ASE Group | Until the 17th, the daily price of the Spanish wholesale market (POOL) in April stood at €5.40/MWh, the lowest since records have been kept for such a long period. Grupo ASE analysts highlight that in almost 50% of the hours the price has been zero or lower. In 84 hours (20.6% of the total) negative prices were recorded (between €0 and €-1/MWh) and the average price between…
Puig Brands – the group that owns Carolina Herrera, Paco Rabanne, Jean Paul Gaultier, Nina Ricci and Charlotte Tilbury – will go public on 3 May at a price of between €22 and €24.5 per share. That means a valuation of between €12.7 and €13.9 billion. And although it has not yet approved a shareholder remuneration policy, it says it expects to pay out 40% of its profits in dividends….
Jefferies Equity Research| 4% PBT beat versus consensus in 1Q 24, driven by better income and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive (up 1% quarter-on-quarter), despite flat growth, but margin dynamics proving supportive (cost of deposits only up 3bp quarter-on-quarter, likely at peak). Costs were 3% lighter than consensus and trending better than the LSD-MSD year-on-year growth guidance provided…
BancaMarch | The good and “less good” news from the IMF forecasts. Starting on the more optimistic side, they revise growth projections slightly upwards and suggest that the global economy may be approaching a “soft landing”. The “less good” refers to projections over a five-year horizon (+3.1%), the lowest in decades. GDP growth estimates for the global economy in 2024 increase by one tenth of a percentage point from those…
Link Securities| In an interview for the US portal CNBC, ECB President Lagarde said yesterday that the central bank is still on track to cut interest rates in the short term, subject to any major shocks. She said they are observing a disinflationary process that is proceeding in line with their expectations. He added that they just need to build a little more confidence in this disinflationary process, but if…
The President of Uruguay, Luis Lacalle Pou, together with other government and business authorities, has inaugurated the Ferrocarril Central de Uruguay project, a railway corridor linking the city of Paso de los Toros, in the centre of the country, with the port of Montevideo, built by the Grupo Vía Central consortium, led by Sacyr (SCYR) Concesiones. The new line has an extension of 265 kilometres and required the laying of…
TAQA, the Emirates giant, confirmed yesterday that it is negotiating with CVC and GIP, and in agreement with La Caixa, an offer for 100% of Naturgy. Because if an agreement is reached for CVC and GIP to sell, and given that they account for more than 40%, TAQA would have to make a takeover bid for 100%. After the confirmation of the negotiations, the National Securities Market Commission (CNMV) suspended…
Renta 4 | We show the European sector which includes auto and parts companies. The chart shows how it has overcome a resistance zone at 670 points, which has been in place since 2015 and which had served as an obstacle in several bullish impulses. In this context of free ascent, the relative performance ratio with respect to the Eurostoxx 50 timidly overcomes the downtrend since 2018, showing a better…
Alphavalue/ Divacons | The Minister of Transport, Óscar Puente, said yesterday that “we must wait for other players”, referring to the takeover bid by the Ganz Mavag consortium for Talgo, which the government is rejecting. Among these “players”, Puente wants Criteria, the investment arm of La Caixa, which, according to government sources, has been contacted to put together a counter-bid with a Spanish stamp. In fact, the newspaper Expansión suggests…
Santander Corporate & Investment | After a week of rumours in the press about a reorganisation of Naturgy’s (NTGY) shareholding structure (Baa2 e, BBB e, BBB e), Naturgy’s main shareholder, Criteria (with a 26.7% stake), announced a relevant fact on Monday. Criteria affirmed its long-term commitment as an investor in Naturgy and expressed its explicit support for the company’s transformation plan. Criteria also acknowledged that it has continued talks with…