Ibex 35 Financial Markets

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Companies, Ibex, World economy 26th October 2022

Iberdrola, Acciona, Ferrovial, EDPR will compete for some areas to be auctioned in California to install offshore floating wind turbines

Link Securities | Iberdrola, via its susidiary Avangrid, Acciona, Ferrovial and EDPR will compete for some of the five areas which will be up for auction in California to install offshore floating wind turbines. This will be the first offshore wind energy auction on the west coast of the US, as well as the first the country will carry out to support the potential development of offshore floating wind energy on…

Companies, Ibex 25th October 2022

The possible claim Grifols is facing (54-274 €M) does not affect its credit history

Santander | Grifols could be facing a possible claim of 54-274 million euros, according to the newspaper El Economista. On Friday, it emerged that the Spanish blood plasma manufacturer would be facing a class action on the part of 54.000 donors in the state of Illinois, in the United States. The plaintiffs are arguing that Grifols has not complied with the state’s Biometric Privacy Law, since they have demanded that donors…

Companies, Ibex, Spanish economy 24th October 2022

Iberdrola Requests 1 Month Delay For US Offshore Wind Project To Revise Conditions

Renta 4 | Iberdrola, via its US subsidiary Avangrid, has requested a one month suspension on the project Park City Wind in Martha’s Vineyard. This is due to the impact on the viability of the park of the global energy crisis, the hikes in interest rates and the increase in raw materials’ costs, according to the press. The project was assigned in 2015, with a planned investment of 3.5 billion…

Companies, Ibex, Spanish economy 23rd October 2022

After Good Results, Bankinter EP+4-6%, T.P. 7,30-7,70 Eur/Shr, Equalweight

Morgan Stanley | We are revising upwards our EPS estimates for Bankinter by between 4-6% after the good results (Q3) released on Thursday. This translates into a rise in our Target Price to 7,70 euros/share. + NII rose 16% QoQ, beating consensus estimates by 9%. +Now we expect the NII to grow 15% in 2022 and 25% in 2023 (13% above consenus). +Our new TP implies an upside of 24% from…

Companies, Ibex, World economy 23rd October 2022

Siemens Gamesa Signs Biggest Contract For Offshore Wind Energy In Taiwan: 1.044 MW In Three Projects

Link Securities | Siemens Gamesa has signed two agreements with Hai Long Offshore Wind Project to supply wind turbines for three offshore wind projects in Taiwan, totalling 1.044 MW. This is the manufacturer’s biggest contract for this technology in the country, according to Europa Press. The agreements are specifically for the Hai Long 2A (300 MW), Hai Long 2B (232 MW) and Hai Long 3 (512 MW) projects and will use…

Companies, Ibex, Spanish economy 22nd October 2022

Aena Chairman Tells Congress It Expects Profits Of “Several 100 Million” Euros

Link Securities |Yesterday in Congress, Aena chairman Maurici Lucena talked about the company’s budget. He flagged that Aena expects to generate several hundred million euros in profits which “will benefit all Spaniards”, due to the State’s 5% stake in the group, according to Expansión today. Lucena appeared in Congress to explain Aena’s budgets for 2023, although he did not provide any more details. That said, in the budget for 2022 Aena…

Companies, Ibex, World economy 22nd October 2022

Grifols Facing A Class Action In The US Related To The Biometric Privacy Law

Renta 4 | Grifols would be facing a class action on the part of 54.000 donors in the state of Illinois, in the United States. The plaintiffs are arguing that Grifols has not complied with the state’s Biometric Privacy Law, since they have demanded that donors provide their fingerprints, not destroy this information and exceed the specific objective for which it was registered. According to the plaintiffs this violated their…

Companies, Ibex, Relevant News Item 20th October 2022

Inditex is exploring the sale of its Russian business to an Asian partner

Bankinter | According to the Russian media, Inditex will transfer its assets there to partners in a “friendly” country in Soutb East Asia or the Persian Gulf. The solution would include Massimo Dutti, Oysho and Zara Home leaving the Russian market completely. Meanwhile other brands, particularly Zara, would operate under other names and with new collections from spring of 2023. It could take six months to a year to finalise…

Companies, Ibex, Relevant News Item 19th October 2022

Telefónica considers revising strategic plan which created Telefónica Tech and Infra

Link Securities | Telefónica is considering revising its current strategic plan via which it created Telefónica Tech and Infra (amongst other decisions). Sources familiar with the operation confirmed this to news agency Europa Press on Monday, after it had been advanced earlier by El Confidencial.com. Telefónica wants to adapt the plan to the macroeconomic context of high inflation. The Spanish telco has hired McKisey&Company to carry out an analysis, the…

Companies, Ibex, Spanish economy 19th October 2022

Ferrovial offers a defensive profile, given its exposure to the dollar, unquestionable quality of its assets

Intermoney | Results for 9mths 2022e – EBITDA will rise 17% (IMVe). Ferrovial will announce its third quarter results on Thursday 27 October after the market’s close, followed by a conference call. The day before Heathrow and Budimex will have released their figures. In our estimates, we expect the strong progression in Motorways to be confirmed, partly offset by a decline in Construction, phenomena already noted in June. All in all, EBITDA…

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