Spanish lender BBVA would be considering spending cuts for 2020 which would affect not only the commercial network and central services, but also the strategic Client Solutions division, where workforce could be reduced by 3% and investment frozen.
Renta 4 | Apax Partners fund has withdrawn its offer for the division of services in Spain and International for their strong labor costs, although it maintains its offer for Broadspectrum (Australia) at € 600 million, taking the offer on Amey ( United Kingdom).
Alphavalue | Deutsche Bank launched the sale of 10 million shares of Cellnex among large investors. The German entity launches an ADR offer, which allows foreign investors to invest in the Spanish teleco in dollars, without exposing themselves to the risks of the Cellnex currency.
Bankinter | The Spanish group presents Sales recover traction in 3Q19, margins rebound and cash generation accelerates with lower investment effort and reduced inventories.
Morgan Stanley | Global refinery margins have fallen sharply this year and we think we are going to see a rebound in 2020 for a host of reasons: the price of HSFO has fallen to a level where it already competes in power generation, which limits its fall from these levels.
Renta 4 | We made a change in the Portfolio letting Telefónica (TEF) go, and MásMóvil (MAS) in, since the second has a much higher revaluation potential supported by its greater growth, double digit in revenue and expanding its operating margins, estimating that it will continue to be the operator with the highest share in the coming years.
BOfAML | We see a lower percentage of SKUs on discount in November compared to November 2018, which reflects a less aggressive discounting strategy by Zara in 2019, in our view.
Spanish group Telefónica (TEF) announced an action plan focused on five points: (i) focus investments and growth in Spain, Brazil, the United Kingdom and Germany; (ii) creation of Telefónica Tech; (iii) creation of Telefónica Infra; (iv) operational spin-off of Latin America (Latam ex Brasil) and (v) redefinition of the corporate center. This leads to a reorganization of the current Executive Committee.
Morgan Stanley | We continue to see the discount with the quotation exaggerated against the sector (8-9% PER’20-21), by undervaluing its strong growth profile (growth in EPS CAGR 18′-21 ‘of 10%), as well as the expected new renewables plan, so we continue to maintain the OW.
Alphavalue | The vice president of the European Central Bank, Luis de Guindos, warned that the profitability on the own funds of the Eurozone banks has fallen to less than 6% in the last twelve months until June 2019.