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    AGL   IT0001137345

AUTOGRILL S.P.A.

(AGL)
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European shares rise as commodity stocks rebound, techs jump

07/07/2021 | 12:15pm EDT
The German share price index DAX graph is pictured at the stock exchange in Frankfurt

(Reuters) - European stocks rose on Wednesday as commodity-linked stocks recovered from sharp falls in the previous session, while lower bond yields kept supporting highly valued technology shares.

The pan-European STOXX 600 rose 0.8%, a day after the index snapped a three-day winning streak as worries about the global economy led to a bond market rally that pushed U.S. and euro zone bond yields lower.

Yields slid again on Wednesday, lifting technology stocks by 1%, but pushing bank stocks down 0.2%. [GVD/EUR]Barclays in a note said they were adding tech exposure via software "given their later-cycle investment nature. Valuations are not cheap, but we expect earnings to be supportive."

Europe's most valuable tech company SAP was the biggest boost to the STOXX 600, up 3.5%. Traders also pointed to a double upgrade to "buy" from Bank of America. Germany's DAX posted its best session in seven weeks, up 1.2%.

As copper and iron ore prices rose, mining stocks made back 2.3% from Tuesday's 2.5% drop. [MET/L] [IRONORE/]

Investors were cautious, putting defensive sectors among the top gainers.

Sliding crude prices weighed on oil & gas companies. The travel and leisure sector lost the most, down 1.5% with the World Health Organisation advising against pre-mature lifting of COVID-19 restrictions.[O/R]

A rally in beaten-down "value" stocks has helped push the STOXX 600 to record highs this year, but worries about the Delta variant of COVID-19 slowing economic recovery have put them behind "growth" stocks year-to-date.

"Flows are coming back, but the region is still not crowded and we think improving (economic) growth could last beyond reopening catch-up," Barcalys said, adding Germany and Italy are their top picks in the continent.

Graphics: MSCI Europe growth index has outperformed its value counterpart so far in 2021 -

Investors are awaiting the U.S. Federal Reserve's policy minutes later in the day, which could shed light on when it plans to start tapering asset purchases.

Among other notable moves, French state-controlled power group EDF added 2% after raising its 2021 core earnings target, given its new estimate for nuclear output in France.

With earnings season set to kick off later in July, analysts are expecting profits at STOXX 600 companies to jump 108.6% in the second-quarter versus a year ago, as per Refinitiv IBES data.

Swiss duty-free retailer Dufry fell after Italy's Autogrill denied rumours of a potential tie-up between the companies. Both slipped more than 1.5%.

Dufry was up 1.3% after gaining as much as 5% earlier, while Autogrill shares were up 1.5%.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta, Uttaresh.V and David Gregorio)

By Sruthi Shankar and Susan Mathew


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUTOGRILL S.P.A. 4.21% 6.934 Delayed Quote.43.31%
BANK OF AMERICA CORPORATION 1.08% 42.14 Delayed Quote.39.03%
BARCLAYS PLC -0.12% 183.74 Delayed Quote.25.27%
DAX -0.72% 15531.75 Delayed Quote.13.22%
DUFRY AG 2.34% 49.8 Delayed Quote.-10.40%
ELECTRICITÉ DE FRANCE -0.51% 10.795 Real-time Quote.-16.29%
LONDON BRENT OIL 0.94% 78.01 Delayed Quote.46.73%
MSCI EUROPE (STRD, UHD) -0.87% 153.054102 Real-time Quote.15.82%
SAP SE -1.30% 121.24 Delayed Quote.13.08%
STOXX EUROPE 600 NR -0.90% 1040.15 Delayed Quote.19.33%
WTI 0.93% 73.961 Delayed Quote.49.32%
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Analyst Recommendations on AUTOGRILL S.P.A.
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Financials
Sales 2021 2 546 M 2 983 M 2 983 M
Net income 2021 -222 M -260 M -260 M
Net Debt 2021 2 091 M 2 450 M 2 450 M
P/E ratio 2021 -11,0x
Yield 2021 -
Capitalization 2 648 M 3 100 M 3 103 M
EV / Sales 2021 1,86x
EV / Sales 2022 1,30x
Nbr of Employees 30 000
Free-Float 49,2%
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Technical analysis trends AUTOGRILL S.P.A.
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TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 6,93 €
Average target price 6,61 €
Spread / Average Target -4,74%
EPS Revisions
Managers and Directors
Gianmario Tondato da Ruos Group Chief Executive Officer & Executive Director
Camillo Rossotto Chief Financial Officer
Paolo Zannoni Executive Chairman
Aldo Papa Group Chief Engineering & Procurement Officer
Massimo Fasanella d'Amore di Ruffano Lead Independent Director
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