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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
Iberdrola Guggenheim

Companies, Ibex 1st August 2024

Iberdrola gets authorisation for construction of Cofrentes I and Ayora 1 plants

Link Securities | Iberdrola (IBE) has obtained administrative construction authorisation (AAC) for its Cofrentes I (184 MW) and Ayora 1 (182 MW) photovoltaic plants, both in the province of Valencia, according to Expansión. The company says these two plants will generate enough energy to supply approximately 200,000 homes and avoid 124,000 tonnes of CO2 emissions into the atmosphere per year. The Cofrentes I PV plant is located in the municipalities…

ence energiaycelulosaCM

Companies 1st August 2024

Constitutional Court dismisses State Attorney Office’s appeal and upholds legality of extension of concession of Ence’s biofactory in Pontevedra

Renta 4 | The Constitutional Court has rejected the appeal filed by the State Attorney’s Office against the ruling handed down in February 2023 by the Audiencia Nacional (Supreme Court), which upheld the legality of the extension of the concession for Ence’s biofactory in Pontevedra. In the absence of knowing the decision of this Court on the other appeal filed against this judgment, by the City of Pontevedra, the Company…

Telefónica

Spanish economy 1st August 2024

Telefónica achieves net profit of €979m (+29%) in first half of year

Link | Telefónica presented its results for the first half of the year (1H2024) yesterday, of which we highlight the following aspects: TEF’s net revenues rose 1.1% year-on-year between January and June to €20,395m, driven by higher service revenues in 2Q2024.Operating cash flow (OIBDA) rose 2.5% year-on-year in 1H2024 to €6,424 million. In terms of revenue, the OIBDA margin increased in the first half of the year to 31.5%, from…

BBVA vela atardecer

Relevant News Item 1st August 2024

BBVA earns €4.994 billion in 1H24, up 28.8% year-on-year, thanks to recurring revenues from banking business

Link Securities | The bank yesterday presented its results for the first half of the year (1H2024), of which we highlight the following aspects: BBVA’s net interest income at 30-Jun-2024 was higher than in the same period of the previous year (+13.9% year-on-year; +20.3% year-on-year) to €12,993 million (+0.1% at constant rates; +0.1% FactSet consensus), with growth in all business areas except Turkey, as a result of the dynamism of…

caixabank sunset

Relevant News Item 31st July 2024

Caixabank: €500m buyback starts today

2Q24 First Look – 6% Beat and Raised RoTE Guide | Back to B/S Growth? Iñigo Vega (Jefferies) | 6% beat versus consensus at attributable profit level, driven by better top line, mainly fees, but NII also slightly ahead, supported by balance sheet growth in the quarter. Opex running in line and CoR trending better than the 30bp guidance. Upgraded FY24 NII guidance to HSD growth year-on-year (consensus at 6% year-on-year)…

ferrovial noche

Relevant News Item 31st July 2024

Ferrovial reports 1H24 net profit of €414m compared to €114m a year ago after strong 2Q in Construction division

Intermoney | The company (Hold, PO €32) announced its 1H24 results yesterday after the close of trading in New York, and will hold a conference call today at 3pm. The key figures of the results, together with our forecasts, are shown in the attached table. Overall, EBITDA rose +50% to €603m at June 24, vs. +40% IMVe, which showed the contribution of new toll road assets, with lower growth than…

bank of japan

World economy 31st July 2024

Bank of Japan raises rates to 0.25% from 0.0%/0.10% range and announces bond purchase cut plan

Bankinter | The Governing Council of the Bank of Japan (BoJ) decided by seven votes in favour and two votes against, to raise the benchmark interest rate to 0.25%, from the previous range of 0% – 0.1%. The market consensus expected no change, although it perceived an upward move as a possible risk. In addition, the BoJ unanimously approved a reduction in government bond purchases to a monthly pace of…

Bank of spain new

Spanish economy 31st July 2024

More growth with less inflation in Spain: GDP grows three tenths to 2.9% year-on-year in 2Q24, while CPI falls to 2.8% from 3.4%

CdM | The Spanish economy grew by 0.8% in the second quarter of the year, the same as in the previous quarter, and accelerated its year-on-year growth by three tenths of a percentage point to 2.9%, according to the advance National Accounts data published on Tuesday by the National Statistics Institute (INE). Domestic demand contributed two points to year-on-year GDP growth, while foreign demand contributed nine tenths of a point….

merlin 1 750x416 1

Relevant News Item 30th July 2024

Merlin Properties uniquely positioned in sector: raises €921 million to finance expansion of data centres

Deutsche Bank (Thomas Rothaeusler) | The company has finally set the financing structure for its data centre expansion by raising €921 million in new equity, confirming our scenario, which reflects an increase in earnings after two years and non-recurring revenues after one year and equates to a target price of €13 per share. We view the capital increase as a very positive development, as it lays the foundations for significant…

Enagas headquarters

World economy 30th July 2024

Enagás transfers 100% ownership of Tallgrass stake to Blackstone for $1,050 million

Link Securities | In reference to the sale and purchase agreement reached with Blackstone, Enagás (ENG) has announced that yesterday, following the closing of the sale and purchase agreement, it has transferred 100% ownership of its shares in Tallgrass Energy LP to Blackstone. The price received by Enagás on this date amounts to a total of $1,050 million, with $50 million still to be received, subject to Tallgrass Energy LP…