Singular Bank| The Dutch energy company wants to sell its French floating wind business, Eolfi, acquired in 2019 to increase its weight in renewable energy in line with its strategy. However, it now wants to offer a higher return to shareholders. This is part of the strategy of the new CEO, Wael Sawan, to be announced in June, where he intends to eliminate activities that do not produce adequate returns….
Renta 4: The price reacts from levels of $60, historical lows of the stock during 2019, before emerging on the upside with the lockdowns of the pandemic. Although the stock is at the same levels as then, the company’s figures have nothing to do with those of that time, for example it has more than $5 billion, 25% of its capitalisation, in cash, without debt. In the short term it…
Renta 4 | Repsol to develop 1.7 GW of renewable energy projects in Italy. The project will have 943 MW of generation using wind technology and 825 MW of solar. The total cost is estimated at €500 million. Assessment: Positive impact. Repsol will develop 1.7 Gw of renewable energy in Italy with an estimated investment of €500 million. The portfolio is expected to be operational in 2025. Repsol is thus…
BSabadell : According to press reports, Deutsche Bahn has awarded Talgo (TLGO) a contract for the supply of 56 additional trains, which it is understood are of the Talgo 230 model and which would form part of the contract it is currently executing (23 trains worth €550 million). At the prices of the first order the contract could exceed €1.3 billion (~40% of Talgo’s current portfolio). Assessment: If the news…
Norbolsa| The energy company published yesterday its 1Q23 results, reaching a net profit of €594m (versus €560m consensus), registering a 76% growth compared to the same period last year. The group’s EBITDA increased by 60% to €1,460m (versus consensus of €1,420m), mainly driven by its conventional generation division (+78% year-on-year), which benefited from lower gas prices, as well as the normalisation of the marketing margin. The NTI increased to €11,600m…
Norbolsa : The company presented its 1Q23 results last Friday, achieving a 29% improvement in sales on 1Q22 and slightly above consensus expectations (+1% versus 1Q23 expected) (€952m versus €862m estimated), highlighting the increase in bus sales (+35% versus 1Q22), although margins continue to be weighed down by the Solaris units affected by the inflationary context. In this regard, the company notes a slight improvement in the bus supply chain,…
Norbolsa | Volkswagen yesterday posted sales and operating profit above consensus expectations, €76,198M (+21.5%) against €72,300M estimated and €4,730M (versus -29.9% year-on-year) as opposed to €4,076M, respectively, mainly driven by volume, strong pricing and product mix. Geographically, growth was largely attributable to strong growth in Europe and NAFTA, while on the negative side, deliveries in China declined by -14.5%. Meanwhile, BMW released its 1Q23 results, coming in above consensus expectations….
Link Securities | Cepsa has awarded Técnicas Reunidas the contract to develop the engineering for the largest second-generation (2G) biofuels plant in southern Europe, which the company will start up together with Bio-Oils through an investment of up to €1 billion, in the La Rábida Energy Park (Huelva). The new plant, which will use agricultural waste and used cooking oils as feedstock, will have two pre-treatment units and a flexible…
Alphavalue / Divancons | The Spanish company, in a consortium with the Sepcoiii company, has started commercial operation of Phase 2 of the Taweelah desalination plant, located in Abu Dhabi, following successful completion of the contractual tests. Specifically, it is the largest reverse osmosis desalination plant in the world (909,218 cubic metres/day) and the first to combine the production of drinking water with the generation of clean energy. The project…
Bankinter : Better than expected 1Q23 results in Sales, EBITDA and PBT. The main figures in the quarter compared to the market consensus (Bloomberg): Revenues €2,026M vs. expected €1,889M; EBITDA €332M vs. expected €315M; and PBT €96.9M vs. expected €51M. By activities, the performance is generally good in all areas, but the positive evolution of Water (+16.6% year-on-year in Revenues) and Construction (+55.7% year-on-year) stand out. Net debt stands at…