Viscofan has published sales data for Q119. Sales income grew 7% compared to Q118. This figure has not surprised us, although we recognise that without more details it is difficult to evaluate fully Viscofan´s income performance in Q119, analysts at Santander point out.
Morgan Stanley | Spanish group Inditex has published for the first time numbers by region and data which show that it is extending the useful life of its assets, increasing the capitalisation of its IT spending and reducing provisions.
Fidelity | It is not common to experience the oscillations in sentiment we have seen in recent months. Markets surged optimistically during most of 2018, but this ended in the last quarter of the year. This year has returned to optimism, although not at the levels we saw at different stages on 2018.
Renta 4 | JD Digits has invested through an increase in capital in Smart Steps Digital Technology Company, the JV created by Telefónica (TEF) and China Unicom to offer Big Data services to corporate Chinese clients.
Bankinter | The investment funds managed by Deutsche Bank Asset Management (DWS) have increased their exposure to Banco Santander (SAN). It is good news as it demonstrates the interest of international investors in the Spanish bank at its actual prices.
In April 2018 both banks and utilities had practically the same PER, around 12.5. Since then there has been an extreme relative movement between them, with electricity companies getting more expensive and banks cheaper, analysts at M&G Valores point out.
Spanish oil company Repsol has temporarily suspended the exchange with Venezuelan State Oil Company PDVSA of its refined products for Venezuelan crude, according to Reuters.
Alvise Lennkh & Dennis Shen (Scope Ratings) | Political events in Spain (undecided), Portugal (stable) and Italy (divided) have implications for the three countries, visible in their divergent capacity to reduced the high levels of public debt.
Santander Corporate & Investment | We continue to like Cellnex´s long term history (Objective Price for December 2018 of €27.30/share, based only on the current scope), but the potential value of future corporate transactions will begin to be reflects in its listing. Maintain.
Stephanie Kelly (Aberdeen) | The fragmented nature of the Spanish political system makes it unlikely that any party will secure an absolute majority to govern. Therefore, if a government is going to be formed after these elections – something that cannot be taken for granted given the fractured political system – it will be a minority or coalition government.