Intermoney | Aena (Buy, PO €215) has announced its 9m 24 results, and will hold a conference call today at 1pm. The figures, along with our estimates, are shown in the attached table. Based on September traffic levels that were well above pre-pandemic records (107% in Spain), Aena generated 9m EBITDA of €2,663m, or 125% of the 2019 figure, slightly above IMVe (€2,646m). We confirm our estimates, which we clearly…
Yesterday, in the face of the unleashed anger of the residents of Paiporta (Valencia), where more than fifty people have lost their lives due to the floods, the President of the Government, Pedro Sánchez, chose to leave the kings and the regional president just five minutes after starting his official visit to the epicenter of the disaster, the enormous devastation caused by the torrential storms last Tuesday. The kings and…
Money supply in the EurozoneLink Securities | The ECB reported on Friday that the M3 money supply in the Eurozone increased by 3.2% in the month of September at an annual rate, to €16,549 billion. The growth rate exceeded the 2.9% growth rate it had reached in September, which was the reading expected by FactSet consensus analysts. The ECB also published that bank lending to households in the Eurozone increased…
Renta 4 : Results have met our revenue guidance (+2% vs R4e) and have largely outperformed at operating and net level: Ordinary revenues €1. 096m (in line vs R4e, +2% vs consensus and +9% vs Q3 23), EBIT, main magnitude, €111m (+12% vs R4e, +10% vs consensus, +25% vs Q3 23), EBITDA €140m (vs €114m R4e and +20% vs Q3 23) and net profit €70m (+9% vs R4e, +8% vs…
Bankinter | The German company could close three plants in Germany. Until now everything pointed to the closure of two plants, one dedicated to the production of vehicles and the other to components. Now the unions claim that the measure could be extended to three factories and include the reduction of installed capacity in other European plants. Volkswagen has not confirmed the news. It could provide more details on Wednesday…
Renta 4 | VMEDO2 UK is selling a stake in Cornerstone Telecommunications. VMEDO2 UK, Telefónica’s 50:50 JV with Liberty Global in the country, has agreed to sell an 8.33% stake in mobile towers joint venture Cornerstone Telecommunications to UK-based asset manager Equitix. VMEDO2 will receive at closing approximately £186 million in cash (approximately €221 million), equivalent to a multiple of 21x adjusted EBITDA 2024 R4e and will retain a 25.01%…
Bankinter | The EU confirms the imposition of tariffs of up to 45% on imports of electric vehicles from China. The proposal was approved at the beginning of October with the favourable vote of 10 members (France and Italy, among them), the opposition of 5 (Germany being the most notable) and the abstention of 12 (Spain, for example). This decision allows the European Commission to implement the tariffs for a…
Cepsa has changed its name to Moeve, a rebranding that symbolizes its commitment to becoming a leader in the European energy transition and leaving behind its oil-related past. As part of its ‘Positive Motion’ strategy for 2030, this change also aims to accelerate its decarbonization and that of its clients, through an investment of up to €8 billion, of which more than 60% will be allocated to sustainable businesses, such…
The tax on energy companies, which the Government created due to the recent inflation crisis and wanted to make permanent, will expire on December 31. This comes after the period for submitting amendments to the bill aimed at achieving that permanence has concluded. The Treasury did not gain the support of Junts – crucial for advancing the initiative. The elimination of the tax on electricity companies will result in a…
The strong storm affecting mainly the east of the country has so far resulted in a provisional toll of 200 dead, 197 in the Valencian Community, two in Castilla-La Mancha, and one in Andalusia, according to information provided by the Government. These figures make this natural disaster one of the most severe in the last 75 years. The State Meteorological Agency (AEMET) stated this Wednesday that this Isolated High Level…