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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.
Acciona

Markets, Relevant News Item 3rd May 2024

Acciona: downward adjustment for Acciona Energy valuation, but value remains at these levels

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…

BBVA Sabadell

Spanish economy 1st May 2024

BBVA takes aim at Sabadell again

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…

economia espana

Spanish economy 1st May 2024

Inflation in Spain accelerates 1/10 of a point in April to 3.3%, but core continues to moderate to 2.9%

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…

Caixabank

Spanish economy 30th April 2024

Caixabank reports attributable profit of €1,005 million (+17,5%) for 1Q24

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…

Iberdrola guapa

European economy 30th April 2024

Iberdrola reaches agreement with Premier Energy Group to sell renewables business in Romania for €88 million

Norbolsa | Iberdrola (IBE) has reached an agreement with energy company Premier Energy Group to sell its renewable business in Romania for €88 million (80 MW of wind power), thus advancing in its plan to divest non-strategic assets. The company thus takes another step towards focusing on key countries, such as Spain, the United Kingdom, Brazil and the United States.

santander puerto rico

Spanish economy 30th April 2024

Santander reports attributable profit of €2,852 million (+11%) for 1Q24

Jefferies | Banco Santander | BUY | SAN SM ! €4.75 ! PT: € 5.10 | % to PT: +7% A 1% miss versus cons at bottom-line level albeit some variations by geos. But decent print at PBT level (+1% beat). Revenue dynamics trending well, with Spain particularly strong. Brazil NII and asset quality trends also supportive, alongside good performance in fees in the US. Across the Group, OpEx and…

Sanchez

In Spain 30th April 2024

Sánchez does not explain wife’s business dealings while threatening judges and critical press with “cleansing” and “democratic regeneration”: “We will show the world how democracy is defended”

The Spanish press that remains critical of the government is unanimous: “a farce”, “a grotesque”, “a joke”… But no one is fooled. When Pedro Sánchez refuses to explain his wife’s business dealings and says that these five days mark “a turning point”, speaks of “cleanliness, of “democratic regeneration” and that “we will show the world how democracy is defended”, he means that he is tired of seeking an agreement with…

BBVA vela atardecer

Spanish economy 29th April 2024

BBVA reports 1Q24 profit after tax of €2,307m, 10% above Visible Alpha consensus of €2,100m

Jefferies | BBVA reported a solid 1Q24 print, with a 10% PAT beat versus consensus, driven by strong revenues, partly offset by costs. The quarter confirmed solid dynamics across most geographies, with beats coming from both Spain and Mexico. The FY24 outlook for revenues is improving on the back of better NII dynamics in Spain, and NAP for the group now guided to grow double-digit versus FY23 (consensus at 7%…

IPC varios Eurozona.

European economy 29th April 2024

M3 monetary aggregate grows at annual rate of 0.9% in euro area in March after 0.4% in February

Link Securities | As released by the European Central Bank (ECB) last Friday, the M3 monetary aggregate grew in March in the Eurozone at an annual rate of 0.9% (0.4% in February), higher than the 0.6% rate expected by FactSet consensus analysts. M3 is considered a good indicator of future economic expansion. In addition, and in March, bank lending to households in the Eurozone rose 0.2% year-on-year compared to a…

unemployment spain

Spanish economy 29th April 2024

Unemployment rises by 117,000 in 1Q24

Unemployment rose by 117,000 people between January and March, which is 4.1% more than in the previous quarter, while employment fell by 139,700 jobs (0.6%), registering in both cases its worst data in a first quarter since 2020, with the arrival of Covid, the INE (National Employment Institute) reported on Friday. After rising by 117,000 people in the first three months of the year, the unemployment rate stood at 12.29%…