equity reports

REE downgraded by Fitch after Hispasat purchase

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.”


Iberia grows more than IAG´s other airlines, while Brexit is debated

IAG meets Q119 supply growth target with +6.1%

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%.



Will MasMovil join the Ibex 35?

MasMovil’s strong growth justifies high price

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.



What lies behind the entry of Hudson into the capital of Deutsche Bank?

What Lies Behind The Entry Of Hudson Into The Capital Of Deutsche Bank?

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%).




Iberdrola buybacks operations

Blackrock second shareholder in Iberdrola with 5%

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 reports growth of 15% in revenues

Cellnex Telecom Reports Growth Of 15% In Revenues And 20% In EBITDA During Q1 2018

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.