Renta 4: The price reacts from levels of $60, historical lows of the stock during 2019, before emerging on the upside with the lockdowns of the pandemic. Although the stock is at the same levels as then, the company’s figures have nothing to do with those of that time, for example it has more than $5 billion, 25% of its capitalisation, in cash, without debt. In the short term it…
Renta 4 | Repsol to develop 1.7 GW of renewable energy projects in Italy. The project will have 943 MW of generation using wind technology and 825 MW of solar. The total cost is estimated at €500 million. Assessment: Positive impact. Repsol will develop 1.7 Gw of renewable energy in Italy with an estimated investment of €500 million. The portfolio is expected to be operational in 2025. Repsol is thus…
BSabadell : According to press reports, Deutsche Bahn has awarded Talgo (TLGO) a contract for the supply of 56 additional trains, which it is understood are of the Talgo 230 model and which would form part of the contract it is currently executing (23 trains worth €550 million). At the prices of the first order the contract could exceed €1.3 billion (~40% of Talgo’s current portfolio). Assessment: If the news…
According to the Bank of Spain (BdE), the debt of Spain’s public administrations as a whole increased by 1% in March compared to February, reaching a record high of €1.535 trillion, bringing it to 113% of GDP (113.2% at the end of 2022) – the BdE uses the nominal GDP of the last four quarters for this calculation. In the last 12 months, Spain’s public debt has grown by 5.6%…
Naturgy has won the bid for the renewable assets of the French fund Ardian in Spain. The company headed by Francisco Reynés has announced today the acquisition of 100% of ASR Wind, which has a total of 422 MW distributed in 12 wind farms in operation in Spain. The transaction also includes a pipeline of solar hybridisations of up to 435 MW, which are at an advanced stage of development…
Link Securities | According to the second estimate of the data, released yesterday by Eurostat, the Eurozone’s Gross Domestic Product (GDP) grew 0.1% in seasonally adjusted data in 1Q2023 compared to 4Q2022. In 42022 GDP had been stable in the Eurozone (0.0%). The reading was in line with the FactSet consensus of analysts. Compared to the same quarter of the previous year, seasonally adjusted GDP in the Eurozone increased by…
Norbolsa | After Tuesday’s meeting, both Biden and congressional leaders were optimistic about a deal to raise the debt ceiling “in the coming days” even though McCarthy insisted that positions are still far apart. For his part, Biden publicly stated that during the negotiations there was a general consensus that “default is not an option” and thus lowered fears of a worst-case scenario.
The year-on-year inflation rate in the Euro area accelerated by one tenth of a percentage point in April compared with the previous month, reaching 7%, compared with 6.9% in March, while in the European Union (EU) as a whole, prices eased to 8.1% from 8.3% in March, accumulating five months of moderation, according to data published by Eurostat. Among EU countries, the lowest year-on-year inflation rates were recorded in Luxembourg…
Moody’s HY default rate increased to 3.1% in April. In line with the progressive deterioration of the credit quality of companies globally. Moody’s published yesterday its monthly report where it states that there were 11 defaults in April so that, after the monthly record of 16 defaults in March (since December 2020), the balance in the first four months of the year amounts to 45 defaults. North America leads with…
Minister José Luis Escrivá’s recent pension reform will leave a public deficit of up to €22,000 million in the public coffers in 2023 alone, with its consequent negative effects on employment, growth and the competitiveness of the Spanish economy. This is what is stated in the latest report by the Institute of Economic Studies (IEE in its Spanish initials), which, under the title “La subida de las cotizaciones sociales (The…