Renta 4 | IAG (IAG) will publish its Q4 25 results on Friday 27 February before the market opens and will hold a conference call at 9:45 a.m. Target price €5.30/share, Overweight. We expect traffic data to continue growing at a low single digit in Q4: capacity 2.3% and demand 2% compared to Q4 24 to meet its 2025 capacity target of 2.5% compared to 2024. We estimate that unit…
Link Securities | Venezuela plans to grant more oil exploration and production blocks to Repsol (REP) and Chevron (CVX-US), in a move that is part of the pressure from the Donald Trump administration for private companies to rebuild the country’s energy sector, according to Bloomberg and Bolsamanía. According to the US media outlet, officials in Caracas are ready to award the new blocks as early as this week. The aim…
Link Securities | The National Commission on Markets and Competition (CNMC) has given Red Eléctrica (REE), a subsidiary of Redeia (RED), until Friday 20 February to submit the so-called ‘map of electricity transmission network access capacity’, according to Expansión newspaper. In other words, the high-voltage network operator in Spain must detail which nodes are available to connect new electricity consumers, such as data centres. The CNMC is thus putting pressure…
More than 176,000 doctors from all over Spain—those working within the National Health System—are beginning a week-long strike this Monday to voice their rejection of the “Estatuto Marco” (Framework Statute) negotiated between the Ministry of Health and the unions involved in the negotiating table. For months, as evidenced by previous walkouts and mobilizations, they have been demanding their own specific statute. In addition to this first week of February, which…
Link Securities | Squirrel Media (SQRL) has received confirmation from MSCI Inc. (Morgan Stanley Capital International) regarding the Company’s inclusion in the MSCI Global Micro Cap Index, effective at the close of trading on 27 February 2026. The indices compiled by MSCI are widely recognised international benchmarks used by institutional managers and passive investment vehicles across multiple geographies and asset classes. Consequently, their composition may determine capital movements associated with…
Norbolsa | The US budget deficit will grow slightly in 2026 to $1.853 trillion, rising to around 5.8% of GDP, and the average for the next decade will be around 6.1%, according to the Congressional Budget Office (CBO), suggesting that Trump’s economic policies are worsening the US fiscal outlook.
Link Securities | The REIT has sold the office building located at Juan Ignacio Luca de Tena 7, in Madrid, a property that housed the headquarters of the Vocento Group and the editorial offices of the ABC newspaper for more than three decades,which were subsequently moved to another asset also owned by the company at Josefa Valcárcel 40, according to Bolsamania.com. The transaction is part of the group’s strategy of…
Alphavalue / Divacons | A consortium led by Sacyr and local construction company Built has been selected as the preferred bidder for the construction of the new Peel Health Campus hospital in Mandurah, Western Australia. Although the initial budget was AUD 152 million, internal documents revealed by ABC News indicate that the cost has skyrocketed to AUD 558 million (approximately €334 million), more than triple the original estimate. The Sacyr…
Bankinter | Spain’s Aena airports handled 20.3 million passengers in January, representing an increase of 2.6% compared to the previous year. Analysis team’s view: Good news. Airport traffic has started the year on a positive note, continuing to break records and exceeding our estimates, which point to stagnation in airport traffic at 2025 levels (322 million passengers; an all-time high). However, we believe this is already largely discounted in the…
Aurelio Medel | The 2025 Living Conditions Survey, recently published by the INE (National Statistics Institute), clearly demonstrates how the improvement in macroeconomics is failing to reflect in the lives of families. The Government rightfully boasts that Spain is the fastest-growing economy in the EU (2.9%), with more people employed than ever (22.5 million), an unemployment rate below 10%, and a minimum wage that has risen by 61% (2018–2025). However,…