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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.
autopista sh288 acs

Relevant News Item 2nd August 2024

Texas nationalizes ACS’s highway in exchange for payment of €1,606 million

The Texas Department of Transportation has approved the acquisition from ACS of its SH-288 highway, a nationalization available in the contract between both parties that will be compensated with a maximum of €1,606 million ($1,731 million) to be paid to the Spanish construction company before October 8, 2024. The Texan administration made the decision this Tuesday, according to documentation consulted by Europa Press, so that it will grant its public…

IAG

Spanish economy 2nd August 2024

IAG backs out of buying Air Europa because of Brussels conditions

IAG yesterday informed the National Securities Market Commission (CNMV) ofits decision to terminate the agreement with Globalia signed on February 23, 2023, under which IAG undertook to acquire the remaining 80% of the issued share capital of Air Europa from Globalia. The Board of Directors has concluded that, in the current regulatory environment, continuing with the transaction would not be in the best interests of the shareholders. Under the terms…

The Eurozone trap

European economy, In Europe 1st August 2024

Eurozone GDP rises to 0.6% year-on-year in 2Q24, beating forecast, on resilience of France, Spain and Italy

Banca March: In the eurozone, GDP growth in the second quarter beat forecasts, both in quarterly and year-on-year terms. This resilience is based on the fact that three of the four main economies – France, Spain and Italy – have delivered better than expected figures, offsetting the unexpected contraction in Germany. Aggregate GDP variation in the quarter remained at +0.3%, the same as in the previous quarter, but better than…

Melia feliz 768x454 1

Companies, Uncategorised 1st August 2024

Meliã earns €36m in 2Q24, 7% more than in same quarter of 2023, compared to €40m expected by consensus

Bankinter: Results for the stock in 2Q24 have been slightly worse than expected, but maintains guidance for the year. Key figures: Sales +1% to €520M versus estimated €528M; EBITDA +1% to €142M versus estimated €144M; EBITDA +7% to €36M versus estimated €40M. Net Debt reduced to €892M in June 2024 from €1,197M in March, and its liquidity position improved to €392M versus €305M previously. The outlook for the company continues…

Iberdrola Guggenheim

Companies, Ibex 1st August 2024

Iberdrola gets authorisation for construction of Cofrentes I and Ayora 1 plants

Link Securities | Iberdrola (IBE) has obtained administrative construction authorisation (AAC) for its Cofrentes I (184 MW) and Ayora 1 (182 MW) photovoltaic plants, both in the province of Valencia, according to Expansión. The company says these two plants will generate enough energy to supply approximately 200,000 homes and avoid 124,000 tonnes of CO2 emissions into the atmosphere per year. The Cofrentes I PV plant is located in the municipalities…

ence energiaycelulosaCM

Companies 1st August 2024

Constitutional Court dismisses State Attorney Office’s appeal and upholds legality of extension of concession of Ence’s biofactory in Pontevedra

Renta 4 | The Constitutional Court has rejected the appeal filed by the State Attorney’s Office against the ruling handed down in February 2023 by the Audiencia Nacional (Supreme Court), which upheld the legality of the extension of the concession for Ence’s biofactory in Pontevedra. In the absence of knowing the decision of this Court on the other appeal filed against this judgment, by the City of Pontevedra, the Company…

Telefónica

Spanish economy 1st August 2024

Telefónica achieves net profit of €979m (+29%) in first half of year

Link | Telefónica presented its results for the first half of the year (1H2024) yesterday, of which we highlight the following aspects: TEF’s net revenues rose 1.1% year-on-year between January and June to €20,395m, driven by higher service revenues in 2Q2024.Operating cash flow (OIBDA) rose 2.5% year-on-year in 1H2024 to €6,424 million. In terms of revenue, the OIBDA margin increased in the first half of the year to 31.5%, from…

BBVA vela atardecer

Relevant News Item 1st August 2024

BBVA earns €4.994 billion in 1H24, up 28.8% year-on-year, thanks to recurring revenues from banking business

Link Securities | The bank yesterday presented its results for the first half of the year (1H2024), of which we highlight the following aspects: BBVA’s net interest income at 30-Jun-2024 was higher than in the same period of the previous year (+13.9% year-on-year; +20.3% year-on-year) to €12,993 million (+0.1% at constant rates; +0.1% FactSet consensus), with growth in all business areas except Turkey, as a result of the dynamism of…

caixabank sunset

Relevant News Item 31st July 2024

Caixabank: €500m buyback starts today

2Q24 First Look – 6% Beat and Raised RoTE Guide | Back to B/S Growth? Iñigo Vega (Jefferies) | 6% beat versus consensus at attributable profit level, driven by better top line, mainly fees, but NII also slightly ahead, supported by balance sheet growth in the quarter. Opex running in line and CoR trending better than the 30bp guidance. Upgraded FY24 NII guidance to HSD growth year-on-year (consensus at 6% year-on-year)…

ferrovial noche

Relevant News Item 31st July 2024

Ferrovial reports 1H24 net profit of €414m compared to €114m a year ago after strong 2Q in Construction division

Intermoney | The company (Hold, PO €32) announced its 1H24 results yesterday after the close of trading in New York, and will hold a conference call today at 3pm. The key figures of the results, together with our forecasts, are shown in the attached table. Overall, EBITDA rose +50% to €603m at June 24, vs. +40% IMVe, which showed the contribution of new toll road assets, with lower growth than…