Articles by Juan José Fernandez-Figares

About the Author

Juan José Fernandez-Figares
Head of Research at Link Securities, Juan José Fernández-Figares has been analysing financial markets and companies from a wide range of sectors for over two decades. He also advises clients on their investments. For the last ten years Fernandez-Figares has been developing models based on algorithms, oriented towards stock picking for portfolio and fund management.
Acerinox

Nippon Steel Liquidates Its Stake In Acerinox

UBS has sold approximately 21.4 million ordinary shares of ACERINOX (ACX), informing the market that the final terms of the private placement have been set. The sale was carried out via an accelerated bookbuilt offering, aimed exclusively at qualified investors. The shares sold represent approximately 7.9% of Acerinox’s share capital, and the amount of the placement was EUR 225 million, with a sale price of 10.55 euros per share. On…


Inditex

Inditex Sells 9% More Than In H1 2019

Link Securities | Inditex (ITX) has presented its results for the first half of its fiscal year (H1 2021), which runs from February to July, achieving record sales, EBITDA and profits. Revenues came in at €11.936 billion, 49% higher than in H1 2020, and in line (-0.3%) with the figure expected by FactSet’s analysts’ consensus. At constant exchange rates revenues grew by 53%. Online sales at constant exchange rates rose…


spanish economy

Spain Hits Rock Bottom: 5 Quarters Of Contraction

Juan José Fernández Figares | According to the final estimate of the data released yesterday by the National Statistics Institute (INE), Spain’s Gross Domestic Product (GDP) contracted by 0.4% in Q1 2021 compared to Q4 2020, when it had remained stable (0.0%). In the quarter under analysis, household consumption fell by 0.6% (0.0% in Q4 2020); household spending fell by 0.6% (0.0% in Q4 2020); public spending contracted by 0.1%;…


Telefonica pantalla

Telefónica Doubles Q1’21 Profit Despite A 9% Revenue Drop; Will Pay €0.2/Share In June

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.


5G: the real reason behind US attacks on Huawei

In a market governed by traders, the final investor sits out

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.




Forty years of Spanish constitution: What's next?

S&P Raises Its Spain Rating To “A-” With Positive Outlook Of Its Own Accord

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.


banks in Catalonia

Investors see CaixaBank and Sabadell’s move as a “wake-up call” for Catalonia

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.