Morgan Stanley | We expect that the impact of the war will be reflected mainly in provisions. Now we are assuming zero growth in commissions this year vs +3% previously. We believe that the risk of greater provisions will be offset by the upside in rates and margins. Net Interest Income will be weak in Q1. However, it will touch bottom before picking up again from Q2 onwards thanks to…

Intermoney | On Thursdsay after the market’s close, ACS (ACS) (Buy, Target Price 40 euros) registered its forthcoming AGM announcement with the CNMV. The meeting will take place on May 6 at second call. Whatsmore, the construction firm also made public its board’s proposals, which envisage an issue of new shares worth up to 600 million euros. This is a traditional move to make a dividend payment, and the capital…

Renta 4 | According to website Betaville, there would be some Private Equity groups interested in acquiring the Spanish pharmaceutical firm. On Wednesday afternoon, Class A shares in Grifols (GRF) but especially those of Class B, plus the ADRs rose sharply (up to 10%). That said, the ADR ended up losing almost half of the gains. Behind the surge in the share price was the fact that Betaville suggested that…

Renta 4 | During the Iberian Reit event held yesterday, D. Ismael Clemente (CEO of Merlin Properties) opened the door to a downwards revision of 2022 targets in the event the war in the Ukraine drags on. In this respect, although he believes that 2022 will be a positive year for the company, the increased growth expected for this year could be delayed until 2023 or 2024. That said, for…

Bankinter | GNL Quintero is a Chilean company which owns a terminal for the reception, unloading, storing and regasificationof Liquified Natural Gas (LNG), located in the region of Valparaíso in Chile. The Spanish firm, via its affiliate Enagas Chile, and OMERS Infrastructure have reached an agreement to jointly sell off their respective stakes, which total 80%, in the Chilean company to the consortium formed by EIG and Fluxys. For its…

Fernando Rodriguez| The Spanish stock market regulator (CNMV) and BME have proposed providing fiscal incentives for start-ups which decide to list on the stock market. The proposal is in response to the public consultation prior to the elaboration of the draft text for the Law to Promote the Startup Ecosystem. This was launched by the Ministry for Economic Affairs and Digital Transformation and completed on 25 January. The text proposed…

Link Securities |Daily newspaper elEconomista.es reported yesterday that Iberdrola has decided to freeze the sale of electricity to its industrial and commercial clients in the UK via its affiliate Scottish Power. The Spanish power company will stop offering contracts in the face of the current crisis in prices in the country. This has already caused around 20 energy suppliers to go bust. Separately, the daily Expansion said yesterday that Iberdrola…