Sabadell | The funds Lone Star and Apollo have demonstrated interest in acquiring 100% of Ferrovial’s services subsidiary. Goldman Sachs distributed the indicative document (teaser) several weeks ago.
Bankinter | Iberdrola is preparing a bond issuance in Brazil. The Spanish company’s aim is to secure financing for its Brazilian subsidiary’s new investments. Among these investments, the adjudication of network projects valued at €1.380 billion stands out.
Fitch downgraded Red Eléctrica (REE, A- from A, and elevates the perspective to stable from negative) after the firm’s acquisition of Hispasat. The credit rating agency says that the 2018-2022 strategic plan announced by the group in February “does not support a capital structure consistent with the ‘A’ rating level in the medium term.”
Renta4 | IAG has published the March air traffic data, which show a beginning to the year similar to the company’s capacity (supply) target for Q119, with demand growing slightly more than supply, and in line with the target for the year of 5.9%.
Bankinter | Red Eléctrica (REE) demands normative adjustments to facilitate the implantation of renewable energies. The director-general of Red Eléctrica, Miguel Duvison, has declared that currently access has been approved in Spain for 84% of the energy potential which needed for 2030.
Iberdrola’s shares have exceeded 10 year maximums with a satisfactory evolution of +24% since the October lows. Analysts at Alphavalue highlight the good balance between the firm’s diverse businesses and the lower intensity in the consumption of CO2 rights.
Bankinter | We are revising our recommendation for BBVA to Neutral from Buy because of the deterioration of the situation in Turkey.
José Benito de Vega | Since the beginning of 2017 Siemens Gamesa (SGRE) shares have performed poorly, falling -20% compared to -1% for the Ibex 35. This is even clearer compared to the maximums of May 2017 since when they have fallen -40% (-11% Ibex 35).
Blackrock, the largest fund manager in the world, has raised its holding in the electricity company to 5.008% from the 4.998% it held, and remains the second largest shareholder behind the sovereign wealth fund Qatar Investment Authority (QIA).
Cellnex Telecom has presented its results for the first quarter of 2018. Revenues amounted to € 217 million (+15%) and EBITDA was € 101 million (+20%). The comparable net result closed at € 11 million, in line with the close of the same period in 2017, thereby taking into account the effect of the higher amortisations (+30% vs. 1Q 2017) and financial costs (+51% vs. 1Q 2017) associated with the growth of the group and the consequent expansion of its geographical footprint.