Renta 4 | Naturgy (NTGY) has hired Santander and BofA to close the sale of its assets in Chile, press reports said. According to El Confidencial, the sale involves the company’s gas distribution assets in Chile and is for a total of 5 billion euros. Colombian group Promigas is the main candidate for the acquisition.  Valuation: In the event the deal is confirmed, the price would be equivalent to 22x EV/Ebitda….

Bankinter | US asset manager Wellington has raised its stake to 5.1% from 3% in Almirall. It is now the second largest shareholder in the Spanish pharmaceutical firm, after the Gallardo family (59.7%). Bankinter analysts’ view: The stock price has suffered a decline since the presentation of Q3 results, so this is an opportunity to take positions at a very attractive level. Our recommendation is to follow this strategy. In…

Link Securities |Acciona and Australian firm Landlease have ended up in court over the sale of a portfolio of construction contracts to the Spanish infrastructure group. The portfolio belonged to a subsidiary of Landlease Engineering. The Australian group is reclaiming the payment of the last 60 million AU$ (some 35 million euros) of the transaction, which was finalised a little over a year ago. Acciona is refusing to pay up,…

CdM | In October, 5.5 million travellers from international airports arrived in Spain. This represents a rise of 533% compared with a year earlier, and a decline of 34% versus 2019. Of these, 59.1% chose low cost carriers for their journeys, up 516% from a year earlier (-33.3% vs 2019). Meanwhile, the remaining 40.9 % opted for tradional airlines, up 558% from 2020 (-35% vs 2019). In the 10 months…

Renta 4 |In the case of Acerinox, there is a lot of data which grabs the attention, both at a technical and valuation level. During the last 15 years, the price has been forming a defined lateral range, with resistance between 12,70 and 13,75 euros (historic highs). This kind of very long consolidation (in the price) precedes important long-term trends. So it is possible to consider the potential for an…