Articles by Judith Macinnes


S&P raises Abertis outlook to stable vs negative; considers the protective governing structure Atlantia, ACS and Hochtief is not in danger

Santander Corporate & Investment | S&P has raised its outlook for Abertis (BBB-e, BBB n) to negative from stable, as well as that of its French subsidiary SANEF (Baa2 e, BBB- e, BBB n). The ratings agency has taken this decision in light of the group’s solid results, with traffic levels already close to those prior to the pandemic in Europe and Latin America. S&P believes the group will be…

Atlantia Abertis

ACS, Atlantia may have agreed to inject €10 BN capital into Abertis

Renta 4 | ACS may have reached an agreement with its partner Atlantia to inject capital into Abertis with the aim of making infraestructure acquisitions. According to press reports, the owners of Abertis, ACS (30% direct stake, 20% – 1 share via Hochtief) and Atlantia (50% + 1 share) could have agreed to inject capital in the concessionary in order to make new infrastructure acquisitions. In addition, to extend some…


CaixaBank joins the list of more preferred financial entities for next 3-6 months

Morgan Stanley | Global financial institutions. We revise our order of preference. This list represents the stocks where there is greater conviction at a global level with a time frame of 3-6 months. We periodically revise this list to make it more dynamic and reflect the changes in vision and market conditions. Today we are incorporating Caixabank to that list (we are 10% above consensus and there is a risk…

Spain construction

Big Spanish constructors team up to bid for Madrid’s City of Justice; a €500 Mn investment

Link Securities | The big Spanish infrastructure groups are forming alliances to make a bid for the only major public works concession planned for this year in Spain, according to Expansion. The Madrid Government is finalising the tender process for the City of Justice, involving an investment of 500 million euros. So ACS and Acciona have decided to join forces for the project, while Sacyr has teamed up with Ferrovial….

iberdrola guapis

REPowerEU is more ambitious in renewables capacity, penetration; Iberdrola ToP Pick in integrated firms

Morgan Stanley | The details of REPowerEU are positive for the sector. In this note we analyse the changes to the new plan (the first one was 8 March). The objectives are more ambitious for the capacity and penetration in renewables, particularly in solar. Objectives have also been heightened for energy efficiency and an increase in carbon credits. For the time being it is more a political plan of intentions…


Cellnex most likely candidate to buy Deutsche Telekom’s towers (51%; DT would hold on to a minority stake of 49%)

Norbolsa | The process for the sale of Deutsche Telekom (DT)’s towers was updated ahead of the possibility that Vantage Towers and AMT are excluded before they lodge their bids. The reason behand the recent news has to do with the significant regulatory challenges which both companies would have to face consolidating the towers in the German market. DT owns approximately 50% of the total of towers in Germany, while…


ACS Together With Navantia Will Bid For A Contract With The Australian Armed Forces Worth Nearly 533 M€

ACS, along with felllow Spanish construction company Navantia, will bid for one of the biggest orders from the Australian Armed Forces, namely the programme for embarcations of amphibious landing Land 8710 Phase 1. The amount of the contract could total 533 million euros and would extend until 2032. ACS will be represented by its affiliate UGL, Cimic’s industrial engineering division. For its part, Navantia has been present in the Australian…


Acciona wins two contracts worth €220 M to remodel Palma de Mallorca airport

Intermoney | Acciona (Buy, TP €210) has won various contracts to remodel the airport in Palma de Mallorca, for a total value of 220 million euros. The main one (for 200 million euros) will entail carrying out improvements in the parking platforms for planes for module A and in the extension of the terminal. The execution time is 39 months. The other contract involves the extension of module D. The…


Traffic levels are improving again; Aena expects this summer’s figures will be similar to those of 2019

Renta 4 | April traffic data for Spanish airports has been published. Although traffic levels are still below pre-pandemic levels, they are improving again significantly with respect to previous months, partly benefitting from the Easter holidays. The number of passengers reached 20,4 million in April, slightly higher than our forecasts and just 12% below 2019 levels. The number of domestic passengers registered was 5.7% below 2019, while the number of…


Telefónica: attractive dividend yield,more favourable environment; Buy vs Neutral, T.P. 5.3 euros

Bankinter | Telefónica (TEF)’s first quarter 2022 results beat forecasts and the group has maintained its guidelines for the year. In organic terms, revenues (+3.2%) and OIBDA (+2.1%) continue to show positive growth for the fourth consecutive quarter. Spain remains the market with the most competitive pressure, leading to a drop in OIBDA. However this is offset by greater strength in the rest of the group’s key markets. The OIBDA…