In a statement sent to the Spanish Securities and Exchange Commission (CNMV), the company has informed that after completing the regulatory review process, it has filed an acceleration request asking the US Securities and Exchange Commission (SEC) to declare the registration form effective on 8 May 2024. As a result, Ferrovial expects the shares to debut on the Nasdaq on or about 9 May. The ordinary shares will be listed…
Bankinter: Trading starts this Friday at 12.00h. The placement price has been €24.5/share. The group, valued at €14,000 M, has placed 32% of its capital among qualified investors. Preliminarily, based on available information, we estimate that the exit price represents a discount of 15.6% versus the sector average (L’Oreal, Estee Lauder, Shiseido, Coty, Interparfums) in terms of EV/EBITDA 2023 and -34.4% versus the sector leader, L’Oreal. We believe that a…
Renta 4: European stock markets open flat on a day that will be dominated by the official US employment report (14:30h), where moderation is expected (in line with Wednesday’s ADP private employment survey and JOLTS job openings), but showing a still solid labour market and tightening in wages (yesterday 1Q24 unit labour costs +4.7% year-on-year vs +4% estimated). Consensus expects 240,000 estimated non-farm payrolls versus 303,000 estimated previously, unemployment rate…
In an international comparison of business locations, economics professors gave Germany a grade of just 3.4 (on a scale of 1 to 6, where 1 is the best score). This is according to the latest ifo Institute Economists Panel. A grade of 3 was awarded by 38 percent of respondents, 20 percent gave a 2, 17 percent a 4, and 20 percent a 5. “This poor result is quite worrying…
Alicia García Herrero (Natixis) | The Chinese economy has been decelerating for over a decade and will likely continue to do so, given the structural forces pushing it in this direction, such as an increasingly low return on assets but also aging. China’s single ‘silver bullet’ to mitigate such structural deceleration is innovation. To counter the downward pressures to development, and to increase domestic productivity, the central government is doubling…
Jefferies | BBVA (Buy) submitted an offer for Sabadell (Restricted) less than 24 hours after BBVA’s interest was leaked to the press. The deal implies c4% EPS enhancement and a 30bps capital cost for BBVA, in line with our baseline published yesterday (3% and -20bps respectively) as the higher premium (30%) is offset by larger cost synergies (€850m vs. our €550m estimate). Deal logic is sufficiently clear and valid for…
Bankinter : We make a fine-tuning downward valuation adjustment for Acciona Energia (ANE), but we continue to see value at these levels. We slightly adjust our estimates and the group’s target price downwards, but we maintain our Buy recommendation. The main reason is the cut in estimates and valuation on Acciona Energía due to lower electricity prices than initially estimated. Weak demand, a high weight of renewables in the electricity…
Jefferies | A press leak earlier this morning seems to have unveiled renewed merger talks between BBVA (Buy) and Sabadell (Restricted). We provide some food for thought and outputs under different scenarios. We can see the merits for such a deal from the vantage of BBVA, but we remain expectant on whether both parties can agree on sensible terms. Our baseline scenario suggests 3.5% EPS accretion on just 20bps CET1…
CdM | Inflation accelerated by one tenth of a percentage point in April, to 3.3%, mainly due to higher gas and food prices, according to the advance CPI data published on Monday by the National Statistics Institute (INE). If confirmed on 14 May, core inflation, i.e. once the most volatile items in the shopping basket (unprocessed food and energy products) are removed, will have moderated by 0.4 percentage points to…
Jefferies | Caixabank | BUY | CABK SM | €5.12 | PT: €5.80 | % to PT: +13% | CaixaBank 1Q24 – In-line Prin and Guidance | 1Q24 in line at net income level. The 3% beat on NII is perhaps the major highlight (offset by small miss on others/LLCs), but very much confirming the dynamics already observed elsewhere hitherto. Upgraded FY24 NII guidance to MSD growth year-on-year (consensus already…