Viscofan: Waiting for signs of stabilization

Renta 4 | Due to a more adverse market environment than initially anticipated and the increased competitive pressure in Southeast Asia and Europe, VIS revised downwards its 2019 guidance, slightly in revenue (-1%) and more markedly in recurring EBITDA ( -7%) and recurring net profit (-18%). The new estimates consider an increase in sales + 5 / + 7% and recurring EBITDA + 2 / + 5% and a fall in recurring net profit -6 / -12%.

Repsol's bet on alternative energies

Repsol registers new subsidiary to manage its green energy business

Spanish oil-and-gas company Repsol SA  just created a new subsidiary for its renewable energy business: Repsol Renovables. This new company will be responsible for carrying out the new green energy projects that the oil company has for more than 1Bn investment.

MasMovil eliminates doubts about 5G entry: Buy (O.P. 25 euro/share)

MasMovil has closed a new agreement with Orange which includes both the mobile network (including 5G and extending it to 2028/2033) and Fibre to Home – FTTH – (including an additional 5.2 M UI) and at the same time has updates its estimates (2019/2020) extending them to 2021.


ACS cash flow profile is now more resistant

Santander Corporate & Investment | We reiterate our recommendation to Buy after revising our model with the aim of including the performance in the first quarter of 2019 and recent tendencies. We have lowered our new objective price (OP) for the close of 2019 from 4.7€/share to 42.5€/share mainly because the valuation at market prices of CIMIC (without recommendation) in our model.