company based in Finland. Co.'s operations are focused on three businesses: network infrastructure software, hardware and services, which Co. offers through Networks; location intelligence, which Co. provides through HERE; and advanced technology development and licensing, which Co. pursues through Technologies. Co. maintains a global presence with operations and Researh & Development facilities located in Europe, North America and Asia, and sales in approximately 130 countries. Co. has an installed base of around 600 customers worldwide and these operators serve over 4 billion subscribers.

Siemens AG

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.

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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Sabadell
Sabadell

Analysts
Research Department

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