Renta 4 | During Q2’22 the stock market indices have had to deal with the consequences of the war in Ukraine, the environment of high inflation, the uptick in IRRs and downward revisions to economic growth. In this context, the IBEX Medium Cap (-1.5% in Q2’22) has offered a relatively better performance out of the three benchmark indices (-4.1% of the IBEX-35 and -6.1% of IBEX Small Caps).
Our Selection Iberia S&M
We have made two changes in the composition of the Iberia Selection S&M. On the one hand, as of 20/05/2022 we included Prosegur, replacing Árima. And on the other hand, as of 10/06/2022 we have incorporated Making Science, as Mediaset España exits.
As a result, the Selection is composed of Applus+, CAF, Faes Farma Making Science, Prosegur and Tubacex, with a potential of 64.4% at the close of Q2’22
Profitability of the Selection: tightening the net
From the launch of this product (03/01/2022), and at the close of Q2’22, our Selection Iberia S&M has accumulated a decline of 5.63%, vs the 7.06% drop on the IBEX-35 and the 5.27% fall obtained from the average of the IBEX Medium Cap and IBEX Small Cap indices.
Keep an eye on the following:
With regard to potential catalysts in the coming months, we highlight on the upside: 1) new acquisitions of companies or divestments on the part of APPLUS+; 2) new acquisitions and strategic plan in the case of CAF; and 3) news with regard to refinancing agreements after SEPI’s rejection of EZENTIS’ rescue request.
