Julio López (Attitude Gestión SGIIC) | Beyond other considerations, two extremely dangerous trends or thoughts are converging in the market. On one hand, there is the plan of all the politicians and demagogues who are sprouting like mushrooms, believing that everything can be solved by resorting to debt (which belongs to no one). They promise endless tax cuts and public spending without ever explaining what they will do about the…
The Government was planning to put to a vote the same budget spending ceiling that sank in July this Thursday in the Congress of Deputies, but anticipating the same result, it has decided to rectify. The Government withdrew yesterday from the agenda the vote on the stability path, thus avoiding chaining another parliamentary setback and making another defeat visible in the chamber. “There is room for negotiation,” they explain in…
Alphavalue/DIVACONS | The gas and electricity company has launched a buyback offer for a maximum amount of €1 billion, aimed at holders of several series of covered bonds maturing between 2025 and 2028, the company informed the Spanish Securities and Exchange Commission (CNMV) on Monday. In particular, through Naturgy Finance Iberia, the company has announced an invitation to the holders of a series of guaranteed bonds for an amount of…
Renta 4 | The textile company will launch its Zara Streaming channel on 25 September. Zara began selling clothes via live or streaming internet broadcasts in November 2023 in China. Inditex announced in the presentation of 2Q24 results that it would extend streaming sales to the main European markets in the same month of September. For its launch in Europe, Inditex will count on the participation of the models Cindy…
CdM | Eurozone private sector activity contracted in September for the first time in seven months, according to preliminary PMI data from Hamburg Commercial Bank and S&P Global, which also shows signs of weakening on the services side. In particular, the advance composite PMI for the euro area came in at 48.9 from 51 in the previous month, its worst reading in eight months. In the case of the services…
Iberdrola, with €45.153 billion in debt at the end of the first half, has just completed the largest senior bond issuance in its history, raising €2.15 billion in the markets. This is the eighth financial operation—between loans and bond issuances—that the company led by Ignacio Galán has carried out this year, totaling €5.925 billion.The senior bond issuance closed this Monday will, according to the company itself, finance its expansion in…
Grenergy_exit_bagLink Securities | Grenergy (GRE) reported on Sunday its results for the first half of the financial year (1H2024), of which we highlight the following aspects: Revenues: €192.3m (-15.0% year-on-year), of which Energy revenues reached €25.9m (-3.0% year-on-year). Operating cash flow (EBITDA): €31.0 million (+43.0% year-on-year) Net operating profit (EBIT): €22.1 million (+60.0% year-on-year) Net profit: €0.4 million (-89.0% year-on-year) Net financial debt: €736.5m (+27% year-on-year) DFN/EBITDA ratio: 6.6x (times)…
Bankinter | Brookfield has not obtained the necessary funds to present the takeover bid nor has it reached an agreement with the banks to refinance Grifols’ debt, which amounts to around €10,000 million, so it is to extend one more month the study process to decide whether to present a takeover bid for Grifols. Opinion of the analysis team: Negative news. On 8 July, we learned that Brookfield was analysing…
Renta 4 | The company has bought an additional 16.67% in Block 29 of the Salina Basin, in the Gulf of Mexico, thus reaching 46.67%. Repsol was the first company to make a deepwater hydrocarbon discovery in this area in 2020, and is currently carrying out preparatory activities for the development of its Polok and Chinwol oil discoveries, which are expected to come on stream around 2028. Both wells confirmed…
Prime Minister Michel Barnier said in an interview yesterday that the fiscal situation is ‘very serious’. As most of France’s debt is issued on international markets, he stressed that ‘France’s credibility must be maintained’. He said that ‘I am not going to increase taxes on the French people as a whole’, but ‘I am not going to exclude the richest people from participating in the national effort that will have…