equity reports


Unicaja an investment opportunity

Spanish Small & Midcaps: Unicaja

Unicaja Banco offers a good investment opportunity which we consider is interesting from a price angle. UC is trading at a discount close to 50% – in terms of Price/Tangible Book Value – with respect to the main domestic banks (Caixabank, Bankia and Sabadell).




Spanish Small & Midcaps: Gestamp

Renta 4 | Gestamp is a direct supplier for the main global light vehicle manufacturers. It makes the key components of any car: bodywork, chassis and mechanisms. It’s one of the few suppliers with global capacity and has a market share of around 15%.





Normalisation of the interbank market

German Or US Bonds: Who Is Following Who?

Analysts at Julius Baer think it is “comforting” to see that the bond market is efficient. In other words, they say that for German bond investors it is basically the same whether they invest in negative- yielding German Bunds or buy US bonds and pay for the hedging of the currency risk.


Blackrock second shareholder in Iberdrola

Iberdrola, Quality At A Price

Iberdrola’s stock had a good performance this year despite the difficult conditions faced by the group in two of its main markets (the UK and Spain). The negative effect was mainly on the generation and supply side as earnings in this segment decreased by 32%: the UK’s earnings contracted by 75% and the Spanish by 19%. As pointed by Carax- Alphavalue “this was due to lower plant operations (load factor) with contracting margins added to low hydro production and higher transmission costs