One step away from finalizing the quintessential holiday month, a period in which the recommendations issued by analysts on listed companies barely undergo large variations, it is time to take stock of which companies are better positioned in the new stock market that starts in September and how much they have improved in the eyes of the experts in what we have been exercising.
Among the ten Ibex 35 securities that have more than 200,000 shareholders, Endesa , Santander , BBVA , Mapfre and Sabadell are the ones that have recovered the most positions since January, between 1 and 6 positions, as reflected in the Ibex League of elEconomista (the ranking combining recommendations based on a weighted average of FactSet and Bloomberg consensus that is updated weekly). On the other hand, Telefónica , CaixaBank and Repsol are the ones that have fallen the most, between 2 and 3 places. For its part, Inditex eIberdrola remains unchanged.
Endesa is the only one of these firms that appears in the Top Ten of the League, which has been indisputably led since March by ArcelorMittal followed by Acerinox and Almirall . In a turbulent year for the sector, the utility falls 6% in 2021, which has revealed a potential close to 20%.
In fact, one of the last investment houses to improve its vision of the utility has been Barclays. “Endesa is trading at 12.7 times per PER (times that the profit is reflected in the share price) in 2021 and 12 times per PER 2022, which seems to us a very low multiple for a company that is in the process of improving its ebitda by adding new renewal capacity ?? at a compound annual growth rate of 5.1% over the next 5 years ??, more than offsetting the negative impact with the organic growth of renewable energies “, they defend from the entity.
Inditex and Iberdrola remain unchanged
Santander is the second value that has improved the most in the classification after climbing four places in these months and a half. An advance that has allowed him to change in this period the recommendation to maintain with which he dismissed 2020 for the current purchase.
This gradual improvement that their titles have been receiving in recent months, supported by the better prospects for the sector, a scenario of inflation and the return to profits, has been underpinned by the results of the first half of the year, which beat expectations.
“Santander continues to be well capitalized and should be able to return 0.22 euros in capital, which corresponds to a payment of 50% of the profits for the year 2021,” Credit Suisse points out in its latest report, which represents a return of your 7% payment. Likewise, the Swiss firm continues to believe that the market underestimates Santander’s growth history, supported especially by the growth of the top lines in Latin America and the US.
As for BBVA, which has also improved three places since January, it adds almost 40% in the stock market and is the main candidate to be part of the EuroStoxx 50 again in the next revision of the index just one year after its expulsion. “We highlight the strengthening of BBVA’s capital levels.
We remain confident in the bank’s ability to generate dividends and buy back shares, with the results of the ECB stress test once again showing the benefit of geographic diversification,” Credit Suisse notes.
Telefónica is left behind
The other side of the coin is for the telecommunications firm, which has the biggest decline among the companies with the most shareholders. It falls three places to the middle of the table and a council to keep after advancing 30.5% in the year. All in all, it still has a bullish wick to advance another 11%.
Their accounts have shown that the teleco has taken the duties of reducing debt very seriously, to such an extent that the consensus already sees its leverage at the end of 2021 below the sector average .
As for CaixaBank and Repsol, they occupy eleventh and fifteenth places, respectively, after losing two places in 2021. Of course, the Catalan entity continues to have one of the best recommendations of the national bank, only behind Unicaja, and a 17.5% potential to 3.07 euros per share.
On the contrary, the oil company, which rebounded 16% in the year and has room to advance 26% more, is a keep .
Steelmakers remain the undisputed winners in 2021
But if there is a sector that monopolizes the support of the experts this year, it is the steel industry, and specifically, ArcelorMittal, which continues to hold onto the top position of the elEconomista Ibex League since last March.
The Luxembourg firm stands out with a rise of more than 50% since January and is crowned as the third most bullish value of the Ibex 35 in 2021. And, despite its unstoppable trajectory, the steelmaker has still not lost its strength, since it is trading at levels that do not He has been playing since 2018.
He is followed on his heels by Acerinox, which was already the leader of the table between the months of November and March. The confidence deposited by the market is also reflected in its behavior on the trading floor, its shares have risen close to 24% so far this year and are at 12% of their all-time highs at 12.51 euros.