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Articles by Judith Macinnes

Almirall

Spanish economy 22nd December 2021

Positive Results From Phase III Study For Lebrikizumab; Almirall Will Seek Commercial Authorisation

Bankinter | Lebrikizumab is a new treatment being developed for atopical dermatitis licensed by Eli Lilly to Almirall (ALM). In the third study in Phase III, it has shown to have had a significant improvement on the skin, relieving itching for people with this ailment when combined with topical corticosteroids. The study has met all the primary valuation criteria and the principal secondary ones, and has a security profile consistent…

Acciona Atatonilco

Spanish economy 21st December 2021

Acciona wins €800 mln contract for UK waste plant, with capacity to treat 700,000 tonnes of waste

Intermoney | Acciona (Buy, TP 200 euros/share) has won the contract to build and maintain a waste treatment and energy generation plant in north London, with an investment of 800 million euros. The new installation will have the capacity to treat 700,000 tonnes, as well as to supply electricty and heating to 50,000 homes. The plant will be able to treat up to 135 tonnes of recyclable material and it…

banco santander

Spanish economy 17th December 2021

UniversalPay claims €1 Bn from Santander as compensation for failing to reach accord on a breach of contract with Popular

Renta 4 |  UniversalPay, EVO Payments’ Spanish affiliate and former partner of Popular in paying services by credit card, is claiming 1 billion euros from Santander in compensation, after both parties failed to reach an agreement. UniversalPay lodged the claim (which was admitted to proceedings before the summer) against Santander for a breach of the terms in its contract with Popular referring to the exclusivity of the paying services by…

IAG stil commited to accord with Globalia

Spanish economy 15th December 2021

Iberia, Air Europa Suspend Merger In exchange For €75 M And A Buy Option

Intermoney | Iberia (IAG) y Air Europa have found common ground to avoid the purchase of the Hidalgo family’s airline by International Airlines Group (IAG)’s Spanish affiliate being definitively derailed. The two firms are finalising an agreement to temporarily suspend the transaction in exchange for compensation of 75 million euros, given by the former to the latter. This move is aimed at avoiding the deal being blocked by the European Commission,…

aena airport

Spanish economy 15th December 2021

Traffic in Aena airports drops 27% in November 2021 vs 2019

Intermoney | Aena (Hold TP 135 euros/share) yesterday published the traffic figures for its airports, which in November once again showed a recovery with respect to pre-pandemic levels. Last month, traffic dropped 27%, compared to a 31% and 40% fall in October and September, respectively. On the other hand, for the year to date, the decline is 58%, with 107 million passengers. By airports, Madrid Barajas and El Prat clocked…

heathrow

European economy 14th December 2021

Heathrow (25% owned by Ferrovial) estimates a 44% drop in traffic vs 2019

Intermoney | HAH, the holding company of Heathrow Airport, in which Ferrovial has a 25% stake (Hold, TP 24 euros/share) published its investor report for December last Friday. The main news was perhaps the guidelines given for 2022, that the operator expects to manage passenger traffic of 45.5 million, which would still imply a 44% drop compared with 2019 (81 million passengers). For this year, it expects the decline to…

ACS, Atlantia eye remaining stake in Abertis

Spanish economy 10th December 2021

Possible Talks Between ACS And Atlantia Regarding The Purchase Of The Shares In Abertis They Still Do Not Own

Banco Sabadell | According to the press, ACS would be in talks with Atlantia over the possible acquisition of the stake they still do not own in Abertis. (Atlantia is ACS’ partner with a majority stake in Abertis; ACS has 40% net of minorities). In addition, the press reports mention that ACS chairman Florentino Pérez could leave his post in March 2022. Valuation: This news is of limited impact to the…

ACS CIMIC

Spanish economy 9th December 2021

ACS, OHLA position themselves ahead of investments in New York

Intermoney | ACS and OHLA, which are already present in the US market, are positioning themselves ahead of investments expected to be made by the state of New York in its main city. This is according to today’s Expansion newspaper. To this end, the state Governor has updated the Penn Station macro project which is now valued at between 6 and 7 billion dollars. And both of the Spanish contruction firms could bid…

Iberdrola Avangrid

Relevant News Item 4th December 2021

Iberdrola is hitting problems with its acquisition of PNM in the US

Renta 4 | According to the press, 3 of the 5 members of the public regulation commission of New Mexico have agreed with the examiner’s conclusion recommending not to accept the deal, because the potential damages outweigh the benefits. Concern has been expressed over possible conflicts of interest, ethical issues and Avangrid’s poor track record with the public services in the north east of the country. Avangrid is Iberdrola’s subsidiary…

Acciona

Spanish economy 2nd December 2021

Copenhagen Infrastructure Partners (CIP) chooses Acciona to develop, with others, the biggest energy island in the world in Denmark

Link Securities | Acciona has teamed up with Copenhagen Infrastructure Partners (CIP) and other European firms to develop the biggest energy island in the world in Denmark. The project aims to develop up to 10 GW of marine wind energy, with an investment estimated at 28 billion euros. Acciona is participating in the consortium as the builder of the infrastructure, called VindØ Energy Island, which will extend initially for 120,000…