Banc Sabadell | The acquisition of the Arqiva towers in the UK for 2 billion pounds (2.24 billion euros, 19.7% capitalisation and c.39% of NFD for Cellnex) means the integration of c.3,800 installations (+18.4% of Cellnex total) with a tenancy rate of c. 1.4X (vs c. 1.57X for Cellnex) and with contracts of 10 years duration (less than the current portfolio) linked to inflation.
(European Views) | Addressing the European Parliament in Strasbourg, President of the European Commission, Jean-Claude Junker has described Brexit as ‘a waste of time and a waste of energy.’
David A. Meier (Julius Baer) | Saturday did not bring certainty to Brexit, after a narrow vote to postpone ratification of the deal until the necessary legislation to implement it has passed Parliament. An eventful week is to be expected in the UK Parliament, and the deal is not dead yet. We remain neutral on the British pound in the short term, as a deal or a delay seem almost equally likely now.
Banc Sabadell | 2019 guidance for Inmobiliaria Colonial: They expect rents of 350 million euros and profit per share of 0.26 euros/share (in both cases in line with BS estimates).
Dennis Snower & Markus Engels (Fair Observer) | Thirty years after the Berlin Wall, the contours of a new, socially enlightened and responsible capitalism are beginning to take shape.
Banc Sabadell | Spanish infrastructure construction group Acciona may have decided not to continue in the bid to compete with Renfe in the liberalisation of high speed trains in Spain.
Alphavalue | Deustche Bank has sold its holding of 4.8% which it maintained as shareholder of reference in Amadeus. The operation has been produced for a total of approximately 139.9 million euros, at 67.02 euros per share, taking into account the current price of the company´s shares.
Caixabank Research | After a September full of announcements, the next ECB meeting (24 October) will be transitional, in one sense at least: 31 October will see the end of Mario Draghi´s mandate, the most charismatic president in the institution´s history.
José Luis M. Campuzano (AEB) | The ECB itself admits that the exceptional monetary expansion measures have favoured a greater financial integration in the zone, although only in prices. On the contrary, a greater real integration of European financial markets remains pending.
Yves Bonzon (Julius Baer) | It is my long-held view that political noise is an exogenous factor that is hard to time. As long as we can remain sufficiently confident that the external shock is not triggering a systemic crisis or a recession, we must stay focused on the fundamentals and resist the temptations of exploiting the irrationality of a whipsawing market. And I still see a wealth of factors favouring a long-term uptrend of equities in a low-growth and low-inflation world.