José Benito de Vega | Since the beginning of 2017 Siemens Gamesa (SGRE) shares have performed poorly, falling -20% compared to -1% for the Ibex 35. This is even clearer compared to the maximums of May 2017 since when they have fallen -40% (-11% Ibex 35).
Blackrock, the largest fund manager in the world, has raised its holding in the electricity company to 5.008% from the 4.998% it held, and remains the second largest shareholder behind the sovereign wealth fund Qatar Investment Authority (QIA).
Cellnex Telecom has presented its results for the first quarter of 2018. Revenues amounted to € 217 million (+15%) and EBITDA was € 101 million (+20%). The comparable net result closed at € 11 million, in line with the close of the same period in 2017, thereby taking into account the effect of the higher amortisations (+30% vs. 1Q 2017) and financial costs (+51% vs. 1Q 2017) associated with the growth of the group and the consequent expansion of its geographical footprint.
The fact dividends in the Pharmas and Food & Beverages sectors are increasing and are well covered for the next three years is not up for discussion. In such a way that their high yield actually reflects a buy at low share price levels (buy-in-the-dip opportunity) in those big, safe sectors.
Carrefour has announced a transformation plan to restructure its business over the next five years and turn around the current weak trend in its results.
The year that has just started looks like one of those textbooks opportunities which appear by magic at the beginning of a new year. The banking sector has risen strongly, only beaten by Metals&Mining and Automotive. For Alphavalue’s experts this ranking suggests we are not facing a shift in fundamentals. All the protagonists in the banking sector are clearly confirming that it’s not just a case of rediscovering a handful of quality names.
Ryanair’s share price rose 85% in the period between the Brexit vote and August 2017. But over the last few months, it has seen falls which have brought it close to the minimum levels reached immediately after Brexit.
Deutsche Bank’s shares fell again yesterday (-0,97% added to the 5.16% drop on Friday) after releasing a profit warning for the 2017 fiscal year. This is due to the negative impact of the tax reforms in the US and worse figures in investment banking as a result of low trading levels.
Ence has signed agreements for the sale of 100% of its targeted pulp production in 2018. The news has already had a positive impact on the share price.
Unicaja Banco offers a good investment opportunity which we consider is interesting from a price angle. UC is trading at a discount close to 50% – in terms of Price/Tangible Book Value – with respect to the main domestic banks (Caixabank, Bankia and Sabadell).