Seven Ibex 35 values yield more than 10% in 2022 after 'Black Monday'

1. Cristina Cándido

Although the IBEX 35 accompanied the rest of European indexes in the rebound on Tuesday with 0.7% increases after a black Monday in the parks, the reaction from the minimum of the year has not been enough to prevent seven index values from fitting losses of losses ofdouble digit in 2022. Es el caso de Siemens Gamesa, Cellnex, Fluidra, Rovi, Solaria, Acciona y Ferrovial, que acumulan saldos negativos de entre el 11% y el 21% en enero.Among them, four firms (Cellnex, Rovi, Ferrovial and Solaria) are quoted in minimums of the year.

In this context, and although Siemens Gamesa managed to overcome from Friday 2%, he continues as the most bassist firm of the indicator after investors turned his back after communicating last Friday his third profit warning (estimates reduction) in less than a year. "Los problemas de suministros y cuellos de botellas en países como Brasil siguen metiendo presión al valor, generando problemas en los márgenes de la entidad, sin olvidarnos de las proyecciones de ventas para el año 2022, las cuales podrían descender alrededor de un 5%", afirma Diego Morín, analista de IG.

Por su parte, Cellnex, que cede un 20,4% en el año, encadenó su tercera sesión consecutiva en rojo.From the historical highs it reached in August, it loses 33%.A decrease that has only increased its appeal in the eyes of analysts, which give it a potential of 59% to its fair price endorsed by a purchase council.

"Cellnex's actions have had strong fluctu. Esta situación surge debido al impacto económico que puede desencadenar para la entidad española, ya que el freno a la adquisición de dichas torres está valorada en más de 11 000 millones de euros, de ahí el castigo bursátil si la operación no sale adelante", afirma el experto de IG.

It did break the negative fluidra streak, which added 1.7% although it continues in May 2021. Desde el récord que conquistó en septiembre, sus acciones corrigen un 25%.A fall that has sharpened after starting a new debt refinancing."With this process, Fluidra will seek to expand the value of their loans and modify the dates of their maturities, transferring them to the 2027 and 2029 years.However, the Spanish company stressed that this issue will not increase the net debt and above all, it also makes modifications in its commitment in the field of sustainability, "says Morín.

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As for the winner of the Spanish Stock Exchange in 2021, Rovi loses 17%. Desde su debut en el Ibex el grupo pierde un 11,6% en un periodo en el que está sufriendo el repunte de las rentabilidades de la deuda y la rotación de las carteras hacia el ciclo.

For its part, Solaria has started 2022 as the previous one ended. Desde los máximos históricos registrados hace casi 12 meses, sus títulos se han desplomado un 52% en parte, por la elevada valoración alcanzada en años anteriores junto con la inestabilidad del sector de renovables derivado de los altos precios de la electricidad.

Parecido es el caso de Acciona, que cae un 11,6% en enero tras sumar un 48,5% en 2021 al calor de la salida a bolsa de su filial de renovables el año pasado.From Bank of America they consider that "the conglomerate discount has been substantially reduced since last summer" and, as a consequence, they see "less perspectives of crystallization of value through the sale of participations in subsidiaries", so they consider that "The actions are quite valued ".

Finally Ferrovial, with losses of 11%, has recently received recommendation discounts from Barclays and JP Morgan, who see more interesting name in the sector such as Vinci or Eiffage.

Fed and Ukraine

With one eye at the Federal Reserve Meeting (Fed), which began yesterday but whose conclusions will not be known until Wednesday afternoon, and the other in the Ukraine crisis, volatility remains above 32 points,maximums that were not seen since October 2020. Desde Renta 4 opinan "que el banco central de EEUU podría suavizar en cierta medida la agresiva interpretación que está haciendo el mercado de su retirada de estímulos monetarios".

On the other hand, "the Ukraine crisis is still very present in the mood of investors," they explain from Link Securities. "Más aún", añaden, "tras conocerse que el secretario de Defensa de EEUU, Lloyd Austin, ha puesto en alerta máxima a 8.500 soldados estadounidenses para un posible despliegue en Europa del Este en preparación para una posible invasión rusa de Ucrania".

How to face this scenario for technical analysis?Joan Cabrero, an Ecotrader advisor, estimates that in a scenario in which the tension is maintained or grows (without reaching an open conflict between Russia and its allies with NATO members) the Spanish Ibex 35 has 5.6%falling from its current levels to 8.000 points, which "would be an attractive long -term purchasing zone" without this meant talking about a bearish environment, says the expert.

Losses of up to 28% in Europe

European quotes do not escape the annual double -digit losses.Within Eurostoxx 50, which loses 5% in the whole of the year, there are 12 companies left between 10% and 28%.The worst part is for technological adyen, ASML and Infineon Technology, which are left between 15% and 28%, followed by Hermès, Schneider, Philips, Essilorluxotics, L'Oreal, Kone, Deutsche Post, Linde and Flutter Entertainment,that fall between 10% and 14%.