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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.

Companies, Ibex, Spanish economy 12th October 2022

Repsol’s Q3’22 trading statement predicts spectacular results: record Ebitda of €12.955 Bn

Renta 4 | On Monday after the market close, Repsol released figures corresponding to Q3’22, where the price of Brent (100,8 USD/b) rose 37.1% year-on-year and fell 11.5% quarter-on-quarter, and the price of gas (8,2 USD/Mbtu) was up 105% year-on-year and 13.9% quarter-on-quarter. These figures compare with the company’s guidelines for 2022, where it considers levels of 70 USD/b and 3,7 USD/Mtbu, while sensitivity to the price of Brent is…

Spanish economy 11th October 2022

Ferrovial Sells Amey For GBP 400 Million

Ferrovial has reached an agreement for the sale of 100% of the Amey group, almost completing the divestment of its former Services division. The acquiring vehicle is a UK company controlled by funds managed by One Equity Partners. They are entering into the transaction alongside their acquisition partner Buckthorn Partners. The transaction represents an enterprise value of GBP 400 million (€455 million) and an estimated equity value of approximately GBP…

Spanish economy 11th October 2022

Spain Is The Only Major European Economy That Has Not Yet Recovered Pre-Pandemic GDP

After Italy and France, Germany did so in the second quarter of this year. The Spanish economy, according to the Bank of Spain, will not reach this point until 2024. Italy and France had already achieved it. The average for the euro area achieved it by the end of 2021. And Germany did so after the second quarter of this year. Therefore, Spain has been completely left behind and is…

Companies, Ibex, Spanish economy 11th October 2022

With 65% of debt at a fixed rate and maturities in 2025, Grifols’ gearing could drop to 4.9x in 2023, 3.8x in 2024

Morgan Stanley | After a series of acquisitions Grifols’ debt has increased to 10 billion euros (7xND/Ebitda). That said, with 65% of debt at a fixed rate and maturities in 2025, we expect gearing to drop to 4.9x in 2023 and 3.8x in 2024 (thanks to a recovery in profits). However, in the short term, with limited ways to reduce gearing, this is going to put pressure on the stock….

Companies, Ibex, Spanish economy 10th October 2022

Merlin Properties CEO flags it will grab opportunities amid unfavourable climate

Link Securities | Merlin Properties CEO, Ismael Clemente, highlighted in an interview with the daily Expansión that they are focused on managing and growing the company. He said they will take advantage of the opportunities which present themselves amid the possible unfavourable economic situation. This is what they did in 2014 (aquisition of the portfolio of BBVA branches), in 2015 (buy of Testa) and in 2016 (merger with Metrovacesa). The…

Companies, Ibex, Spanish economy 10th October 2022

Cellnex could be interested in a stake in Vantage Towers

Renta 4 |Vodafone could be waiting to receive offers for its stake in Vantage Tower in which it controls 81%, according to Reuters. Vantage manages 83,000 towers in 10 countries and currently has a market cap of 12.5 billion euros. According to the press, Cellnex and American Tower would be weighing up the idea of presenting an offer for the above-mentioned stake. Valuation: In acquisition transactions of this kind, Cellnex…

Spanish Politics 10th October 2022

The President Of The Judges Resigns And Forces Sánchez And Feijoó To Move On

The president of the General Council of the Judiciary (CGPJ) and the Supreme Court (SC), Carlos Lesmes, announced on Sunday that he will formalise his resignation tomorrow. This is a month after he threatened to leave if there was no tangible progress in renewing a CGPJ that has been out of date for almost four years. He thus fulfils his promise, but without having managed to get the Council to…

Companies, Ibex, Spanish economy 10th October 2022

State Budgets assume NAP of €650 M in 2023 for Aena

Bankinter | The State budgets include estimates for the results of the big state-owned companies. One of them is Aena, for which the NAP forecast is for 380 million euros in 2022 and 650 million in 2023. Bankinter analyst team’s opinion: Bad news. The estimates for 2023 are below our own for NAP of 787 million euros. It’s probably a conservative figure, but once again it shows the company’s vulnerability…

Companies, Ibex, Spanish economy 8th October 2022

BBVA and Caixabank could have the best momentum in terms of profits: Overweight

Morgan Stanley | We are expecting a positive surprise in NII (+3.6% QoQ), which will allow for upgrades in consensus estimates for 2023. Meanwhile, in terms of provisions we are expecting stable figures. We see the best momentum in terms of profits for BBVA and Caixabank (both Overweight) and there could be a catch up in Banco Santander, as the political uncertainty lessens. Santander – Good numbers in Spain. The…

European economy 7th October 2022

Calls Are Growing For A European Fiscal Programme

Santander | Calls are growing for a European fiscal programme. Financed by joint SURE-style emissions guaranteed by member states. In this case, to combat the energy and security crisis as proposed in their open letter by EC Commissioners for Economy and Home Affairs Gentiloni and Breton last Monday. Yesterday it was the turn of Von der Leyen, who called for the EU to seek other sources of funding to accelerate…

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