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Companies, Ibex, Spanish economy 21st November 2022

Merlin Properties subscribes to a 5-year syndicated loan for € 600 M; this assures the repayment of all debt maturities to 2027

Renta 4 | According to information provided to the Stock Market Regulator, Merlin Properties has subscribed to green corporate financing with various banks. This allows it to add 660 million euros to its disposable liquidity, reaching a total of 2 billion, and means that the repayment of all its debt maturities to 2027 is assured. The financing consists of a syndicated 5-year loan for 600 million euros with 5 lenders (BBVA,…

Companies, Ibex, Spanish economy 21st November 2022

Telefónica: a more bullish message on the telco sector than on other occasions

MS | The general feeling is that Telefónica’s message at the TMT 2022 was more bullish than on other occasions. The most important elements: Telefónica is managing the current volatile macro environment well. 2. A generalised hike in prices: the company’s prices are linked to inflation in Brazil, HISPAM and the UK. In Spain, the message has been very direct, speaking about raising prices to levels of inflation as well…

Companies, Ibex, Spanish economy 21st November 2022

ACS forms the consortium YTK with some US firms to build a factory in Ohio for electric vehicle batteries

Link Securities | Asian industrial firms Honda and LG Energy have commissioned the construction company Turner, a subsidiary of ACS, to build a factory for electric vehicle batteries in the county of Fayette, Ohio (US), according to today’s Cinco Dias. The initial budget for the installation is $3.5 billion (some 3.380 billion euros) of the $4.4 billion (some 4.245 billion euros) being considered for the whole initiative. ACS’ partners in…

Companies, Ibex, Spanish economy 20th November 2022

Cellnex will consider buybacks and distribute dividends when TowerCo generates positive FCFs in 2024

Morgan Stanley |The main issues dealt with on Cellnex’s panel of the TMT: Capital allocation is the priority: The company has announced that it will consider carrying out buybacks and distributing dividends when TowerCo generates positive FCFs in 2024. The next priority is to take advantage of BTS capacities/organic growth, which in the context of 5G offers new challenges. The “Greenfield” projects also have attractive yield profiles according to the…

Companies, Ibex, Spanish economy 19th November 2022

Telefónica has confirmed that it will raise prices an average 6.8% from Jan 2023

Norbolsa | Telefónica CEO, Ángel Vilá, has confirmed that in the next few days the company will officially announce an average rise in tariffs for Movistar clients in Spain of 6.8%. This will come into effect from January 2023. The rise in tariffs will not be lineal, but will vary according to the services contracted. Up to now, the Spanish telco was implementing its strategy «more for more». This consisted…

Companies, Ibex, Spanish economy 18th November 2022

S&P hikes Repsol rating to BBB+ from BBB after company strengthens balance sheet amid high raw material prices

Renta 4 | S&P has raised its rating on Repsol from BBB to BBB+, while maintaining its A-2 in the short-term, with a stable outlook. The ratings agency has based its move on a backdrop of high raw material prices, divestments and Repsol’s prudent financial policies to strengthen its balance sheet and improve credit measures. S&P flags that the market situation will favourably affect the company throughout the cycle. This…

Companies, European economy, Ibex 17th November 2022

Ferrovial eyes participation in new Warsaw airport, a project valued at €8 B

Bankinter | Ferrovial is interested in participating in the development of the new airport in Warsaw, which will be located between the Polish capital and the city of Lodz. The project is valued at around 8 billion euros and the Spanish firm has put itself forward to invest in it, along with other partners. Analyst team’s view: Good news for Ferrovial. The operation would make strategic sense, as it would…

Companies, Ibex, Spanish economy 17th November 2022

Iberdrola, attractive growth and high visibility; Buy (T.P. 12,50 vs 11,90 euros/share)

Bankinter | Upward revision to targets in the Strategic Plan 2025. Attractive growth and strong visibility in results. Iberdrola has revised upward the objectives in its Strategic Plan 2025. It now expects EBITDA in 2025 of 16.5-17.0 billion euros vs 15 billion previously, and NAP of 5.2-5.4 billion euros vs 5 billion previously. Average annual growth rate in EBITDA and NA`P in the period 2022-2025 will be between 8% and…

Companies, Ibex, Spanish economy 15th November 2022

Downward revision in Amadeus to take into account a more complicated macro backdrop; Hold (T.P. 58,5 vs 63,50 euros/share)

Renta 4 | Q3 figures have consolidated the trend towards a recovery of 2019 levels. The decline in revenues is close to one digit: -13% vs Q3’19 (-17% in Q2), EBITDA: -20%, also improves, +4pp vs Q2 (ex German government aid). That said, this recovery has been held back by disruptions in European airports and travel restrictions in Asia. Recovery continues in Q4, at a slow pace Reservations show a…

Companies, Ibex, Spanish economy 15th November 2022

With almost 24 M trips, Aena’s air traffic figures in October were down just 3% on 2019

Intermoney | Aena (Hold, T.P. 140 euros/share) announced is traffic figures for October on Friday. The company managed almost 24 million trips, 3% less than the same month in 2019. Last month, the dichotomy between the tourist airports continued. Palma (+5%) and Lanzarote (+11%)’s figures were well above pre-pandemic levels, while Barajas and El Prat airports’ figures are still on average 10% below those levels. In the year to date,…

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