Spanish regulator (CNMC) is preparing new regulations which will lead to a greater than expected cuts in the returns for natural gas transportation and distribution networks and also, possibly, for electricity distribution networks.
Spanish multinational pharmaceutical and chemical manufacturer Grifols (GRF) has received the approval of Xembify (20% concentrated subcutaneous immunoglobulin) by the FDA for the treatment of primary immunodeficiencies.
Santander Corporate & Investment | In 1Q19, MásMóvil (MAS) registered 140,000 new net subscribers in fixed broadband (compared to expectations of less than 100,000 for the entire market) and the trend in 2Q19 remains solid, considering fixed ports, suggesting no less of 100,000 net connections in 2Q19 and implies a risk of upward deviation for the scenario that we handle of 350,000 net connections in 2019E.
Morgan Stanley | We reduced our estimates of EBITDA FY19 for Acerinox by 7%, by reducing our estimates between 2Q-4T as a result of the loss in the revaluation of inventories.
BME | The market value of the treasury shares plus the amortizations made by these companies during the year reached 6,621 million euros in December, 9.9% more than in 2017.
Mapfre (MAP) said this week that the acquisition, which had already been announced in January, of 50.1% of a new insurance broker from Banco Santander through its subsidiary Mapfre España has been completed, pending the corresponding authorisations. The broker will commercialise insurance for cars, multi-risk trade, multi-risk SMEs and civil responsability exclusively for Santander´s network in Spain.
Sabadell revised all the forecasts and objective prices for the companies they cover and highlight their favourite shares in their portfolios (model, 5 value portfolio, high yield and SME portfolio). Although they do not change their recommendations, they significantly revise the valuation of Cellnex (+15%), Sacyr (+15%), Iberdrola (+13%), FCC (-7%), Unicaja (-7%), Caixabank (-8%), Liberbank (-13%), Bankia (-14%) and Arcelor (-22%).
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.
After fulfilling three years’ maintenance of the third set of locks, Sacyr and its partners in the consortium GUPC (of which the Spanish constructor controls 41.6%) have ended their contractual relationship with the Panama Canal Authority
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.