The Inflationary Supply Of Unbacked US Dollars And The Price Of Gold

Let us talk about the relation between the US dollar price of gold and the quantity of US dollar. In fact, one would think that it is, economically speaking, a rather straightforward relationship: All you need is to compare the supply of physical gold and the quantity of US dollar.

Viscofan preliminary 3Q19: volumes and margins feel impact of swine fever

Renta4 | We forecast that the weakness in packaging which has been seen all year will continue, despite the better performance than last year, especially in Europe and Asia (substitution effect) and with African swine fever in China as the main focus of uncertainty for the following quarters.


Enagas: modest results (NAP +2%) but slightly above the consensus

The Spanish gas company presented its results for the first nine months. These are the main figures: Total income 884 M€ (-1.3%), EBITDA in book value 767 M€ (+6.9%). Net Annual Profit 333 M€ (+2.3%), Operational Cash Flow 775 M€ (+17) and Net Debt 4.234 Bn€ (vs 3.623 Bn€ in December 2018).

Santander sells its Puerto Rico subsidiary for PER 9.5X

Renta4 | The bank has reached an agreement for the sale of Santander BanCorp Puerto Rico (including the banking business Santander Puerto Rico and the insurance business Santander Insurance Agency) to First Bancorp for 1 billion dollars.

Cellnex: +7% in fundamental valuation following purchase of Arqiva

Banc Sabadell | The acquisition of the Arqiva towers in the UK for 2 billion pounds (2.24 billion euros, 19.7% capitalisation and c.39% of NFD for Cellnex) means the integration of c.3,800 installations (+18.4% of Cellnex total) with a tenancy rate of c. 1.4X (vs c. 1.57X for Cellnex) and with contracts of 10 years duration (less than the current portfolio) linked to inflation.

Deustche Bank exits Amadeus; largest shareholder is now Blackrock with 5%

Alphavalue | Deustche Bank has sold its holding of 4.8% which it maintained as shareholder of reference in Amadeus. The operation has been produced for a total of approximately 139.9 million euros, at 67.02 euros per share, taking into account the current price of the company´s shares.