According to information from different sources, Renfe, Adif and Ineco have estimated losses of 1 billion euros as a result of important mistakes in the calculation of travellers made at the beginning of the project.
BARCLAYS | Gamesa posted a very solid start to the year with sales growth of 30% driving a 6% beat to company-compiled consensus. EBIT beat by 24% as the Group margin reached 11.2%, up 330bps year on year. Free cash flow was negative €107m (by our calculations), a solid improvement versus Q1’15’s -€267m in what is always the weakest quarter of the year.
Fernando Rodríguez | Spain’s big banks BBVA, Santander and Banco Popular have recently announced they will gradually reduce their branch network. What is the significance of this move? Norbolsa analyst Nagore Diez Cerceda offers us some opinions.
Cellnex Telecom is the leading independent operator of wireless telecommunications’ infrastructure in Europe. It is a growth investment opportunity, but it is currently trading at too demanding multiples. We would recommend to wait for some dips in the stock market to start to build up a position with a medium-long term view.
UBS | After a few weeks spent focusing on systemic concerns, earnings should offer a chance to go back to fundamentals. We are cautious into results as the recent rally left both banks trading on richer multiples and thus with limited protection against a quarter where underwhelming earnings could lead to consensus downgrades.
Spain’s second biggest bank BBVA said it posted a 53.8% drop in net profit to 709 million euros in the first quarter to March from a year earlier. The bank explained that quarterly results were hampered by a number of factors, including the impact of exchange rates, lower results from NTI and the lack of corporate operations.
Banco Santander S.A. (SAN) stock reached year maximums (+2.5% to €4.69) after the bank reported its Q1 results on Wednesday. Despite a 5% net profit decline in Q1 to €1.63bn (mostly due to the depreciation of various currencies against the euro), Spain’s largest bank by market value beat expectations.
The announcement that Santoro Financial (Isabel Dos Santos) will sell its stake in BPI to Caixabank is good news for the Catalan lender. But let’s keep in mind the economic backdrop to all this. The Portuguese economy is currently going through a particularly difficult time, with the existence of serious risks to its financial system.
Fernando Rodríguez | The last executive to leave Abengoa is Jose Dominguez Abascal, executive chairman from the end of 2015, who has resigned from the company’s board. This departure, as well as that of the over 2,000 executives and employees “have hardly affected its share price”, says Renta 4 Banco.