Renta 4| CAF has been awarded three contracts, two in Italy and one in Germany, for more than €150 million. Bologna has awarded Solaris the supply of 127 12-meter hydrogen buses. The contract provides for an extension for an additional 140 vehicles (34 units will be delivered in 2024 and the rest between 2025 and 2026). Venice has awarded Solaris the supply of 90 hydrogen buses (75 units of 12…
Intermoney | Aena (Hold, Target Price €150/share) released traffic figures for August 2023 on Tuesday, which showed a +1.4% increase over pre-pandemic (2019) levels. Recent trends continued last month, with both Barajas and El Prat still below 2019, specifically -4% and -8%, respectively. These declines were more than offset by significant growth at tourist airports, such as Malaga (+10%) or Lanzarote (+10%). Other relevant increases were in Valencia (+17%) and…
CdM| German ZEW index data for September shows us slightly better than expected investor and analyst sentiment (-11.4 vs. -15 expected and -12.3 previous), but the ZEW indicator is still in negative territory and current conditions are deteriorating all the time, which also goes hand in hand with expectations themselves. ZEW economists are now even more pessimistic about current economic conditions in Germany than they were in August. However, on…
CdM | The new Green and Social Bonds Report 2022 published by BBVA (BBVA) highlights that in the last year the bank doubled the number of green bonds issued. Since 2018, the financial institution has issued eight green bonds for a total amount of €4,723 million, half of these issues occurred last year for a value of €1,688 million. The report states that by the end of 2022, BBVA’s parent…
Inditex’s (ITX) net income rose 40% in the first half of the fiscal year (from 1 February 2023 to 31 July 2023), to €2,513 million. Sales grew by 13.5% to €16,851 million, with a “very satisfactory” evolution both in shops and online, the company said. It also stressed that the evolution has been positive in all geographical areas and in all formats. Sales at constant exchange rates grew by 16.6%….
Link Securities| Naturgy (NTGY) will give a strong boost to the decarbonisation of the road and maritime transport sector by acquiring BioGNL production from the future Sologas plant in As Somozas (La Coruña). The first long-term purchase contract for renewable gas in liquid form is for 25 GWh per year, which is the production capacity of the waste recovery plant that Sologas has planned for its As Somozas site, and…
Intermoney | Ferrovial (FER), through its listed subsidiary Budimex, has been awarded the construction of a high-speed railway line in Latvia, as part of the Rail Baltica project. The contract, which involves an investment of €3.7 billion, is a consortium between Budimex (30%) and two other companies, France’s Eiffage and Italy’s Rizzani. It is Latvia’s largest international contract for the construction of the high-speed main line included in the high-speed…
Bankinter: S&P maintains Portugal’s debt rating and revises the outlook upward. The rating is BBB+ (Positive). Assessment: After the positive review of the rating in September 2023, the US agency revises upwards the outlook for Portugal’s debt. The report highlights two key factors: (1) Expected growth for the Portuguese economy higher than that of neighbouring countries (+2% average between 2024/2026); and (2) positive impact of budgetary policies on public debt,…
Link Securities | Leighton Asia, a company of ACS’s Australian subsidiary Cimic Group, has won a contract with property developer Elan to build a luxury residential project in Gurgaon (India) for AU$190 million (around €114 million). The project, named The Presidential, consists of 728 flats and is Leighton Asia’s largest residential project to date. The initial phase of the project comprises civil and structural works, with a built-up area of…
Renta 4: European stock markets open without major movements (Eurostoxx futures +0.2%, S&P -0.1%), in a session that is expected to be transitional as we await the week’s big releases: US CPI (Wednesday) and the ECB (Thursday). In the background, new negative news on the cycle, with the European Commission revising downwards its eurozone growth forecasts for 2023 to +0.8% versus +1.1% previously and 2024 to +1.3% versus +1.6%, while…