SCHNEIDER ELECTRIC: CAMBIAMOS A VENDER (ANÁLISIS BANCO SABADELL)
Elevamos nuestro P.O. pero nos quedamos sin potencial. Pasamos a VENDER.Pese al buen performance’22 (+21% en EBITA ajustado) y que seguimos pensando que 2023 será un año positivo, los niveles de cotización nos parecen exigentes. Para conseguir un potencial >+10% tendríamos que ver márgenes EBITA’23 del c.20%, lo que supone c.+240 p.b. vs 2022 (máximos históricos) o +70 p.b. vs nuestra estimación recurrente, niveles que creemos demasiado optimistas (no vistos en 15 años). Elevamos nuestro EBITA ajustado hasta una TACC’22/25e de +8,5% (vs +6% antes) por mayores ventas ante las fuertes dinámicas ligadas a automatización industrial y electrificación. Cotiza a 14x EV/EBITDA’23 (+10% vs media 5 años) y creemos que gran parte del recorrido al alza ya se ha materializado (+21% en 2023).
Schneider Electric is engaged in energy management. Co. is organized into four areas: Buildings and Partner, Infrastructure, Industry and IT; and operates in four principal markets: non-residential & residential buildings, utilities & infrastructure, industry & machine manufacturers and data centers & networks. The non-residential and residential buildings market includes end-users, property developers, design firms, and systems integrators. The utilities and infrastructure market includes energy operators. The industries market serves end users and companies, and engineering firms. The data centers and networks contain servers that process and store digital data in secure rooms.
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