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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
Indra Tecnocom

Companies, Ibex 8th August 2024

Indra buys space subsidiary Deimos from Elecnor for around €20-25 million

Intermoney | Indra (IDR) has acquired the Deimos company from Elecnor, a subsidiary specialised in the development of space missions and satellite integration, according to several media. It has subsidiaries in the UK, Portugal, Italy and Romania. The price has not been made public, but could be in the region of €20-25 million, according to the press. Deimos has a strong position with space institutions, participating in national and European…

espana servicios hosteleria

In Spain, Relevant News Item, Spanish economy 7th August 2024

Spain’s services PMI stands at 53.9, maintains growth but at slowest pace since January

Link Securities | S&P Global’s services PMI for Spain declined in July to 53.9, down from 56.8 in June, and also lower than the consensus forecast of 56.0. Thus, the reading assumes sustained growth in the Spanish services sector, but at its slowest rate of improvement since last January, due to a slowdown in new orders and output growth. Meanwhile, new export business grew solidly once again, maintaining a rate…

Telefonica novisima

Companies, Ibex, Relevant News Item 7th August 2024

Telefónica buys 5G frequencies from Masorange in 3.5 GHz band; price could reach €63 million

Bankinter | Telefónica is buying frequencies in the 3.5 GHz band , which is the standard for the bulk of 5G traffic, from Masorange. Both companies have submitted the formal request for the transfer to the Ministry of Digital Transformation. Opinion of Bankinter’s analysis team: The sale of frequencies by Masorange falls under the “remedies” or conditions imposed by the EC for the authorisation of the merger between Orange and…

Iberdrola guapa

Companies, Ibex 7th August 2024

S&P, Fitch and Moody’s estimate Iberdrola’s €5 billion acquisition of 88% of ENW will improve earnings structure

Link Securities | The world’s major rating agencies have given the go-ahead to Iberdrola ‘s (IBE) biggest deal in recent years. Standard & Poors (S&P), Fitch and Moody’s estimate that the acquisition of 88% of British grid operator Electricity North West (ENW) for around €5 billion will improve the electricity company’s earnings structure, elEconomista reported on Tuesday. S&P expects ENW to contribute €500 million annually to IBE’s EBITDA (+3.5% versus…

Talgo

Companies, Relevant News Item 7th August 2024

Renfe to seek financial compensation from Talgo for “serious technical incidents”

Link Securities | Renfe has announced that it will ask Talgo (TLGO) for financial compensation for the “serious technical incidents” that the new Avril (S106) trains are experiencing after their debut last May on Spanish tracks and after accumulating years of delays in their delivery, as reported on Tuesday by Europa Press. Specifically, an Avlo train travelling from Valencia Joaquín Sorolla to Madrid Chamartín Clara Campoamor suffered a breakdown in…

Sacyr

Companies, Ibex 7th August 2024

Sacyr awarded concession for Northern Airport Network in Chile

Intermoney | As reported Tuesday by the company, Sacyr (SCYR) (Buy, PO €4.4) has been awarded the concession of the Northern Airport Network of Chile, which includes the airports of Atacama and Antofagasta. The consortium is made up of Sacyr Concesiones (70%) and Cointer (30%). The contract covers the operation and expansion of the two terminals of both airports. The concession foresees an investment of approx. €266 million and has…

alemania germany ZEW

European economy, In Europe 6th August 2024

German economy weak, but households optimistic: better income prospects and greater purchasing power

Norbolsa | Germany’s economy may be weak, but households are optimistic. Sentiment is close to the level of February 2022 before the collapse brought about by the war in Ukraine. That mismatch was in evidence on Tuesday when it was revealed that the country was the only major currency area member to suffer a fall in output in Q2. July survey data showed another improvement in German consumer confidence ,…

OHLA

Companies, Relevant News Item 6th August 2024

OHLA to launch two consecutive capital increases for total amount of up to €150 million

Link Securities | In connection with a forthcoming share capital increase operation for an effective amount (nominal amount plus share premium) of €100,000,000 by means of cash contributions with recognition of pre-emptive subscription rights, OHLA informs that it has continued to work on the search for investors interested in investing in OHLA’s capital. In this regard, the company informs that it has reached an agreement of intent, subject to conditions,…

airbus cartel 1

Companies, Relevant News Item 6th August 2024

Airbus deliveries hit record level at 77 in July

Deutsche Bank | Airbus published its July orders and deliveries, with 77 deliveries and 59 gross orders (57 net orders). Deliveries were at a record level for a July month, with only July 2018 equalling the 77 units achieved this month. The 59 gross orders do not yet reflect all MoUs signed at Farnborough. Target price €155. Last close €130.5, Hold.

GREENING

Companies, Relevant News Item 6th August 2024

Greening to build 25 MW self-consumption project for Seat with estimated investment of €22.54m

Renta 4 | Greening Group will build 26.44 MW of self-consumption for the automotive group Seat at its facilities in Catalonia, in what will be one of the largest self-consumption projects in Europe. The estimated investment is €22.54 million. Assessment: Positive news that underpins the company’s strategy within its new Strategic Plan. We reiterate our Overweight recommendation, with a target price of €8.50/share.