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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.
Avangrid

World economy 13th March 2024

Avangrid to build new wind farm with total capacity of 153 MW and 34 turbines in Illinois

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…

Inditex

Spanish economy 13th March 2024

Inditex reports record earnings of €5,381m (+30.3%) in 2023, and raises dividend to €1.54/share (yield of 3.84%)

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…

spain foreign policy

Spanish economy 13th March 2024

Bank of Spain raises growth forecast to 1.9%, but rules out compliance with fiscal rules due to public spending slippage

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…

amadeus monopolio gds

Spanish economy 13th March 2024

Amadeus acquires payment management company Voxel Media for €113 million

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…

CAF Bombardier

Spanish economy 12th March 2024

With order book at record high of €14.2bn, CAF secures large part of 2026 Business Plan

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…

ventas minoristas

Spanish economy 12th March 2024

Spain’s adjusted retail sales growth accelerates moderation to +0.3% year-on-year in January

Bankinter| Spain’s retail sales growth moderates to +0.3% year-on-year in January 2024 from +2.7% year-on-year revised down previously (from +3.1%), in data at constant prices and adjusted for seasonal and calendar effects. Assessment: Adjusted retail sales growth accelerates the moderation it has been showing since the end of last year. This is a negative surprise in view of the good performance of Social Security enrolment at the beginning of the…

Biden IRPF

World economy 12th March 2024

Biden approves budgets that would reduce deficit by $3bn over next 10 years, but would not limit high debt levels

March Bank| The US president’s budget plans seek to increase spending as well as tax revenue through increases in corporate income tax, a higher minimum rate for businesses, and at the personal level, a new minimum rate for billionaires. In higher tax revenues, an estimated $4.9 trillion is expected to be raised over the decade, including $1.4 trillion from the increase in the corporate tax rate to 28% and $502…

obras 11 1000x528

Spanish economy 12th March 2024

Construction employers’ association warns that 20% of concession contracts in Spain – bottom in Europe in terms of investment – are not awarded

The Association of Infrastructure Construction and Concession Companies (Seopan) has warned that up to 20.5% of concession contract tenders in Spain, already practically non-existent, remain deserted after no companies bid for them. The document highlights the scant relevance of concessions in Spain, representing only 3.4% of contracting, with an average of 1.9 bidders per contract and 2.2% of contracts not being awarded due to the withdrawal or resignation of the…

GRIFOLS NoticiaAmpliada

Spanish economy 12th March 2024

JPMorgan buys 5.1% of Grifols in midst of controversy over group’s accounts

JPMorgan has entered the capital of the Spanish pharmaceutical company with a 5.185% stake – some €250 million – and has become the company’s most important shareholder after the founding family. The descendants of the group’s founders hold 31% of the capital from four different holdings, controlled by the different branches of the family. According to the records of the National Securities Market Commission (CNMV), the investment bank has acquired…

airbus A320

European economy 11th March 2024

Airbus delivers 49 aircraft in February, 2024 deliveries reach 79

Banco Sabadell: The company published last week the figure of 49 aircraft delivered during the month of February (compared to 30 in January and 46 in February 2023) bringing total deliveries in 2024 to 79 (against a figure of 66 in February last year, an increase of 20%). On the other hand, a total of two new orders and no cancellations were recorded during the month. Net orders through February…