Telefonica presented today its results for the first quarter of the year: revenues fell by -9% to 10.34 billion, as did EBITDA, which fell to 3.417 billion (-9.1%), which did not prevent it from doubling net profit, which rose 116% to 886 million (FacSet analysts’ consensus expected 500 million in profit), representing a margin of 8.6% vs. the 3.6% margin in the first quarter of last year.
Articles by Juan José Fernandez-Figares
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J.J.Figares (Link Securities) | As expected, the news that the US Commerce Department has approved a list of companies exempt from the prohibition on technology transfer to Chinese companies, amongst them Huawei, served as a catalyst for western variable income, allowing the main US and European stock markets to recover part of the losses suffered on Monday.
Juan J. Fdez-Figares | The catalysts for the new flight from risk was the publication on Friday in the Eurozone and its two principal economies, France and Germany, of various advanced indices for activity in March, what are known as the PMIs, which were well below that expected by analysts.
The Blackstone Group has bought 16.56% of Hispania for 315,37 million euros from QP Capital Holdings Limited and QPB Holdings, owned by George Soros. It intends to make a full bid for the Spanish socimi.
In January, Spain terminated its contract with S&P (tired of paying for being knocked done by the ratings agency). S&P then replaced its management team in Spain and now, in March, of its own accord, – because Spain did not ask for the qualification – decided, last Friday, to raise its credit rating on the country by one step, to A- from BBB+, with a “positive” outlook.
Link Securities | Despite the ongoing uncertainty in the wake of last Sunday’s referendum in Catalonia, investors returned to the Spanish markets yesterday, buying up both equities and bonds. The main driver behind this renewed interest is the decision by top Catalan banks, Sabadell and Caixabank, to move their headquarters away from their home base.