IBEX

Ferrovial

Ferrovial’s Motorway division accounts for 72% of O.P.

Banc Sabadell | Despite Ferrovial´s excellent performance this year (+26% in absolute terms and +17% vs IBEX) our Objective Price still suggests potential (c.+10%) and the share remains one of our main bets in the sector.



Norway’s sovereign wealth fund holds 3.024% in Telefonica

Bankinter | Norway´s sovereign wealth fund informed the Spanish markets regulator (CNMV) that it now holds 3.024% in Telefonica (TEF). This is an increase of more than 1% since it last informed the regulator of its holding in the Spanish telecommunications company last February.


Naturgy

In-depth: Naturgy, its strategic pivot gives it +43% vs Ibex -8%

José Benito de Vega | Naturgy has enjoyed a very positive stockmarket evolution since the beginning of 2018, in which period its value has increased 43% compared to an 8% fall of the IBEX35. There are various factors behind his positive performance compared to the index, which was accentuated following the presentation of its Strategic Plan in June 2018. However, after the positive evolution of its shares, it is trading with elevated multiples and at a premium to the European sector which, in our opinion, does not take account of the regulatory risk.


Cellnex shows capacity to diversify its sources of financing

Renta4 | Cellnex announced an issue of senior bonds convertible into shares of 700 Mn€, extendible to an additional 150 Mn€. It will be exclusive for institutional investors, will mature on 5 July 2028 with a coupon of 0.5% and a repurchase value on maturing of between 103.74% and 108.58%, which means a performance at maturity between 0.9% and 1.4%, below the average current price of the company of 2.2%.