[ad_1]
BPI / Caixa Bank reviewed the 15 PSI-20 ratings. According to the bank's analysis, Semapa and Mota-Engil are the two listed companies with the highest valuation potential (more than 70%). Cofina (apart from PSI-20), the company owning Jornal de Negócios, and EDP (just over 16%) are the worst off. This is the first time this year that BPI / Caixa Bank is also analyzing next year, outlining its outlook for each of the listed companies in 2019.
The magazine is dated Tuesday, November 27, but Business had access to the documents only today. These 15 listed companies stand out, plus two outside the main national index.
Navigator
The indicative price price rose slightly from 5.20 to 5.25 euros, an implicit increase of 0.96%. The browser currently quotes 3,716 euros, so the appreciation potential is 41.28%. BPI / Caixa Bank has maintained its "buy" recommendation. The lower impact of US tariffs, the rise in the price of paper and two new projects of the company maintain the desirable price in the eyes of the bank.
Semapa
The indicative price of the quota went from 24.45 euros to 24.8 euros, an implicit increase of 1.43%. Semapa is currently trading at 13.82 euros. The valuation potential is therefore 79.45%. It has the highest potential of BPI / Caixa Bank valuation, which maintains the "buy" recommendation. The bank said that Semapa's low liquidity was a constraint, but its decline since the peak of this year was higher than that of Navigator (publicly traded) and PSI-20, so the potential for recovery is high.
Altri
The target price rose from 9.4 euros to 8.45 euros, an implicit drop of 10%. Altri is currently trading at 6.51 euros, which means that the valuation potential is still 29.8%. The target price reduction is justified by BPI / Caixa Bank due to lower than expected business volume and higher costs. The recommendation remains "neutral".
Cofina
The indicative price went from 50 to 77 cents, implicitly an increase of 54%. However, Cofina, owner of Jornal de Negócios, is one of the listed companies with a lower valuation potential (16.7%) compared to the current rating of 66 cents. BPI / Caixa Bank notes that the challenges of the media sector continue to raise concerns, but the positive performance of CMTV and the reduction of the company's debt are positive. The bank maintains the underperformance rating.
Corticeira Amorim
The indicative price went from 12 euros to 11 euros, an implicit drop of 8.3%. Corticeira Amorim is currently at 9.15 euros, so the appreciation potential is 20.22%. The BPI / Caixa Bank recommendation remains "neutral". These are the incomes that are starting to be affected by the rising prices of unprocessed materials.
CTT
The target price went from 4.2 euros to 4.5 euros, an implicit increase of 7.14%. The CTT currently quotes 3,454 euros, so the recovery potential is 30.28%. The BPI / Caixa Bank recommendation continues to be "buy". The bank is worried about the company's ability to meet regulatory standards.
Mota-Engil
The target price went from € 4 to € 3.1, an implicit reduction of 22.5%. Mota-Engil currently quotes 1,742 euros and its appreciation potential is 77.96%. BPI / Caixa Bank changed the recommendation from "neutral" to "buy". The quota is at the lows of January 2017, but the bank believes that there is room for appreciation given the "unique" exposure to the growing infrastructure sector in Africa.
In
The target price of the listed company rose from 6.25 euros to 6.35 euros, an implicit increase of 1.6%. R We are currently trading at 5,185 euros, so the appreciation potential is 22,47%. BPI / Caixa Bank maintains the "buy" recommendation, anticipating an increase in corporate margins and increased distribution of dividends to shareholders.
Sonae Capital
The target price increased from € 1.35 to € 1.25, implicitly decreasing by 7.41%. Sonae Capital is currently trading at 74 cents. The appreciation potential is therefore 68.92%. BPI / Caixa Bank maintains the "buy" recommendation. The bank expects the listed company will continue to enjoy the good moment of the real estate market in Portugal, "which could generate extraordinary dividends in 2019".
Printed
The target price rose from 33 cents to 22 cents, an implied drop of 33.33%. Impresa is currently trading at 17.2 cents, so the appreciation potential is 27.91%. BPI / Caixa Bank maintained the "neutral" recommendation, exposing concerns about the company's debt and changing advertising trends.
EDP
The target price went from 3.6 euros to 3.55 euros, an implicit drop of 1.39%. EDP is currently trading at 3.06 euros, so the appreciation potential is 16.01%. BPI / Caixa Bank has maintained the "neutral" recommendation. The bank says that if CTG's public takeover bid is retained, it should improve, as the market and the company's management consider that the value offered is low.
REN
The target price rose from € 2.9 to € 2.85, implying a drop of 1.72%. REN is currently trading at 2,384 euros. The appreciation potential is therefore 19.55%. BPI / Caixa Bank has maintained its "buy" recommendation. The bank boasts the efficiency gains of the company's regulated business.
EDP Renováveis
The indicative price of the quota rose from 9.15 to 9.7 euros, an implicit increase of 6.01%. EDP Renováveis is currently trading at € 7,625; the appreciation potential is therefore 27.21%. BPI / Caixa Bank changed the recommendation from "neutral" to "buy". The bank believes that the company's strategy is well underway, but is waiting with more details in the first half of next year, as plans have been postponed due to the public offer of purchase from CTG.
Galp
The indicative price went from 17.2 euros to 17.1 euros, an implicit drop of 0.58%. Galp currently stands at 14,435 euros and the appreciation potential is 18,46%. BPI / Caixa Bank has improved the rating from "underperformance" to "neutral". The bank says it is possible to improve dividends distributed to shareholders.
Sonae
BPI / CaixaBank has taken over the Sonae equity hedge with a price target of 1.2 euro, which is not comparable, as analysts suspended the valuation of the company because of the IPO. The publicly traded company is currently trading at 83.4 cents, so the valuation potential is 43.88%. The recommendation of the bank is to "buy". BPI / Caixa Bank considers Sonae's listing to be a "low price valuation" reflecting several of the group's concerns.
Jerónimo Martins
The target price rose from 16.9 euros to 15.85 euros, an implicit drop of 6.21%. Jerónimo Martins is currently quoting 10.55 euros, so the appreciation potential is 50.24%. BPI / Caixa Bank has maintained its "buy" recommendation. The bank expects the Colombian market to have a positive impact next year, as the Polish market slows down.
BCP
The target price rose from 37 cents to 34 cents, an implied drop of 8.1%. BCP is currently trading at 24.3 cents and the valuation potential is 39.92%. BPI / Caixa Bank has improved the "neutral" recommendation of "buy". The bank estimates that BCP is reducing its exposure to non-performing assets. An increase in interest could benefit the bank next year.
Note: The news does not dispense with consulting the "search" note issued by the investment company, which may be requested. The Business warns against the possibility of conflicts of interest between certain investment banks and the listed company, as a holding in its capital. To make investment decisions, you must consult the full research note and contact your financial intermediary.
[ad_2]
Source link
