Investor optimism led the Ibex-35 to add more than 1.60% in the first half of the year. That optimism, however, was diluted this week before the resurgence of the third wave and the possibility of returning to total confinement. This week, after the pessimism shown by the European Central Bank regarding the effect it will have on the economy in the first quarter, it is ending up deflating the selective Spanish, which is once again trading negative. However, a select group of listed companies is leaving a profitability that nobody expected, reaching double-digit advances.
The one with the best performance in January is the pharmaceutical Pharmamar, with a revaluation of over 21% in these three weeks. The company thus corrects the collapse registered in the final stretch of 2020, in which the failure of its drug Atlantis led it to lose 47% from the October highs. Pharmamar closed the year at 71 euros per title, while its current price rises to 85 euros. The growth of the pharmaceutical company is based on two of its medicines.
First, Zepzelca lung cancer treatment, of which it recently announced that it will start the trials directly in phase III with its partner in the United States, Jazz Pharmaceutical. Following the announcement, Pharmamar shares soared 7%. On the other hand, the possible efficacy of your drug Aplidin against coronavirus, which even received the support of Luis Enjuanes, director of the department that fights against Covid of the National Center for Biotechnology. “I have no doubt that success will come shortly,” acknowledged the researcher. In the following session, Pharmamar’s stocks rose more than 10%, reflecting the company’s exposure to advances in its medicines.
Telephone is another of the values that advances to double digits, with a revaluation of more than 12% that is mainly based on the good reception of the sale of the Telxius towers. “The proceeds will be key to sustaining attractive shareholder remuneration for the next three years,” he says. Ivan San Felix, Income 4 analyst. This week Telefónica also held a strategic summit in Germany, in which it revealed an agreement with the operators Deutsche Telekom and Vodafone to build 1,200 new sites with 5G coverage. “Positive message from the directive, which will allow them to accelerate deployment by sharing investments and relatively attractive financial targets until 2022,” says San Félix.
Following last year’s trend, the renewable sector encompasses other of the best performing stocks for the year. Solaria, the main protagonist of the Ibex-35 in 2020 thanks to a revaluation of more than 247%, also trades in double digits with an increase of over 10% in January. A rise that justifies that “ESG investment is attracting a lot of money, shows the interest in this type of investment,” he says. Ignacio Cantos, chief investment officer at ATL Capital. Something that is reflected in the increased participation of the investment fund Blackrock in the company.
“Before these movements, the stock was correctly valued, at the current price it has unsustainable multipliers,” he explains. Pedro Echeguren, Bankinter analyst. “The question is whether or not it is worth its price. It has a PER of 150, almost technological, ”Ignacio Cantos agrees. “If it remains around current prices we would see a significant rise in income and thus the PER would fall,” he values.
A case similar to that of another of the best listed companies in the renewable sector, Actuate, which until this Friday also advanced in double digits with an increase of 10% thanks to the prospects of the renewable sector. “Results will be weak, but we see long-term growth thanks to the momentum of this division,” he says Aránzazu Good, of Bankinter, and adds that its shares have the potential to grow 8% more.
“It has been going up since mid-November, it is completely exponential and it is not sustainable. At some point we will have to stop », says Ignacio Cantos. This Friday, the company already showed signs of exhaustion by closing in red and thus ending the bullish rally that had been accumulating.
Bankinter, the best in banking
Bankinter surprised with a revaluation of 12% in the first four sessions of the year thanks to the general impulse of the European markets by the authorizations in the main vaccines. After recording a correction after several days, andThis week it shot up more than 4% recovering double-digit growth after the presentation of its results for the last tranche of 2020. Accounts that were well received by the market. Bankinter has provisioned 242 million for the pandemic, 37% more than in the third quarter of last year. «They exceed the forecasts in the main lines of the income statement. The loss of profitability is offset by the good performance of volumes, ”says Nuria Álvarez, from Renta 4.