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Ibex

BBVA

Companies, Ibex, Spanish economy 17th October 2022

BBVA: Upside in NII and margins, stable capital situation; Turkey risks already in the price

Morgan Stanley |We have carried out a survey amongst our sectorial analysts to find out their estimates with regard to consensus expectations for each sector. Also to identify where they are most confident in terms of results. The survey flags a solid Q3, with 50% of sectors beating forecasts vs 13% seen as falling behind. That said, looking ahead at FY’23, my analysts predict a clear downside risk to consensus…

Repsol Strategic Plan

Companies, Ibex, Relevant News Item 17th October 2022

Repsol enters Acteco’s capital with 27% stake

Renta 4 | Repsol has bought 27% of Acteco, which specialises in the pickup, management and recycling of waste in Spain, specifically plastics. With the acquisition of this stake, the oil and gas company has guaranteed the supply of waste which will be used in the manufacturing of low emission products. Repsol continues to bet on the circular economy. No financial details of the transaction have been revealed. With Repsol…

Meliá

Companies, Ibex, Spanish economy 16th October 2022

Meliá accelerates sale of own properties (11%), betting on management contracts (43%), franchises (16%)

Link Securities | Meliá Hotels is accelerating the sale of its properties and increasing its bet on management contracts and franchises, the daily Cinco Dias said today. Meliá, with a portfolio of 330 hotels and a further 48 signed for the next few years, was dragged down in financial terms during the pandemic by having to maintain its own hotels without any activity going on. So last Tuesday, the hotel chain…

BBVA

Companies, Ibex, Spanish economy 15th October 2022

BBVA ups sustainable financing target to 300 billion euros vs initial 100 billion announced in 2018

BBVA has upped its targets for sustainable financing. The Spanish lender expects to reach 300 billion euros of products linked to sustainability targets in the period 2018-2025, according to the daily Cinco Dias, citing BBVA chairman Carlos Torres during a conference in Washington. Cinco Dias said the new amount would represent a 50% increase on the goal of 200 million euros announced in July 2021, when the bank updated its…

naturgy

Companies, Ibex, Spanish economy 12th October 2022

Dividing up Naturgy would involve «inopportune complexities» for the Government

Banc Sabadell | The Géminis plan aimed at dividing Naturgy into two entities would involve ill-timed complexities in the eyes of the Government, according to official sources, cited by the press. The main reason should be that Naturgy is considered as strategic, due to the fact that it is the main supplier of gas to the Peninsula via Medgaz. The current environment as a result of the war in Ukraine…

Amadeus

Companies, Ibex, Spanish economy 12th October 2022

Amadeus: the re-opening may offset the macroeconomic context

Morgan Stanley | The Q3’22 survey of CIOs (Chief Information Officers) suggests a slowdown in IT budgets’ growth. Expectations for spending in 2022 have been cut by 100bp to 3%. For 2023, growth of 2.8% is expected, so both figures would be below the pre-Covid average of 4.1%. The ratio of those CIOs who expect an increase in budgets vs a cut has fallen to 0.4x (vs 1.1x Q2’22), registering…

Repsol Strategic Plan

Companies, Ibex, Spanish economy 12th October 2022

Repsol’s Q3’22 trading statement predicts spectacular results: record Ebitda of €12.955 Bn

Renta 4 | On Monday after the market close, Repsol released figures corresponding to Q3’22, where the price of Brent (100,8 USD/b) rose 37.1% year-on-year and fell 11.5% quarter-on-quarter, and the price of gas (8,2 USD/Mbtu) was up 105% year-on-year and 13.9% quarter-on-quarter. These figures compare with the company’s guidelines for 2022, where it considers levels of 70 USD/b and 3,7 USD/Mtbu, while sensitivity to the price of Brent is…

Grifols

Companies, Ibex, Spanish economy 11th October 2022

With 65% of debt at a fixed rate and maturities in 2025, Grifols’ gearing could drop to 4.9x in 2023, 3.8x in 2024

Morgan Stanley | After a series of acquisitions Grifols’ debt has increased to 10 billion euros (7xND/Ebitda). That said, with 65% of debt at a fixed rate and maturities in 2025, we expect gearing to drop to 4.9x in 2023 and 3.8x in 2024 (thanks to a recovery in profits). However, in the short term, with limited ways to reduce gearing, this is going to put pressure on the stock….

Merlin Properties

Companies, Ibex, Spanish economy 10th October 2022

Merlin Properties CEO flags it will grab opportunities amid unfavourable climate

Link Securities | Merlin Properties CEO, Ismael Clemente, highlighted in an interview with the daily Expansión that they are focused on managing and growing the company. He said they will take advantage of the opportunities which present themselves amid the possible unfavourable economic situation. This is what they did in 2014 (aquisition of the portfolio of BBVA branches), in 2015 (buy of Testa) and in 2016 (merger with Metrovacesa). The…

Cellnex

Companies, Ibex, Spanish economy 10th October 2022

Cellnex could be interested in a stake in Vantage Towers

Renta 4 |Vodafone could be waiting to receive offers for its stake in Vantage Tower in which it controls 81%, according to Reuters. Vantage manages 83,000 towers in 10 countries and currently has a market cap of 12.5 billion euros. According to the press, Cellnex and American Tower would be weighing up the idea of presenting an offer for the above-mentioned stake. Valuation: In acquisition transactions of this kind, Cellnex…