Pessimism prevails in Milan Stock Exchange: worst session of the year on Wall Street
Spotlight on the Milan Stock Exchange on Stellantis, Nexi and Saipem. Future down slightly.
BUY AND SELL TODAY
LINKS:
Part il buyback. Buy
SAIPEM:
Jefferies raises the target from 1.40 to 1.80 euros. Buy
STARS:
Announces a 1.5 billion buyback. Buy
STOCKS TO WATCH
SYSTEM BANK
Specialized in the purchase of trade receivables from the Public Administration. In 2022, the factoring sector grew by double digits.
CAMPARI
Mediobanca and Credit Suisse raise the target price, Bernstein lowers it.
THEY
Leading company in the production of semiconductor test equipment, closes 2022 with consolidated revenues of 26.1 million (+37%) The incidence of exports is equal to 61%,
TREND
FTSE MIB (27,409 points)
L’landing in the 28 thousand area has triggered a phase of consolidation. The resistance at these levels is strong. Any tears in the 27970/28180 area will be quickly reabsorbed. Therefore, profit can be taken with a downward projection towards 26.300/25.900. Ready, however, to return to the first closure above 28,500 for a target of 32,000.
FORECASTS
“A certain discount of European equities compared to the US appears structural, but with the strong growth in fundamentals in 2022 this discount has widened and there is further potential for outperformance, estimated at +18% even just returning to the central trend of last 13 years. The long-term outlook doesn’t look so rosy,” says Christian Schmitt, portfolio manager at Ethenea Independent Investors.
TECHNICAL ANALYSIS
ANIMA
Closure €4.1 He is about to push again. Buy on the markdowns. Yesterday it was learned that Maurizio Tamagnini’s FSI Fund rose from 7.2% to 9%. Now he has until Friday to present a list for the Anima board he has four days, that is, until Tuesday 28 to publish them .The fundamental analysis of Mediobanca Securities confirms its Neutral and TP ratings of €4 after the company bought 365,000 treasury shares between February 13 and 17 at an average price of €4.0951. Since the launch of the programme, also considering treasury shares already heldthe group controls about 6.63% of its capital
PROPELLER
Closing at €3.06 After a few weeks, the rally that has been underway since October resumes. Buy towards 3.7€. Stop €2.75.
IREN
Closing at €1.65. Try to move away from the base of the band in which it has been consolidating for almost 2 months. Buy towards 2.€. Stop €1.55. Equity Sim confirms the BUY recommendation and the TP at €2.7. Iren was awarded the tender for the renewal of the Reggio Emilia water services. After the Piacenza race (a few weeks ago)
TECHNOGYM
Closing €8.14 For a few weeks now, it has been consolidating the gains from the rally that started in September: Buy towards €9, stop €7.5
TESMEC
Closing 0.17 Title accompanied in recent months by rallies with trading strategies. Buy on rebates towards €0.185. Stop €0.15
TELECOM ITALIA
Closing €0.30. Still down even if recovered in the final. Buy towards €0.37. Stop €0.27. “The government has asked for an additional four weeks to carry out an analysis of the operation on Tim’s network” – Kkr specifies it, confirming its willingness to proceed with the due diligence activities. Tim confirms that the board of directors will be held on February 24, 2023 to discuss the non-binding offer of Kkr and “take the necessary decisions”. According to rumors the government, through a new vehicle, could join the Kkr. It is not clear what the role of the Cassa Depositi e Prestiti will be at this point and the antitrust issue remains to be resolved.
FUNDAMENTAL ANALYSIS
PROMOTED
BPM BANK
Equity Sim confirms the BUY recommendation and the TP at €5.2 (last quote €4.05). The bank has reached an agreement with the trade unions for the 250 exits against 125 new hires. Preliminarily, we estimate that the additional cost could be around 50 million. Understanding Sanpaolo confirms the BUY recommendation and the TP at €5.3
INTERPUMP
Akros confirms the BUY recommendation and the target price at €61 (last quote €51) afterwards the acquisition of 85% of Indoshell Automotive System India, specialized in metal casting. The size is modest, but the acquired company is clearly strategic for the group, which with this operation achieves an important vertical integration, analysts comment. Mediobanca Securities confirms the Neutral rating and the TP at €67 Understanding Sanpaolo confirms the Interesting recommendation and the TP at €57.7
RCS
Akros confirms BUY and TP rating of €0.82 pending the accounts on the agenda for 21 March. Experts believe that the current prices (€0.73) offer an interesting starting point multiple bass input and generous performance potential
UNITED
The approach march to the Star continues. In fact, the company concluded the placement of 12.4% of the capital. deriving from the capital increase carried out through a private operation. The new shares were offered at €42 against a price of €42.3. Total value of 15.12 million. The company thus reaches the minimum free float to access the Star of Borsa Italiana within the year. The experts of Akros confirm the BUY rating while the TP will be updated once the same analysts have spoken with the company.
FAIL
No reporting
NEUTRAL
PIAGGIO
Equity Sim confirms the HOLD recommendation and the TP at €3.4. The EIB has approved a new 60 million loan for E-mobility. At the moment Piaggio has two electric scooters in production: Vespa Elettrica and Piaggio One. Jefferies confirms the HOLD recommendation and the TP at €3.9
WALL STREET
Futures announce a slight increase. . Yesterday Wall Street closed its worst session of the year: the Dow Jones lost 2.06% to 33,129 points, the Nasdaq 2.5% to 11,492 points, the S&P 500 2% to 3,997 points. It was better-than-expected data from the real economy that sank the markets. The manufacturing PMI improved more than expected in February to 47.8 points. The same happened to the services index, which rose to 50.5 from 46.8 in January. In addition, four million existing homes were sold in January. The consensus was 4.1 million. It was the lowest figure since 2010 and the twelfth in a row. A record sequence.
The most important data of the week is expected tonight at 8 pm Italian, when the minutes of the Fed meeting will be published. The robustness of the real economy suggests a tightening of monetary tightening. New jobless claims, expected on Thursday, will be carefully considered by investors, as labor market trends may affect future Fed decisions.
STARDUST
WALMART
It closed at $147 (+0.61%). It posted revenues of $164 billion in the quarter ended January 31, better than expected. Earnings per share are reported in the range of $5.9 to $6.05, down approximately 6% from a year earlier. The consensus expected growth of at least 3.8%. The indications take into account provisions of 14 cents per share relating to inventory management.
MEDTRONIC
It closed at $85.49 (+0.81%) Third quarter earnings per share came in at $1.3, above expectations of $1.27. Revenue also exceeded estimates.
HSBC
Quote $609.50 (-1.6%) The bank ended the quarter with earnings of $6.83 billion, up 6.2% year over year, above estimates of 6.51 billion.
HOME DEPOT
Closing Price $295.50 (-7.06%) The chain of stores for the home presented data for the quarter in lights and shadows, the profit slightly beat expectations, but revenues are below forecasts. The most critical point concerns personnel costs: the billion dollars destined for the salary increase will bring the year started on February 1 to close with earnings per share down by about 5%.
ASIA
L‘Hong Kong’s Hang Seng has all but canceled losses and closes around parity. The finance secretary of the former British colony, Paul Chan, said tonight at a press conference that the GDP for 2023 should mark growth between 3.5% and 5.5%, a strong improvement from -3.5% in 2022. The CSI 300 of the Shanghai and Shenzen stock exchanges are down by 0.5%.
JAPAN
Il Nikkei in Tokyo perde l’1.2% in the wake of the downturn on Wall Street. Central bank board member Naoki Tamura said the monetary policy most appropriate to macroeconomic conditions is the current one, but later, it may be necessary a revision of the structure, in order to update it to the trend of inflation.
BONDS
Tensions on government bonds are growing. BTP at 4.45%, +9 basis points, on the highs for a month. Spread widening to 190 points. The Bund is at 2.54% yield, the highest for the year. T Bond at 3.92%, +9 basis points, highest since November. The two-year stock is at its highest since 2007.
ENERGY
PETROLIUM
In the sixth consecutive session of decline at 76.3 dollars a barrel
GAS
Down by -2%, below 48.0 euro/mWh, for the first time since December 2021. From the beginning of the year -37%. Consumption in the EU decreased by -19.3% between August 2022 and January 2023, compared to the average gas consumption in the same months between 2017 and 2022. Eurostat estimates Cold winds expected in a few days from Northern Europe lead to fears of a frost wave and a new peak in gas consumption. However, the forecast of the next bill for customers on the protected market (about 7.3 million domestic ones, out of a total of 20.4 million) that the Authority will communicate by 2 March is a further cut,
CURRENCIES
The euro dollar weakens slightly to 1.065.
.ORO
At 1,834 dollars an ounce, -0.3%. The rate remains at its lowest since the beginning of the year due to fears that the persistence of inflation will force central banks to keep rates very high for a long time. The underlying trend remains upwards and falls towards the robust support between $1,850/1,800 are an opportunity to buy
THE SENTENCE OF THE DAY
Today we know the price of everything and the value of nothing.