Judith Macinnes, Author at The Corner

Articles by Judith Macinnes

Spanish economy 3rd February 2022

Cepsa wants to sell its chemical arm for €3.5 B (8,1x Ebitda); a high valuation which applied to Repsol’s chemical division would value it at €10 B

Renta 4 | Cepsa is putting its Chemical division up for sale for 3.5 billion euros. The Spanish oil company, controlled by Mubadala and The Carlyle Group, has given the green light to the transaction. Citi and Linklaters are advising on the deal. Advent International y Apollo Global Management are amongst the leading candidates for acquiring the division, along with CVC, Platinum Equity, Lone Star and Rhône Capital. The Indian conglomerate…

Spanish economy 1st February 2022

Bottlenecks in Spain’s renewables: there are requests for up to 150.000 MW vs target of additional 60.000 MW for 2030

Renta 4 | The bottlenecks continue in Spain: Red Eléctrica de España (REE) has 339.800 MW of renewables registered in December 2021 compared with 339.700 MW in November. The normal is an additional +2k on a monthly basis. There are too many requests to build wind and photovoltaic farms in Spain. So the government is encouraging the withdrawal of the more problematical ones, those with fewer possibilities of getting through…

Spanish economy, Uncategorised 27th January 2022

Telefónica studies incorporating an industrial investor in Movistar+

Renta 4 | The management of Telefónica (TEF) is studying the incorporation of an industrial investor in its audiovisual affiliate Movistar+, according to El Economista newspaper. Telefónica launched Movistar+ almost 7 years ago after the sale of Canal+ to the Spanish telco. The platform has two of its own channels (Cero and Vamos# ), themed channels created after the purchase of rights like Movistar Liga, Deporte, Cine, Toros or Series, and some…

European economy 24th January 2022

The big European Oil CompaniesCould Make Buybacks Worth $20 Bn In 2022; Repsol Is One Of The Top Sector Tips

Morgan Stanley | Looking ahead to Q4 results, we expect earnings growth for the sector of 16% Q/Q. This is thanks in part to the fact that the average price of oil in the quarter has been almost $80/bbl (up 9% Q/Q). And in general, the price of natural gas rose to maximum levels, with the prices of NBP up (on average) 87% Q/Q, while those of Asian liquified natural gas…

Spanish economy 21st January 2022

US justice Rules In Favour Of Siemens Gamesa In The Conflict Over Patents With General Electrics

Renta 4 | The United States International Trade Commission (USITC) has ruled in favour of Siemens Gamesa (SGRE) on the issue of the complaint submitted by General Electric regarding the patents of some of the components of wind turbines. The USITC has denied GE’s claims. The ruling affirms that Siemens Gamesa did not infringe any intellectual property rights with respect to the Zero Voltage Ride Through Patent. That said, the…

European economy 19th January 2022

Iberdrola wins 3 large scale projects with 7.000 MW in Scotwind, the biggest UK offshore wind auction

Bankinter | Iberdrola has won the lion’s share in the offshore wind auction in the UK, known as Scotwind. The Spanish power company will develop three large scale projects: two of them with floating technology, which they will develop in collaboration with Shell and the third on a fixed structure. The total amount of power awarded to Iberdrola in this auction is 7.000 MW. The areas adjudicated are: Marram Wind,…

Spanish economy 19th January 2022

Exceltur says Spain’s tourism GDP could reach €135 Bn in 2022, €41 Bn over 2021; but still €19 Bn below 2019

Banco Sabadell | Exceltur has published its forecasts for 2022, flagging that it expects a strong recovery in Spain from the month of April. According to the tourism lobby, it expects the GDP contribution from tourism in Spain to reach 135 billion euros. This is 41 billion euros over 2021, but still 19 billion below 2019 figures. Whatsmore, the lion’s share of companies surveyed expects to recover 2019 revenue levels…

Spanish economy 15th January 2022

Tourism will recover 87% of pre-Covid levels in 2022; BUY Melia and IAG, which have started the year up 9% and 16% respectively

Bankinter | Exceltur believes that from April onwards the “trough” of the virus will have been overcome and that tourist activity in Spain will reach 135.465 billion euros in 2022. This is compared with 88.548 billion euros in 2021 and would mean recovering 87% of pre-Covid levels (154.487 billion in 2019). Despite the improving activity, the tourism lobby foresees a negative impact on both the margins and results of tourism-related…

Spanish economy 13th January 2022

Iberdrola signs agreement to enter the Philippine market with 5 marine wind farms

Renta 4 | Iberdrola (IBE) has signed with Triconti ECC Renewables and Stream Invest Holding an option allowing it to enter the Asian country with 5 marine wind farms, the total capacity of which would reach 3,5 GW. Triconti is the biggest independent wind energy developer in the Philippines, while Stream Invest Holding is a Swiss renewable energy group. All the projects come with an assured service contract with the Philippine…

Spanish economy 12th January 2022

ACS, Ferrovial, Acciona Bid For ‘Mega’ Infrastructure Investment Project In Australia

Alphavalue | ACS (ACS), Ferrovial (FER) and Acciona (ANA) are bidding for a “mega” investment plan in Australia. The Australian government plans to invest some 70 billion euros in infrastructures over a 10 year-period. The Spanish firms lead the ranking of contractors for the projects, which include railways, motorways and subways. ACS (Buy, Target Price €40,8 +) ACCIONA (Reduce, Target Price €157 ++) FERROVIAL (Reduce, Target Price €25,8 ++)

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