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.
José Benito de Vega | MasMovil has traded in the continuous market since July 2017, although it has done so since April 2012 in the alternative stock market. Since it began to trade in the continuous market it shares have doubled in value, even though during the last year it had seen ups and downs, falling 25% in the last 12 month compared to a fall in the Ibex of 3% in the same period.
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.
The share price of Deutsche Bank has risen + 9% since 26 October. This reaction is explained by the entry of Hudson since the results for Q32018 were unconvincing and the reaction to the stress tests did call attention. The US hedge fund Hudson Executive Capital has invested 550 M€ to take control of 3.1% of the capital – equivalent to 8.6€/share. Hudson thus becomes the fourth largest shareholder behind the Chinese group HNA (7.6%), a Qatari fund (6.1%) and Blackrock (5%).
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.