Link Securities | Trade negotiations between the US and China concluded on Tuesday, with negotiators suggesting that the meeting was productive but without making any major announcements. No explicit decision was taken, nor was a 90-day extension of the deadline for imposing tariffs agreed, which in China’s case is 12 August. In this regard, Treasury Secretary Scott Bessent said that it is an option but that President Trump will make…
Intermoney | The company (Hold, PO €43) published its H1 2025 results yesterday after the close of trading on Wall Street and will hold a conference call today at 3pm. The main figures from the results, together with our forecasts, are shown in the table below. Overall, EBITDA rose 9% to €655 million in 1H25, compared to Intermoney’s 17% estimate, confirming margin improvements in construction, although EBITDA was affected by…
Intermoney | The company (Hold, PO £24) announced its H1 2025 results this morning and will hold a conference call at 1 p.m. The figures for the first half, together with our estimates, are shown in the table below. Based on traffic levels in Spain in the first half, which grew by 4.5%, Aena generated EBITDA of €1.692 billion (up 9%) in June, slightly below the Intermoney estimate (€1.707 billion)….
Link Securities | JP Morgan has disclosed a 3.15% stake in Acciona valued at current market prices at around €300 million, according to the records of the National Securities Market Commission (CNMV’), as reported today by elEconomista newspaper. Specifically, the US investment bank crossed this threshold on 23 July and notified the market on Tuesday. This translates into 766,924 shares indirectly and 961,968 shares through financial instruments, in this case…
Link Securities | Hotel revenues continue to rise, driven by positive tourism data—which continues to break records—and higher rates, according to the newspaper Expansión. According to the Hotel Sector Barometer, compiled by STR and Cushman & Wakefield, Spanish hotels increased their revenue by 6.9% in 1H2025, at a time when occupancy stabilised at peak levels. Specifically, during the period, hotel occupancy stood at 73.1%, which translates into 0.4% more than…
Norbolsa | The German government will back a draft budget for 2026 on Wednesday that includes record investment of €126.7 billion and a loan of €174.3 billion as part of its fiscal bazooka for infrastructure and defence. The draft budget for 2026, with total spending of €520.5 billion, includes €126.7 billion in investments aimed at modernising the country (10% above 2025 and 70% above 2024).
Link Securities | The digital portal Bolsamania.com reported that President Donald Trump has indicated that he will ‘probably’ implement a general tariff of between 15 and 20% on imports to the United States from countries that have not negotiated separate trade agreements. ‘For the world, I would say it will be somewhere between 15 and 20%… I just want to be nice,’ the president said during a press conference with…
Bankinter | Net profit in line and positive surprise in cash generation. Guidance maintained. 40% of the year’s share buyback programme completed. Key figures compared to market consensus: EBITDA €2.711 billion (up 12%) versus €2.719 billion estimated; Net profit €1.041 billion (up 30%) versus €1.046 billion estimated; Operating cash flow €2.400 billion (up 101%); Net debt €9,900 million versus €9,294 million in December 2024. Maintains guidance for 2025, with EBITDA…
Link Securities | Iberdrola (IBE) has announced an alliance with Irish group Echelon to launch a bid to conquer the data centre market in Spain, according to a report in Monday’s edition of Expansión newspaper. Echelon is owned by the Starwood Capital fund, known in Spain for its major forays into the real estate sector, where it has recently been involved in multimillion-pound deals. The newspaper notes that Iberdrola had…
Norbolsa | The company has agreed to acquire the remaining 51% of Axent for €37.5 million, thereby acquiring 100% of the capital. Axent operates in fibre telecommunications infrastructure and the transaction is expected to have a positive impact of €15 million on net profit in 2025. The transaction marks the exit of the Spanish fund Axión Infraestructuras de Telecomunicaciones from this fibre optic and radio link platform,created in partnership with…