In Europe

airbus A320

Airbus reportedly delivered 65 aircraft in March, bringing 1Q24 deliveries to 144, in line with 2024 target

Banc Sabadell: According to Bloomberg, Airbus (AIR) is reported to have delivered 65 aircraft in March (against 49 in February 2024 and 61 in March 2023), bringing total 1Q24 deliveries to c. 144 aircraft (against 127 in 1Q23, an increase of 13%). Assessment: Bloomberg’s anticipated figure (which is usually very close to the final) is positive, as it would indicate that the company continues to show some sequential improvement in…


telefonica logo nuevo

Telefónica and VM02 face reopening of anti-competitive proceedings in UK

Link Securities| Telefónica (TEF) and its subsidiary VMO2, which it controls 50/50 with Liberty, are facing the reopening of proceedings in the United Kingdom for possible anti-competitive practices, according to Telefónica on Wednesday. Also involved in the case are Everything Everywhere (EE, now a subsidiary of British Telecom (BT-GB)), Deutsche Telekom (DTE-DE), Vodafone (VOD-GB) and Orange (ORA-FR). The administrators of Phones4U, a company that went into receivership almost a decade…


inditex all

Inditex reopens today in Ukraine

INDITEX (ITX) returns to Ukraine after two years of closure as a result of the war with the opening of online shops from today, 2 April. To which will be added tomorrow the return to activity of around 20 shops of its seven brands in the Kiev area, to be followed later by those in the Lviv area. Inditex’s objective is to open around fifty of the 80 shops it…


enagas logo

Enagás raises stake in HEH consortium to 15% and will take over management of Stade LNG plant

Banc Sabadell| Enagás (ENG) announced at the AGM that it will consolidate its presence in Germany by increasing its stake in the Hanseatic Energy Hub (HEH) consortium from 10% to 15%, where Enagás will assume the technical management of the construction of the Stade LNG plant (scheduled to come online in 2027). The total investment volume of the project amounts to around €1.6 billion (€1 billion for construction). Assessment: Low…


Airbus

Airbus Defence and Space buys German public sector IT and cyber security company Infodas

Link Securities| The Airbus Defence and Space division of European aeronautics manufacturer Airbus (AIR) has reached an agreement to acquire Infodas, a German company that provides cybersecurity and IT solutions in the public sector, including defence and critical infrastructure, Europa Press reported. “With exponential cyber threats, along with the increasing digitalisation and connectivity of its products and systems, cybersecurity is a fundamental component of Airbus’ development,” the manufacturer said in…


ECB night

ECB: Tomorrow, March 27th, the last big maturity (€216 billion) of the TLTROs

Banca March: tomorrow, March 27th, the ECB and European banks will face the last large maturity of the TLTROs (“Targeted Longer-Term Refinancing Operations”) for an amount of approximately €216 billion. According to our estimates, this maturity will represent a reduction in the balance sheet of around -1.6 p.p. in terms of GDP, and will leave an outstanding balance of €177 billion (8% of the programme’s initial amount). It is important…


Talgo

Trilantic negotiates possible counter-bid for Talgo with Stadler, no high-speed positioning but increasing presence in Spain

Renta 4: According to press reports, the private-equity fund Trilantic could be negotiating with Stadler the launch of a counter takeover bid on Talgo after the possible rejection of the takeover bid of Magyar Vagon by the government. Assessment: The news could be considered to be positive because it may open a door to the success of a takeover bid for Talgo, but it may be difficult for it to…


construccion gruas

Heidelberg, Saint-Gobain, Wienerberger, construction stocks with most potential

Morgan Stanley: The construction sector (SXOP) trades at a premium in line with the 10Y average, not reflecting the increase in returns the sector has seen since 2018. According to Cedar Ekblom, 12M forward ROE SXOP/SXXP is 12% versus the 10Y average of -1%. Within the sector it is noted that the discount in valuation weighs more among heavyside companies, which trades at 11x P/E (-19% discount vs historical) against…


adidas edificio

Adidas loses contract as a supplier to German Football Association (DFB) to Nike after 77 years

Bankinter| Adidas loses the contract as supplier to the German Football Association (DFB) to Nike from 2027 until 2034. ADR falls -4.6% in NY. Adidas has been the official sponsor of the DFB for 77 years; its contract expires at the end of 2026. The DFB explains that Nike’s financial offer was the best “by far”. Some media reports suggest it could have been as much as €100m/year. Analysis: If…


BankofEngland

Bank of England keeps official interest rates unchanged with no voter in favour of rise

Banca March: Eight members of the Bank of England’s Committee yesterday supported maintaining the level of the cost of money at 5.25%, with only one in favour of a first cut. This marks the first meeting since September 2021 at which not a single voter has supported a rate hike. The governor of the Bank of England has stated that, although it is not yet time to cut rates, they…