Ten opportunities on the stock exchange to move away from inflation doubts

Values

Companies with increased earnings, less debt, protection from inflationary pressures and excessive damage on the stock exchange are ideal choices for portfolios

The unstoppable rise in inflation is adding to investors' nervousness about the end of the year. Energy prices are expected to rise further over the winter, raising fears of a tightening of monetary policy, which has long been a prop for higher stock market valuations.

However, against a backdrop of such unease and inflationary pressures, foreshadowing a slowdown in economic growth, experts believe there are some values that offer opportunities for long-term investment. They all share valuable common features that make them attractive: Strong profit growth, low debt levels, being able to pass on rising inflation to customers, and being punished by the stock market provide buying opportunities for valuations.

ACS: Dividendo y diversificación

Nada menos que 40 euros de precio objetivo otorgan los analistas de Intermoney a ACS, que actualmente se mueve en Bolsa en torno a los 22 euros. The company emphasizes that it is the world's largest overseas revenue construction company and, together with OHLA, is the only one whose construction is the main activity bid. Through Hochtief, its main market is the United States, accounting for 53pc of estimated revenue in 2021. ACS has completed the sale of its industrial services business (SSII) and owns the franchise business, which includes a 50% stake in ABERTIS. Sale of assets, net cash and high dividends are the main assets of Florence Perez Company. Intermoney justifies this high target price in the value of the concession business ($4.9 billion), a large amount of cash that allows it to maintain a debt/ebitda ratio below one-time before selling SII; The high dividend yield is 7%. The stock is down more than 16% this year and has 70% buy advice, according to Bloomberg.

Iberdrola: Un castigo másque descontado

Iberdrola ha vuelto a resurgir en Bolsa y los analistas de Bank of America se suman a las opiniones positivas para el valor con un consejo de compra a 11,45 euros. Spain accounts for just 35-40% of its revenues and "our worst case has outweighed the decline since the summer". They argue that government regulation will have less impact than other power measures, "so iberdrola will keep its dividend unchanged". They added: "In the long run, the gas crisis is positive for berdrola from a structural investment perspective, as policymakers in the EU and government will seek to strengthen the system once the period of direct risk in winter 21/22 ends. We don't expect any significant changes to iberdrola's earnings outlook in 2024, even if the natural gas windfall tax is extended indefinitely. However, the stock is quoted at a historic discount, "they concluded.

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Uber: En la senda dela rentabilidad

El analista de Internet de Goldman Sachs, Eric Sheridan, ve un potencial de revalorización del 37% para Uber en los próximos 12 meses. Cree que la dinámica de oferta y demanda ha mejorado y ahora está cada vez más equilibrada. de hecho, el mercado espera que la compañía anuncie sus primeros beneficios en los resultados del tercer trimestre. El analista de Goldman destaca una estructura de margen más eficiente en movilidad y un negocio central de entrega de alimentos (con una base de ingresos publicitarios en crecimiento), que debería respaldar la mejora constante de la rentabilidad del segmento de entrega a domicilio que puede revertir en oportunidades de crecimiento a largo plazo en el comercio y logística local. As the gap between supply and demand narrows, "this should lead to more standardized passenger pricing, improved demand and profit levels before the mobility pandemic," he explained. The stock has nearly 90% buy advice.

Prosegur: Trasladar inflaciónal cliente

A 3,3 euros por acción (el 28% por encima de la actual cotización) valoran los analistas de Intermoney a Prosegur. Think that the punishment for covid-19 is excessive and deprives the source of income: 44% of funds are transported, 49% are safe and 7% are alert. "While its structure is very susceptible to currency (Argentine peso and Brazilian real), it has an effective mechanism to transfer inflation to customers, thereby gradually converting double-digit organic growth into local currency and growing in euros. In addition, telephone joint ventures should help increase the value of alarms. "

And came to the conclusion that: "We think stock prices generously reflect covid, the impact on emerging currencies and concerns about cashback restrictions in Argentina. Even in the extreme case of valuing Argentina at zero, if we deduct it from the target price of 3.3 euros, we will leave a little margin of safety ".

Alstom: Aprovechar la electrificación

Joaquín Ferrer, responsable de producto Europa de Mutuactivos, considera que Alstom se va a beneficiar de las tendencias actuales de electrificación del transporte público, que se verán acentuadas gracias a los planes de estímulos que han puesto en marcha la mayoría de las administraciones a raíz de la pandemia. "The integration of the Canadian company bomber that bought Alstom last year proved to be much more complicated than originally expected. However, we expect no more negative surprises in the order book inherited from the bombers, while the consolidated margin will gradually improve, "the experts explained.

The delay in improving the group's operations caused many investors to lose confidence in the management team, which made the quotation reach an attractive multiple. For common assets, share prices provide a good opportunity to enter this leading industrial group operating in the growing railway market.

Intercontinental Exchange: El negocio energético se dispara en la Bolsa

Intercontinental Exchange, el gestor entre otros mercados de la Bolsa de Nueva York y de numerosos mercados financieros y de materias primas, ofrece una oportunidad de crecimiento subestimada, según el analista de Goldman Sachs, Alexander Blostein, que ve aún un recorrido del 14% al alza para este valor, que cotiza en máximos anuales. "The volatility bounce back in September, driving up trading volumes across all sectors, fueling a surge in revenues," he explained. The expert pointed out that the company is positioned to benefit from a few secular themes, such as decarbonization, automation, indexing and digitalization of the global shift to the US mortgage industry. It also predicts that products related to the environment and natural gas will increase revenue by 20% every year for a long time, thus driving the growth of total energy revenue.

ASML: Semiconductores para ganar

La firma tecnológica ASML acaba de entrar en la cartera de Renta 4. Francisco Palomino, an investment consultant of the company, and Javiergal á n, an income fund manager, explained that after revision and strategic plan proposed in 2025, "we believe that the growth history of semiconductor equipment will remain unchanged or even strengthen". ASML is the world's largest supplier of lithography machines for the semiconductor industry, with a market share of over 85%. "Fully meet all the quality standards required in our investment philosophy: Sustainable high profit (30% ebit, net profit 28%); Sustainable growth (14% in the past two decades); Competitive advantage and high barriers to entry; High profits enable them to invest at high interest rates; They explain that debt levels are low through net cash and debt-free operations and excellent management teams. The value rose by 70% for the whole year.

Technip Energies:para el gas natural

La acción de Technip Energies, empresa francesa de ingeniería tecnológica especializada en gas natural licuado, sube el 62% desde su estreno en febrero. Y para Víctor Peiro, director de análisis de GVC Gaesco, tiene recorrido.“Se está viendo en esta crisis que el gas es necesario para complementar la oferta energética como contrapeso a la volatilidad de las renovables. Por ello seguirán creciendo los trabajos de extracción y tratamiento del gas. Pero al mismo tiempo Technip Energies está creciendo en temas de la transición energética, por ejemplo en la llamada química y refino verde, por el que las petroleras tienen que convertir sus refinerías en plantas ecológicas que produzcan biocombustibles, hidrógeno verde, combustibles derivados de residuos...”. And add peiro: "Technip is a supplier for this type of industry. The order volume is very high and geographically diversified. Capitalized 2.5 billion euros, quoted at five times the value of ebitda company ".

Renta Corporación: Negocio inmobiliario a bajo precio

La acción de la inmobiliaria Renta Corporación cotiza al filo de los 2,1 euros, pero los analistas de Intermoney le dan un precio objetivo de 4 euros por título. Its revenue is mainly concentrated in the trading business (which accounts for 48pc of planned operating profit this year), which includes buying assets, mainly houses and offices, renovating and repositioning them, and then selling them in less than a year. "Notwithstanding the expected impact of the pandemic, we believe that the strong expected growth in the long-term real estate trading business, along with the company's new management activities, coupled with the very conservative market price valuations at the moment, are evidence of our favorable vision. The implied ratio, less than 10 times since 2022, proves this. " And stressed: "We assume that the net debt will be 430 million US dollars by the end of 2022, before the circulation has resumed next year, and the activity has improved."

Solaria: Hacia la transición energética

La evolución bursátil de Solaria, que este año cae el 36%, ha estado marcada este año por la toma de beneficios ya que en 2020 multiplicó por 3 su precio y además por el ruido regulatorio en el sector eléctrico. Victor Peiro, head of analysis at gvc gaesco, blamed Solaria's ills on rising electricity prices and a slow delay in the start-up of renewable energy by Spanish authorities in granting licenses. "However, we still believe that the energy transition remains a strong growth theme and that the solo has all the advantages to take advantage of it: Large project portfolio, lowest cost in the industry, expertise and sufficient funds. In addition, the European Commission confirmed this week that the current solution to the problem of natural gas price and supply will be solved in a more renewable way in the medium term. So they're going to ask states to speed up the deployment of renewable energy, "he explained.

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