CdM | The company has won two new contracts in Sweden to supply a total of 170 electric buses, with a combined volume of both operations exceeding €100 million, as reported by the CAF group. On the one hand, the Swedish operator Nobina Sverige AB has selected Solaris to supply 89 electric buses to be used in Stockholm, a new order that joins other recent orders from this same operator…
The increase in defense spending announced by Spain should not be financed at the expense of increasing the already high level of debt in our country’s economy. This is the recommendation of the International Monetary Fund (IMF), which asks Pedro Sánchez’s government to carry out cuts in other areas or tax increases to meet its commitments in defense matters. The IMF released on Thursday the preliminary conclusions that the institution’s…
Deutsche Bank | Airbus (ABS) has released its orders and deliveries for March 2025. The company delivered 71 aircraft and recorded 211 gross orders, delivering a total of 136 aircraft in the first quarter of 2025. March 2025 deliveries are the highest in any March since 2022, supporting the view that Airbus’ industrial performance is improving. This could bode well for the rest of the year, if tariffs do not…
Link Securities | According to official data, China’s consumer price index (CPI) fell by 0.1% year-on-year in March, falling below the consensus expectation of a 0.1% increase and marking the second consecutive month of decline, as the trade war with the US threatens to put further downward pressure on prices. However, the latest fall was significantly more moderate than the 0.7% in February, supported by a smaller fall in food…
Intermoney | Aena (Buy, PO €215) held its shareholders’ meeting yesterday at which its chairman Ignacio Lucena confirmed their passenger traffic guidance in Spain of 320 million, implying an annual increase of +3.4%. The forecast was formally announced at the last presentation of the 2024 annual results, held at the end of February. In addition, the operator approved a future 10-for-1 share split, something that was also announced then and…
Alphavalue / Divacons | The Spanish construction, services and concessions company doubled its UK construction portfolio in 2024 to €1.656 billion, driven by two major contracts, especially the track installation on the London-Birmingham high-speed line. The group is thus reversing the decline of 2023 in a context of reactivation of public projects. The 225 kilometres of the new high-speed line between London and Birmingham has a total budget of €2.16…
Alphavalue/DIVACONS | Spain will allocate an additional €2.08 billion in 2024 to Defence by reallocating funds to Ministry contracts, in response to NATO pressure to meet the 2% of GDP target. Currently, Spain is the country with the lowest relative expenditure of the 32 members (1.3%). Although it had committed to reaching 2% by 2029, the government now says it will do so ‘as soon as possible’, without specifying a…
Banc Sabadell | Repsol (REP) will sell a part (49% stake) of a solar (300 MW) and wind (400 MW) portfolio in Spain that will come on stream in 2025 with a combined capacity of 706 MW, according to press reports. The valuation is estimated at over €900 million. Assessment: Positive news with little impact (3.8% capitalisation/8% NFD’24) if confirmed as more asset rotation was expected by 2025. We recall…
Banca March | Japan will receive a ‘reciprocal’ tariff of 24%, in addition to the 25% already implemented on cars. As Prime Minister Shigeru Ishiba pointed out, the automotive industry is a ‘pillar’ of its economy. In an effort to ease tensions, Ishiba and Trump spoke on the phone, reflecting Japan’s willingness to seek an agreement. Scott Besset, US Treasury Secretary, expressed his expectation that Japan would be treated as…
Link Securities | UFD, the energy group’s electricity distributor, will invest €1.33 billion until 2028 to reinforce and digitise its electricity grid in Spain, according to Bolsamania.com. The objective of these investments is to improve the service offered to its customers and to promote the development of the energy transition, as established in the new Strategic Plan. The investments made by UFD also aim to incorporate and provide a quality…