Renta 4 | Mediaset Spa and Mediaset España have announced their merger through a share exchange under the name of MediaForEurope (MFE), which will be the new parent company, with the intention of creating a pan European platform, which will trade in the Italian and Spanish stock markets, able to unite a combined audience of 107 million viewers.
The ratings agency Fitch Ratings has upgraded its short term rating for Enagás (ENG) and Enagás Financiaciones S.A.U from “F2” to “F1”’, applying its new short methodology for short term ratings.
Morgan Stanley | ACS (ACS) continues to reduce its risk profile following the purchase of Abertis and its exposure to assets. This is already discounted in the price. in addition it remains without control over the cash flow of its most important assets (Abertis; ACS/Hochtief/Cimic).
Banc Sabadell | According to the press, Maurici Lucena (President of AENA) has commented that during the period of the next Airport Regulatory Document (DORA, 2022-26) the company will invest 1 billion euros per year (5 billion euros in the entire period).
Renta4 | According to Bloomberg the Italian parent company is considering various options for Mediaset España (TL5), among them combining its business to confront the competition from platforms like Netflix.
Nuria Álvarez (Renta 4) | Banco Sabadell´s Q119 results showed how the increase in volumes had allowed it to moderate the deterioration in the margin of interests. We come to an objective price of 1.56€/share. Overweight.
Santander Corporate & Investment | A year after we renewed our coverage of Mapfre (MAP), our opinion remains unchanged. Despite foreseeing a notable operational improvement in 2021, we think that 2019 will probably be a complicated year.
Repsol (REP) has communicated the timetable foreseen for the capital increase approved by its last Shareholder General Assembly within the framework of the “Repsol Flexible Dividend” Programme
José Benito de Vega | In the last twelve months, the Spanish firm Vidrala has had a better stock performance than the IBEX35, with a revaluation of 1% compared to a decrease of 8% in the index, although the stock has not been spared from moments of volatility.
Renta 4 | On 13 June the Ibex´s Technical Advisory Committee will hold a routine meeting. If we look at the volumes traded over the last 6 months, MasMovil is a clear candidate to enter.