Renta 4 | The State Indutrial Ownership Corporation (SEPI) has announced that it already reached its 10% target of Telefónica’s share capital. The State would have invested €2,284.8 million to build this stake. We recall that SEPI has been awarded a seat on the board, to be occupied by Carlos Ocaña Orbis. According to press reports, SEPI could have applied for a second seat, although under current regulations its shareholding…
Link Securities | The company announced yesterday the development of a new photovoltaic project in the Dominican Republic, the Pedro Corto photovoltaic plant, in collaboration with Grupo Pais, according to Bolsamania.com. Acciona Energía will have a 51% stake, while Grupo Pais will hold the remaining 49%. Located in the province of San Juan de la Maguana, the plant will have a nominal capacity of 63.35MW and its construction is linked…
Bankinter | Fitch maintains Spain’s rating at A- and the outlook “Stable”, given the resilience of the economy and the improvement in the labour market. Fitch estimates GDP growth of 2.1% and 2.0% for 2024 and 2025 respectively. Moreover, the credit rating agency points to the need to address the high structural unemployment rate. No surprises for our analysts: “Fitch maintains its credit rating one notch below S&P’s equivalent at…
Spanish exports of goods reached €93,429.5 million, down 9% in the first quarter of the year, with the trade deficit rising by 23.2% in the first quarter of the year compared to the same period in 2023, to reach €8,105 million, according to data published on Monday by the Ministry of Economy, Trade and Enterprise. The behaviour of the trade deficit is mainly due to the reduction of the non-energy…
Singular Bank | The Irish low-cost airline has released its business results. In its 2024 financial year, Ryanair posted a net profit of €1.92 billion, up 34% on the previous year, thanks largely to a 9% increase in traffic. As a result, the number of passengers exceeded 184 million, 23% more than before the pandemic. Despite higher oil prices, the airline drove cost reductions in other areas, which helped boost…
Aurelio Medel (5Días) | Power manifests itself through the occupation of spaces and is exercised through the application of a programme. First the chairs, then the BOE (the Official Stare Gazette) . This is how the change of a country’s government is transmitted. Then the legislature advances and the viscous period comes in which the end of the cycle is glimpsed, causing the pieces to shift. This happened in the…
Link Securities | The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, has admitted that BBVA may take ownership of Banco Sabadell, but not merge with it, Invertia.com reported on Friday. He also pointed out that “the merger is what the government has to authorise”. Cuerpo has remarked that the takeover bid by BBVA for SAB has to go through a process that includes the approval of the National Securities…
Morgan Stanley | Haynes International has indicated that the UK Competition and Markets Authority (CMA) will conduct a formal investigation into the transaction. Haynes remains optimistic that the pending reviews will be resolved positively and that the necessary approvals will be obtained. In fact, the company expects the transaction to close by the end of the year (as opposed to the previous Q3 expectation). Acerinox, for its part, has not…
According to data from the Bank of Spain (BdE), Spanish public debt rose in 1Q2024 to 109% of GDP, 1.3 percentage points higher than at the end of 2023, while it set an all-time high at €1,613,063 million, 5.1% higher than in the same quarter of the previous year. Data published on Friday by the Spanish Central Bank (BdE) show that at the end of 1Q2024, the State’s debt amounted…
Banco Sabadell: The State Industrial Ownership Corporation (SEPI) has informed the National Securities Market Commission (CNMV) that on May 15th it reached a stake of more than 9% in the capital of Telefónica (from the previous 8%). We recall that SEPI’s objective is to reach 10% of TEF’s capital. Assessment: Positive news with limited impact, in fact now that SEPI has almost achieved its objective, the share will lose this…