Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
NEWS SUMMARY: AENA, BANKING SECTOR, BBVA, CHANGES IBEX, DIA, ELECTRICITY SECTOR, NEINOR, PRISA, RENEWABLES SECTOR. MARKETS YESTERDAY AND TODAY Consolidation levels The European stock markets ended the session with slight losses, with the depreciation of the pound standing out after EU chief Brexit negotiator M. Barnier claimed, off-the-record, that any outcome is possible. Thus, within the Euro STOXX, the best-performing sector was once again Banks, followed by Energy (driven by an increased ...
NEWS SUMMARY: ACCIONA, DIA, EUSKALTEL, IBERPAPEL, LIBERBANK, NH HOTELES, UNICAJA. MARKETS YESTERDAY AND TODAY The market pauses for a break European markets closed with slight drops. Growth stood out, which is starting to take the lead vs. value after the adjustments of valuations seen in the last few weeks. Thus, in the Euro STOXX, Retail and Financial Services were the best performers vs. Energy (given crude oil fluctuations) and Banks, which saw the biggest losses. On the macroeconomic lev...
DIA has announced that it has completed the transformation of its capital structure after reaching the following agreements: - Conversion of € 500 M of debt (51% market cap and ~25% of NFD’20e) into capital: € 200 M from the super-senior financing granted by DEA Finance and € 300 M from the bonds due April’21 (~97.5% were acquired by DEA Finance through a bid in August’20). - Extension to the maturity of € 300 M also acquired by DEA Finance (89.7% of the total) in August’20. - Early amortisatio...
NEWS SUMMARY: ALMIRALL, DIA, ELECTRICITY/RENEWABLES SECTOR, TELEFÓNICA. 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 3Q’20 results to be released over the coming days in Spain. MARKETS YESTERDAY AND TODAY A Friday for profit taking The good macro data in the US and the comments made by D. Trump’s advisor L. Kudlow admitting defeat in the elections fuelled the European in...
COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ALMIRALL, DIA, SECTOR ELÉCTRICO/ SECTOR RENOVABLES, TELEFÓNICA. EUROPA: AIRBUS, PHILIPS. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’20 que se publicarán en España y Europa en los próximos días. Un viernes de toma de beneficios Las buenas cifras de empleo en EE.UU. junto con los comentarios del aseso...
NEWS SUMMARY: ACS, BANKIA, DIA, FERROVIAL, IAG. MARKETS YESTERDAY AND TODAY The IBEX leads gains in Europe Stock markets on both sides of the Atlantic ended in the black, with the Spanish index leading gains with a 1.20% rise. Within the Euro STOXX, all sectors except for Banks and Insurance posted gains, led by Travel & Leisure and Retail. On the macro side, in Germany, the ZEW index climbed above expectations in September. In the United Kingdom, the ILO unemployment rate increased to 4.1% in...
NEWS SUMMARY: ACS, AIRLINE SECTOR, DIA. MARKETS YESTERDAY AND TODAY Restrictions from Covid-19 once again take their toll on European markets Sharp drops from the opening bell on Friday after the release of poor Chinese macro data (retail sales) and the new restrictions placed on movement in the UK. In the Euro STOXX, Travel & Leisure led the drops (due to the Airlines), whereas Telecoms and Autos fell less. On the macro side, in the euro zone the second reading of the 2Q’20 GDP confirmed ...
COMPAÑÃAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, DÃA, SECTOR AEROLÃNEAS. EUROPA: SANOFI. Las restricciones por Covid vuelven a hacer mella en las bolsas europeas Fuertes caÃdas desde primera hora el viernes tras la publicación de unos datos macro en China flojos (ventas al por menor) y las nuevas restricciones a la movilidad introducidas en R. Unido. En el Euro STOXX Ocio lideró las caÃdas (por lÃneas aéreas), mientras Telecom y Autos cayeron menos. Por el lado macro en Eurozona la...
Rdos. 2T'20 vs 2T'19: Ventas 1.819,2 M euros (+6,3%). Ha realizado un avance de las ventas 2T’20 con un crecimiento LfL del +15% (vs +3% en 1T’20 y +13% BS(e)), con todas las regiones en positivo y destacando España (~66% ventas; +20% LfL vs +8% en 1T’20). En todo caso, el crecimiento comentado se reduce hasta el +6,3% por cierre de tiendas y efecto divisas. A pesar de la buena evolución mostrada, se encuentra totalmente en lÃnea con lo esperado de tendencia gradual de mejora sobre to...
1Q'20 vs. 1Q'19 Results: Sales: € 1.696 Bn (+1.9% vs. +1.9% BS(e)); EBIT: € -55 M (vs. € -120 M in 1Q’19 vs. € -131 M BS(e)); Net Profit: € -143 M (vs. € -144 M in 1Q'19 vs. € -181 M BS(e)). The 1Q’20 results came in slightly better on the operating level after the completion of the first phase of the Transformation Plan, which has been based on significant streamlining of stores (via closing or selling) and on the new commercial approach. This translates into lower restructur...
NEWS SUMMARY: ACS, AMADEUS, ARCELOR MITTAL, DIA, FERROVIAL, INDRA. MARKETS YESTERDAY AND TODAY Back in the red Widespread losses in most European stock markets, with the IBEX 35 performing the worst. In the Euro Stoxx, only 3 sectors closed in positive numbers, with Retail and Pharma leading the gains vs. Basic Materials and Travel & Leisure the worst performers. On the macro side, in Italy March’s industrial output fell more than expected to -29.3% YoY, its lowest level on record. In Spain,...
NEWS SUMMARY: ACS, ALMIRALL, ARCELOR MITTAL, MEDIASET ESPAÑA, OHL, RED ELÉCTRICA, REPSOL, SIEMENS GAMESA. MARKETS YESTERDAY AND TODAY Stock markets get back on track C. Lagarde’s speech that the ECB will do “whatever is necessary†underpinned the solid performance by European markets. Thus, the Euro Stoxx posted green numbers once again with Construction and Autos leading the way, compared to the only sectors with losses, Insurance and Retail. On the macro side, in Spain March’s indu...
NEWS SUMMARY: ACCIONA, AEDAS, DIA. MARKETS YESTERDAY AND TODAY Transitional session with hardly any changes With some of the major stock markets closed, Tuesday’s half session saw hardly any changes and little trading volume. Within the Euro STOXX, Energy (underpinned by crude oil) led gains once again, whereas Consumer Goods saw the biggest drops. In Italy, the minister of education resigned in protest of the budget cuts, potentially triggering a new political crisis in the country. On the ...
COMPAÑÃAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, AEDAS, DÃA. Sesión de transición sin grandes variaciones Con alguna de las principales plazas cerradas, la media sesión del martes transcurrió sin grandes variaciones y con poco volumen de contratación. En el Euro STOXX EnergÃa (apoyado por el crudo) volvió a liderar las subidas mientras que el sector Bienes de Consumo fue el que más cayó en la sesión. En Italia dimite el ministro de educación en protesta por los recortes...
NEWS SUMMARY: DIA, ELECTRICITY SECTOR, IAG, TELECOM SECTOR. MARKETS YESTERDAY AND TODAY Focused on the trade front again The lack of news on the trade front and another session without relevant newsflow led to the withdrawal of investors. Thus, the Euro STOXX ended with drops, led by Real Estate and Food vs. Basic Resources and Telecoms that were the only sectors ending in positive territory. On the macroeconomic level, in Spain, the EC warned about the deviation risk in the budgets sent for...
NEWS SUMMARY: BANKIA, BANKING SECTOR, DIA, ENCE, MÃSMÓVIL, OHL, 3Q’19 RESULTS SPAIN. MARKETS YESTERDAY AND TODAY Stability amid the lack of definition With no clear direction, European markets were content to consolidate the current resistance zone. In the Euro Stoxx, Energy (with crude rallying) and Media were the best-performing sectors, whereas Travel & Leisure and Pharma had the biggest losses. On the macro side, in Europe the EC requested Spain draw up a new, updated budget plan due...
COMPAÑÃAS QUE APARECEN EN EL INFORME. ESPAÑA: BANKIA, DIA, ENCE, MASMOVIL, OHL, RESULTADOS ESPAÑA 3T’19, SECTOR BANCOS ESPAÑA. EUROPA: ING, RESULTADOS ES50 3T’19. Estabilidad ante la falta de concreciones Sin una dirección clara, las bolsas europeas se contentaron con consolidar la actual zona de resistencias. En el Euro STOXX EnergÃa (ante el rebote del crudo) y Media fueron los mejores sectores frente a Viajes&Ocio y Farma que terminaron con las mayores pérdidas. Por el lado macr...
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