Alicia García Herrero (Natixis)| The Bank of Japan (BoJ) has been in the limelight since major central banks in the world, as specially in Fed, started hiking rates. For months, as Japan began to see a rapid increase in inflation, financial markets started to put depreciating pressure on the Yen and upward pressure on the yield of Japanese Government Bonds (JGBs), capped by the Yield Curve Control (YCC) introduced by…
The weakness of the Catalan government, with ERC in a minority, has led to a new early election in the autonomous community, set yesterday for May 12 by the president of the Generalitat, Pere Aragonès, after the Parliament rejected the draft budget of the Generalitat for 2024. The new date with the polls will be marked by the aftermath of the procés, as Junts will try to ensure that its…
Ferrovial, through its toll road subsidiary Cintra, has agreed to acquire a 24% stake in IRB Infrastructure Trust, an investment vehicle that holds a portfolio of 12 toll road concessions in India with a committed pipeline of three additional concessions, for a total investment of €740 million (considering an exchange rate of 89.0 EUR/INR). Ferrovial is acquiring this stake from affiliates of GIC, which currently own a 49% stake of…
Link Securities| In a Significant Event sent to the National Securities Market Commission (CNMV) by the company, the pharmaceutical company Laboratorios Rovi (ROVI) announced that it has reached an agreement with Insud Pharma and Innvierte Economía Sostenible, dependent on the Ministry of Science, for the constitution of a commercial company with public-private capital dedicated to the research and development of advanced therapies. The agreement, which was approved on Tuesday by…
Morgan Stanley| Arcelor Mittal (MTS) has reached an agreement to purchase Apollo’s stake in Vallourec (French steel tube manufacturer), equivalent to 65.2 million shares (28.4%) for a total of €955 million. The acquisition is expected to be completed in 2H24, once all regulatory approvals are in place. Alain Gabriel acknowledges that the purchase has been concluded at a reasonable valuation, but expects more clarity on the extent of synergies and/or…
Alphavalue/DIVACONS| Avangrid, the US subsidiary of Iberdrola (IBE), will build a new wind farm with a total capacity of 153 MW in Illinois (United States), the company announced on Tuesday. Specifically, this project, called “Osagrove Flats”, will be located in La Salle County, the company’s fifth wind farm in the state of Illinois, and will have a total of 34 wind turbines. On the other hand, Bloomberg report that Iberdrola…
Renta 4: 4Q23 results have met our revenue forecasts and have outperformed in the rest of the main P&L items, although they were in line with consensus forecasts. Revenues €10,338 million (+9% vs 4Q22), gross margin 53.8% (+1 pp vs 4Q22), operating expenses €3,120 million (+8.4% vs 4Q22) growing in line with revenues, EBITDA €2,421 million (+14% vs 4Q22), EBIT €1,617 million (+20% vs 4Q22) and net profit €1,279 million…
In its latest projections – published yesterday – the Bank of Spain predicts a rise in GDP 2024 to 1.9%, three tenths above the last projection made in December, thanks to the drag effect generated by a better-than-expected end to 2023, but above all to the increase in public consumption. The bank warns of the extraordinary increase in public consumption in 2023 to almost 4%, even higher than in 2020…
Renta 4| The technology company has announced the acquisition of Voxel Media, dedicated to business-to-business (B2B) payment systems for travel agencies and hotels. The deal values Voxel Media at an Enterprise Value of €113 million. Voxel Media is headquartered in Barcelona, has around 200 employees, is present in around 100 countries and has more than 50,000 hotels and 1,000 tour operators and travel agencies as customers. Assessment: This acquisition allows…
Bankinter| Recovery of margins in Buses. Progress in the 2026 Strategic Plan. Revised estimates and assessment after the 2023 results. Analysis: We maintain our Buy recommendation. Price Obj: €41.9/share (from €36.2/share previously). We value positively: (1) The high order backlog (at record highs, €14.2bn, 3.7x sales), which ensures a large part of the fulfilment of the 2026 Business Plan; (2) The improvement in business margins, especially in Solaris (buses), thanks…