Ibex

ACS

Adif awards ACS, Rover and Tecsa €443 M contract for high-speed train works in Valencia

Link Securities | According to the daily laInformacion.com, Adif Alta Velocidad has awarded the joint venture formed by ACS, Rover and Tecsa the contract to execute the works in the plans for the construction of the new access channel to integrate the high-speed railway in Valencia. Also to extend and remodel the Joaquín Sorolla station and increase its parking area.ç The contract is worth 443,4 million euros, VAT included. It…


Arcelor Mittal

Arcelor, biggest opportunity for a rerating and biggest “mispricing” (Overweight)

Morgan Stanley | China’s reopening trade and the support for its property market has sparked a strong rally in the steel sector and in underlying commodities, leading the stocks to already discount a recovery in demand during 2023. Now there is an <8% average upside to target prices, so the risk/return is not attractive. The base scenario assumes a recovery in China in Q2’23. However the road will be bumpy,…


acsCM

ACS wins two new contracts for transport and mining in Australia worth €317 M

Link Securities | ACS, through its Australian subsidiary Cimic, has added two new contracts to its international portfolio. It has been awarded two transport and mining contracts in Australia for a combined amount of 500 million Australian dollars (some 317 million euros). On Wednesday, its subsidiary firm CPB Contractors was selected by the huge UK mining company Rio Tinto to build the necessary infrastructure to carry out operations in the…


Fluidra

Fluidra buys all of Meranus Group for some €30 M

Link Securities | On December 23, 2022 Fluidra Commercial, S.A.U., an indirectly fully controlled subsidiary of Fluidra, reached an agreement to fully acquire the German companies Meranus Haan, Meranus Lauchhammer and Aquacontrol. These firms together form the Meranus Group, a recognized swimming pool equipment distributor in Germany. It is also a manufacturer of swimming pool dosing and control technology. Meranus’ expected revenues for the year ending 31 December 2022 are…


Endesa

S&P lowers Endesa outlook to negative from stable

Banco Sabadell | S&P has lowered its outlook for Endesa from stable to negative, in line with the action it took in the case of ENEL (holds 70% of the Spanish utility). However it has maintained the rating at BBB+. Valuation: The news has a negative slant, although the impact is limited. The planned investments, along with the increase in debt, are behind this revision.


aenasede

Aena launches tender for its duty free shops; €18 B revenues estimated for duration of contract

Bankinter | On Thursday, Aena called for bids for what is considered to be the most important tender for duty free shops in the world, with revenues estimated at some 18 billion euros for the contract’s 15 years duration, including the 3 year extension. The Spanish airports operator’s goals are to end Dufry’s monopoly, maximise revenues and extend what’s on offer. It estimates that this way it will more than…


iberia IAG

Iberia (IAG) will focus on Latin America in 2023, after strengthening its position in 2022 in the US

Link Securities | Ibera, integrated in the holding IAG, will focus on growth in Latin America in 2023, after strengthening its position this year in the US, and as it waits for the opening up of the Asian market, according to the daily Expansión. Latin America is the strategic market for the airline, where it is the leader in the corridor with Europe, with a market share of 19% in…


iberdrola guapis

Iberdrola: Pontegadea could enter negotiations to buy a stake in Proyecto Romeo’s renewables; Norges Bank has exclusivity on the deal for 1 month

Bankinter | Norges Bank Investment Management, which manages Norway’s sovereign fund, is in exclusive talks with Ibedrola to buy a stake of up to 49% in a mega portfolio of renewable assets owned by the Spanish utility. The portfolio is called Proyecto Romeo and is valued at 1.2 billion euros. It includes wind and solar projects in different phases of development with a total output of 1.266MW. Of the whole…


Repsol Strategic Plan

The EIB provides €120 M financing for Repsol’s C43 biofuels project in Cartagena

Renta 4 | Repsol has obtained a 120 million euros loan from the European Investment Bank, which will be earmarked for financing the company’s biofuels plant in Cartagena, Murcia. The investment for the C43 project would be180 million euros, according to Repsol. It has already announced it would carry out investments aimed at converting the plant into the first advanced biofuels plant with low Co2 emissions. The C43 project will…


Cellnex

Cellnex extends until 2026 Retevisión and Spanish subsidiaries collective bargaining agreement

Norbolsa | The company has closed an agreement with the trade union leadership to extend for a further two years until 2026 the collective bargaining agreement for Retevisión and the Spanish subsidiaries until 2026. This agreement sets a 6.7% ceiling on salary reviews. And it provides job stability limiting the possible loss of purchasing power to 2% in the coming years. In effect, the agreement includes the recovery of this…