Banco Sabadell | The Q3’22 results show a very strong recovery in activity with capacity in line with expectations (81% vs ~80% estimated). However, the big surprise comes in the shape of the strong trend in prices (RASK 8,57 vs 7,79 BS(e) and 7,08), the highest level in the history of IAG. On the costs side, there is a surprise with fuel (32% of costs) which is -6% vs revised…
Renta 4 |According to press reports, Iberdrola’s US subsidiary Avangrid is preparing a plan via which the group is looking at divesting in some renewable assets (total or partial) to strengthen the balance sheet ahead of its investment plan over the next few years. This amounts to 14.6 billion usd until 2025, including the purchase of PNM (6.5 billion usd) if the courts allow that to materialise. The divestments could…
Renta 4 | ACS, in agreement with Atlantia, have decided to write-off 1 billion euros of Abertis’ debt, allowing its own funds to increase by 40% and providing it with some support to tackle new investments. Valuation: News with no impact. We do not rule out that they continue to make moves which allow Abertis to obtain funds or assets which increases its position in the motorways business. Reiterate HOLD….
Intermoney | While the market was open on Wednesday, Acciona Energía (Buy, Target Price 41 euros/share) announced that it will build a biomass plant with capacity of 49,9MW in the municipality of Logrosán (Cáceres). The company was an awardee in the third auction for the grant of the economic regime for renewable energies tendered by the Ministry for Ecological Transition and the Demographic challenge. This guarantees a sale price for the…
Intermoney | Results 9M 2022e on 7 November – EBITDA +26%, still reflecting the impact of costs in construction. Sacyr will announce its results on Monday 7 November before the market opening, with a conference call at 1300. We expect the company will have continued with the growth seen in past quarters. However, this will have relaxed vs H1’22 due to the impact of the rise in costs and more demanding…
The Corner | Caixabank posted an 18.8% rise in third quarter net attributable profit, beating consensus forecasts, and driven by a strong rise in revenues, including commissions. Net interest income was up 5% quarter-on-quarter at 1.687 billion euros. Morgan Stanley analysts noted that despite a slight uptick in costs, operating profit before provisions (Ppop) beat estimates by 8%, underpinned by a 25% drop in provisions, which was below expectations. “Overall, Álvaro…
The Corner | BBVA said net attributable profit rose 46% to 4.842 billion euros in the nine months to September from a year earlier, boosted by a strong performance in its main market Mexico. Group net interest income rose 29% to 13.811 billion euros year-on-year, while costs increased by 12.8%, as the hike in interest rates offset inflation. In Mexico, net attributable profit rose 47.5% in the nine-month period to 2.964…
Bankinter | Acerinox has reported net profit of 741 million euros in the nine months to September, 99% higher than a year earlier. However, in the third quarter net profit dropped 22% to 133 million euros, due to a slowdown in activity in this period. The main figures compared with the company’s consensus for Q3’22: Revenues 2.175 billion euros (+28% yr/yr) vs 2.314 billion estimated; EBITDA 241 million euros (-18%…
Norbolsa | ACS has reached an agreement with Clal Insurance via its subsidiary Iridium for the purchase of an additional 12.11% in the toll motorway concession SH288 in Texas. The cost is approximately 250 million euros. With this deal, the Spanish group strengthens its position as core shareholder in the motorway, now holding 78.38% of the capital invested in the project. This includes the financing, design, construction and operation of…
Bankinter | Cellnex has sold 1.100 telecommunication towers in the UK to Wireless Infrastructure Group (WIG) for 170 million euros. The EBITDA generated by the afore-mentioned towers would be around 8 million euros. So the sale price represents 21x EBITDA. Bankinter’s analyst team view: Good news for Cellnex. This sale is not for strategic or economic reasons. It was the commitment agreed with the UK regulator in order to approve…