Judith Macinnes, Author at The Corner

Articles by Judith Macinnes

Spanish economy 12th May 2022

Acciona Energía starts construction on the MacIntyre wind power complex, with 1.026MW capacity and an investment of €1.300 B

Intermoney | According to press reports yesterday, Acciona Energía (ANE) (Buy, Target Price 34 euros/share) has begun construction on the wind power complex MacIntyre. This is the largest one in Australia, with a total capacity of 1.026MW and an associated investment of 2 billion Australian dollars (1.3 billion euros). The MacIntyre complex consists of two wind farms: MacIntyre (923MW), owned by Acciona Energía (70%) and Ark Energy (30%), on which…

Spanish economy 11th May 2022

Orsted teams up with Repsol, Equinor with Naturgy, to develop offshore wind energy in Spain

Link Securities |European players Shell, Orsted and Equinor have turned their attention to Spain as a strategic objective for the development of their offshore wind energy. Each one of the companies has teamed up with a Spanish firm to participate in the mega auctions which are going to be held. Orsted has joined up with Repsol and Equinor has chosen Naturgy. Meanwhile Shell has just signed a strategic agreement with…

Spanish economy 9th May 2022

ACS wants all its Abertis’ shares in one place

Intermoney | ACS (ACS) (Buy, Target Price 40 euros) held its AGM last Friday. Chairman Florentino Pérez confirmed that the focus of the group’s future investments will be renewable energies via its joint venture with Vincí, and concessions, using both Iridium and Abertis. Perhaps the main novelty was ACS’ intention to bring together in one holding all its shares in Abertis. These are currently divided into 30% within the Group,…

Relevant News Item 6th May 2022

ArcelorMittal: despite a more moderate outlook for steel consumption, it expects annual growth in orders via imports

Morgan Stanley | We highlight the main points dealt with in Arcelor’s conference following results: a.- Decarbonization: it reiterated its intention of investing in new projects/opportunities to prepare the company for the future with particular focus on those renewables which can be a competitive advantage for the business as the industry evolves. Management has assured that investments will be made within the established framework for capital allocation. A Net Debt…

European economy 6th May 2022

Telefónica Tech agrees to buy German tech co. offering cloud services for €375 M

BancaMarch | Telefónica (TEF) Tech, the information technology and digital transformation affiliate of the Spanish telecoms operator has announced the purchase of BE-Terna. The latter is a multinational firm offering services in the cloud and specialising in digital transformation. The acquisition, one of the biggest deals made by Telefónica Tech, will be closed for some 375 million euros (approx 1,4% of Telefónica’s stock market capital). The purchase will strengthen its…

Spanish economy 5th May 2022

Acciona will pay Globalvía for the arbitrage in Chile; the initial claim was for €128 M, but the figure could be a lot lower

Banc Sabadell | Acciona (ANA) and Globalvía have agreed that the former should pay Globalvía for the arbitrage which is open in relation to the Chilean motorway Ruta 160 (which the latter bought in from the former in 2017), according to the media. Although there are no details on the final price to be paid, Globalvía’s initial claim was for 128 million euros (~1% of Acciona’s capitalisation). That said, it…

Spanish economy 3rd May 2022

Moody’s improves Merlin Properties’ rating from stable to positive (Baa2) after sale of BBVA offices

Intermoney | Moody’s has improved its rating on Merlin Properties (MRL) (Buy, Target Price 13 euros/share) from stable to positive, also confirming its long-term rating of Baa2. Moody’s flags that, with the recent sale of BBVA branches, “the capital structure will remain solid. In addition, the loan to value (the relationship between the debt and the value of the assets) will be below 36%, in line with Merlin’s strictest financial targets”….

Spanish economy 2nd May 2022

Grifols reclassifies balance sheet, reducing capital by 830 M€; considers GIC’s investment in Biomat as debt, upping this to €6.480 Bn

Renta 4 | After an internal audit by KPMG of Grifols affiliate Biomat, it has been deemed necessary to reclassify the firm’s balance sheet, considering (Singapore Sovereign Fund) GIC’s capital injection in the subsidiary as debt. This means that at end-2021, the company’s financial debt will rise to 6.480 billion euros from 5.828 billion, after including GIC’s 800 million euros investment in Biomat. Following this reclassification, Grifols capital has been…

Spanish economy 29th April 2022

Inditex: a resilient model, but increasing risks and lack of visibility are blocking the stock short-term despite comfortable multiples

Bankinter | Inditex’s 2021 results (closed at 31 January 2022) have not met expectations and the outlook is deteriorating. The model is showing resilience, with strong cash flow generation. However, forecasts for 2022 are getting complicated. On the revenues side: activites in Russia and Ukraine suspended (9% of stores), outbreaks of Covid-19 in China (5% of stores) and the deterioration in confidence and purchasing power of consumers in Europe and…

Relevant News Item 26th April 2022

Overall solid results support our valuation of >2 M€ of Heathrow in Ferrovial’s capital

Morgan Stanley | Heathrow (C.8% of the value of Ferrovial (FER)) beat expectations in terms of revenues and costs in Q1’22. In light of an acceleration in the recovery during March/Easter, and a good outlook for airline capacity this summer, management has upgraded its previously conservative guidance for FY’22 by 16% (45.5 million people → 52.8m). It maintains its traditional cautious view with regard to the outlook for Autumn/Winter. The establishment…

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