Net income from January to September was €3.222 billion. The recovery in the first half of the year is allowing Repsol to partially offset the losses in 2019 and 2020 of more than €7.1 billion due to asset adjustments linked to the zero net emissions ambition and the global health pandemic. Adjusted net income amounted to €4.564 billion, of which close to 60% came from the company’s international businesses, whose…
Unemployment rose by 60,800 people between July and September, which is almost 2.1% more than in the previous quarter, while employment increased by 77,700 jobs (+0.4%), bringing the total number of employed to over 20.5 million people, according to data from the Labour Force Survey (EPA) released by the National Statistics Institute (INE). At the end of September, the total number of unemployed stood at 2,980,200 people and the number…
IAG shareholders have given the go-ahead for investment in the renewal of the short-haul fleet, with the acquisition of 50 B737 aircraft from Boeing and 37 A320neo aircraft from Airbus. The transaction was approved at an extraordinary shareholders’ meeting in Madrid, where only 37.9% of the capital was represented. The CEO of the holding company that includes British Airways, Iberia, Vueling and Aer Lingus, Luis Gallego, has ruled out the…
Norbolsa | ACS has reached an agreement with Clal Insurance via its subsidiary Iridium for the purchase of an additional 12.11% in the toll motorway concession SH288 in Texas. The cost is approximately 250 million euros. With this deal, the Spanish group strengthens its position as core shareholder in the motorway, now holding 78.38% of the capital invested in the project. This includes the financing, design, construction and operation of…
Earnings per share increased by 31% year-on-year, supported by strong profitability (RoTE of 13.6%). TNAV plus cash dividend per share increased by 11% while capital remains above 12% In the third quarter alone, attributable profit was €2,422, up 11% year-on-year (+2% in constant euros). The group has seen strong growth in customer activity in the first nine months of 2022, with loans and deposits growing by 7% and 6% respectively…
Bankinter | Cellnex has sold 1.100 telecommunication towers in the UK to Wireless Infrastructure Group (WIG) for 170 million euros. The EBITDA generated by the afore-mentioned towers would be around 8 million euros. So the sale price represents 21x EBITDA. Bankinter’s analyst team view: Good news for Cellnex. This sale is not for strategic or economic reasons. It was the commitment agreed with the UK regulator in order to approve…
Link Securities | Iberdrola, via its susidiary Avangrid, Acciona, Ferrovial and EDPR will compete for some of the five areas which will be up for auction in California to install offshore floating wind turbines. This will be the first offshore wind energy auction on the west coast of the US, as well as the first the country will carry out to support the potential development of offshore floating wind energy on…
Fernando González Urbaneja | The new British Prime Minister is young (42), rich (almost a billion in assets), Hindu (family religion) and a graduate of Oxford and Stanford (Fulbright programme). He has been in Parliament for seven years and, after working for Goldman and several investment funds, he headed the Treasury (with Boris Johnson) before rising to become Minister of Finance. A dense professional career that is a credit to…
Santander | Grifols could be facing a possible claim of 54-274 million euros, according to the newspaper El Economista. On Friday, it emerged that the Spanish blood plasma manufacturer would be facing a class action on the part of 54.000 donors in the state of Illinois, in the United States. The plaintiffs are arguing that Grifols has not complied with the state’s Biometric Privacy Law, since they have demanded that donors…
Allianz GI | The market reaction to the conclusion of China’s Party Congress is telling. The Hang Seng China Enterprises Index (a gauge of key China stocks listed in Hong Kong) fell more than 7% on the first day of trading after the Congress. The CSI 300 (onshore China’s equivalent of the S&P 500) as well as the broader Shanghai and Shenzhen stock exchanges saw a far more muted reaction.1…