Oriol Aspachs (Caixabank Research) | Everything pointed to the Spanish economy’s growth rate continuing to be vigorous, as we have been pointing out in the pages of the CaixaBank Research Monthly Report over the last few months. Job creation shows no signs of slowing down and, in fact, accelerated in Q1 of the year. Business activity indicators have picked up, both in the services sector and in industry. Industrial production…
LLink Securities | S&P Global expects Iberdrola to continue operating “comfortably” within the financial margins of its “‘BBB+” credit rating with the implementation of its new 2024-2026 strategic plan, which it presented to the market last March, according to Europa Press. In a report, the rating agency estimates that the energy company will operate with a funds from operations (FFO) to net debt ratio of 19%-20%, above the 17% in…
Renta 4 | CAF has informed the National Securities Market Commission (CNMV) that it has been awarded a contract with Oslo Metro for the supply of 20 trains and related fleet parts for more than €150 million. The contract includes an option to extend the contract by 90 additional units. Assessment: Positive news, but no impact on share price given the amount of the contract which represents around 1% of…
Alicia García Herrero (Natixis) | President Xi Jinping’s European tour, his first in five years, has shown how much EU member states, at least those in the core of Europe, need a reality check. Not only has Xi taken quite some time to visit the continent but in doing so he chose to visit his staunchest European allies, Serbia and Hungary, beyond France. President Emmanuel Macron was an important target…
BBVA maintains the same conditions that it offered to the board of Sabadell (SAB) and that the latter rejected, so now “the ball is in the court” of the shareholders of Sabadell (SAB), who will determine whether the operation goes ahead or not. BBVA shares received the news with declines of 5% while those of Sabadell (SAB) rose 4%. As Jefferies pointed out in its analysis of the offer, “Despite…
Telefónica today presented its results for the first quarter of 2024, a period in which it reported net incomeof €532 million, 78.9% higher year-on-year. In this first quarter of the implementation of the GPS (Growth, Profitability and Sustainability) plan. Telefónica increases its revenues to €10,140 million (up 0,9% versus 1Q23). The company accelerates EBITDA growth to 1.9%, up to €3,205 million. The Group confirms targets for 2024: revenue growth of…
Intermoney | Amadeus (Hold, PO €60) has just released its Q1 results, and will hold a conference call today at 1pm. Last quarter’s figures, which are shown in the attached table, have continued to converge, slowly, to those recorded in 2019, and were slightly above our estimates at the operational level. Air bookings and passengers boarded reached 77% and 109% of pre-pandemic figures at March 24, respectively, compared to IMVe…
Bankinter : Germany’s industrial production in March was less weak than expected: -3.3% year-on-year against -3.6% expected and -5.3% previous (revised from -4.9%). The month-on-month figure was -0.4% against -0.7% expected and +1.7% previous (revised from +2.1%). Bankinter’s analysis: No market impact after the release last week of German GDP for 1Q2024, which avoided a technical recession by rising more than expected: +0.2% quarter-on-quarter versus -0.5% quarter-on-quarter against -0.5% quarter-on-quarter…
The blue flag, which recognises the best beaches every year for the good state of the water, the high level of beach services and the safety of bathers, will fly this summer on 638 Spanish beaches, which keeps Spain as the world leader for the last 30 consecutive years. The Association for Environmental and Consumer Education (Adeac), promoter of the initiative, has published this Tuesday the data for 2024 where…
The Governor of the Bank of Spain, Hernández de Cos, whose term of office ends next June, said farewell to Parliament yesterday, noting that just over 20% of citizens have confidence in the government, which means sharing with France the worst figure among the major European economies. In the case of political parties, the figure does not even reach 10%, and here Spain’s negative lead is indisputable. And Parliament itself…