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BLACKROCK / Comentario de Alice Gaskell sobre oportunidades de inversión en renta variable europea
De (correo electrónico): Su nombre: Para (correo elctrónico): Asunto: Mensaje:
    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Viernes, 06 de Marzo en la sección: Articulos</strong>
    <h3 class="titulo_articulo">BLACKROCK / Comentario de Alice Gaskell sobre oportunidades de inversión en renta variable europea</h3>
    Redacción
    <p>
	Es probable que el crecimiento nominal en Europa sea anémico en un futuro previsible en vista de la lentitud del progreso de las reformas estructurales, la ralentización del crecimiento en los mercados emergentes, la necesidad continuada de desapalancamiento y las reducidas tasas de inflación. Los títulos con reparto de rentas periódicas que nos parecen cada vez más interesantes a día de hoy pertenecen a los sectores de telecomunicaciones, suministros públicos y seguros. Las acciones de empresas europeas de mediana capitalización pueden ser muy atractivas para los inversores centrados en la percepción de rentas periódicas. El mercado suele cometer errores a la hora de calcular los dividendos en este ámbito en concreto y, por tanto, los valores de empresas distintas a las de gran capitalización pueden ser una buena opción para generar rentas para nuestros inversores.   Nuestras principales temáticas de inversión siguen siendo el crecimiento estable de los dividendos, la compresión de las rentabilidades, el excedente de capital y los títulos defensivos infravalorados”</p>

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	European Equity Market Outlook: an Income Investor’s Perspective</p>
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	“Nominal growth in Europe is likely to be subdued for the foreseeable future given the slow progress of structural reforms, slowing growth in Emerging Markets, the continued need to de-lever and low inflation rates.</p>
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	“European interest rates are unlikely to rise on a sustained basis for the foreseeable future. However, there is a realistic chance that the US Federal Reserve will increase benchmark rates this year which is likely to lead to a further depreciation of the Euro versus the US Dollar. The latter coupled with the tailwind from lower oil prices are clear positives going forward.”</p>
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	Opportunities in key sectors</p>
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	“Income sectors that look increasingly interesting to us today are the Telecoms, Utilities and Insurance sectors.</p>
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	“Within the Insurance sector, several companies have excess capital which will allow them to continue to return capital over and above their ordinary dividends and / or increase the pay-out ratio of the ordinary dividend. Axa recently posted solid results and increased its payout ratio.</p>
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	After a period of restructuring, the Utilities sector currently offers attractive free-cash-flow yields backing above-average dividend yields. We expect some stocks with undervalued international infrastructure-related assets to start to contribute to growth of group profits in the medium-term.</p>
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	“European mid-cap stocks can be highly attractive area for Income investors. The market often fails to estimate dividends correctly in this particular area, and therefore the non-megacap space can be a good way for us to make money for our investors.</p>
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	“The German residential housing sector is also attractive but needs to be carefully considered given recent outperformance from exposed stocks. In general, Real Estate offers highly predictable cash-flows backing strong dividend yields significantly above the risk-free rates. In addition, the German residential property market offers the potential for significant capital appreciation as historically low ownership levels are gradually increasing on the back of low interest rates and rising real wages.</p>
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	“The recovery of the peripheral economies continues while there is genuine political change happening in Italy – all of this means that dividend yields are increasingly safe and that dividend growth should accelerate.</p>
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	“Our key investment themes remain stable dividend growth, yield compression, excess capital and undervalued defensives.”</p>

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