Amidst the market turbulence of the last few days, Metrovacesa returned to the stock exchange through the back door. Between the fact that its share offer was already somewhat jinked (after it was forced to reduce the price due to a lack of investor appetite) and that yesterday’s session was dominated by fear, the property firm’s shares fell 3% on their debut.
Spain’s Competition Authorities will decide tomorrow whether it will authorise ACS’s bid for Abertis (Atlantia’s offer is already approved). There is also the question of what will happen to Hispasat, a strategic asset for Spain, in which Abertis holds 91%.
Banco Santander announced earlier this week that it posted profits of 6.619 billion euros in 2017, up 7% from a year earlier: BBVA published its results yesterday, with profits rising 1.3% year-on-year to 3.519 billion. Ten years on, have the two banks recovered from the global financial crisis?
Spain’s second largest bank BBVA generated a net attributable profit of €3.52 billion (+1.3%) in 2017. Without taking into account the impairment losses from Telefónica, net profit for 2017 stood at €4.64 billion, up 19.7% compared to 2016 results, excluding the provisions related to ‘floor clauses’ in Spain.
Cepsa wants to open up a gap for itself in the sector for commercialisation of residential electricity and gas, with the aim of grabbing a 1o% share over the coming years. It will thus become one of the four main operators along with Endesa, Iberdrola or Gas Natural Fenosa.
Banco Santander posted profit of 6.619 billion euros in 2017, up 7% from a year ago. The profit figure was affected by extraordinary charges totalling 897 million euros.
The Cabinet has approved the takeover bid for Abertis launched by Atlantia for the former’s toll motorways in Spain.
Bankia posted net profit of 816 million euros in 2017, up 1.4% from a year earlier, thanks to the progressive stabilisation of the bank’s gross margin due to a greater marketing push.
Gas Natural’s main shareholders continue to analyse non-organic growth possibilities via acquisitions. The deal to which both Criteria Caixa (with 25% of Gas Natural) and Global Infrastructure Partner (with 20%) are dedicating more time is an eventual merger with EDP.
Comparing the average PER of a current stock market index with what it was historically is a simplistic approximation and can lead to wrong conclusions. In fact, we should take into account the differences in ROE. In the big stock market indices (S&P 500 in the US, Euro Stoxx 50 in the Eurozone) companies with a greater ROE have been gaining more weight.