Juan Flames, CEO of BME (the management company of the Spanish Stock Exchange) explains that “Spain has a cutting-edge stock exchange, a leader in dividend yield and, this year, with gains superior to any other European market.”(…) “If we add the dividend yield, with a historical average of 4.2%, the Spanish Stock Exchange is bringing a lot of joy to the investment community”. What a year for the stock market!…
Link Securities | Talgo (TLGO) completes the end of an era this Friday with the holding of an Extraordinary General Shareholders’ Meeting at which the nationalisation of the company will be approved, with the effective entry of the State through the State Industrial Holdings Company SEPI (7.9% of Talgo’s capital) and the Basque Government, which is part of a public-private consortium led by investor José Antonio Jainaga (29.0% of the…
Bankinter | The (final) CPI for November confirms the preliminary year-on-year figure of 3.0%, in line with expectations and down from the previous figure of 3.1%. The core CPI also confirms 2.6% year-on-year, also in line with expectations and down from 2.5% previously. In month-on-month terms, the anticipated 0.2% monthly (down from 0.7% previously) and 0.1% monthly for the core CPI (down from 0.5% previously) are also repeated. Analysis team’s…
Renta 4 | Repsol has reportedly reached a new agreement with the Stonepeak fund to transfer a 43.8% stake in its Outpost solar project (629 MW) in Texas, US. The sale price amounts to €252.5 million, which values 100% of the asset at approximately €775 million in EV, including approximately €200 million derived from the monetisation of production tax credits received by the project. Outpost (629 MW) began operating in…
Alphavalue / Divacons | The Spanish utility has begun assembling the wind turbines for what will be Portugal’s largest wind farm, the Tâmega Wind Farm, a 274 MW project comprising 38 turbines of 7.2 MW each, the largest and most powerful on the onshore wind market. With an investment of €350 million, it is expected to produce 601 GWh per year, equivalent to the consumption of 128,000 households, and avoid…
Bankinter | BlackRock announced on Wednesday at the close of trading the accelerated placement of 7.1% of Naturgy (NTGY), reducing its stake from 18.5% to 11.4%. The placement price will be €24.75 per share, representing a discount of 5.4% on yesterday’s closing price. At the placement prices, the value of this package reaches €1.7 billion. BlackRock will go from being the third to the fourth largest shareholder in the company….
Bankinter | Indra’s Board of Directors has unanimously agreed to the potential acquisition of Escribano Mechanical and Engineering (EM&E). In its statement, the Company mentions that ‘the potential transaction is consistent with the strategy of the Indra Group’ and that ‘the agreement does not imply or anticipate the approval of any transaction’. Bankinter analysis team’s view: Limited impact, as it was practically a foregone conclusion that Indra’s Board would approve…
Bankinter | The Fed cuts benchmark interest rates (Fed Funds) by a quarter of a point to 3.5%/3.75% as expected. The decision was not unanimous, with one vote in favour of cutting by 50bp (Miran) and two in favour of maintaining rates (Goolsbee and Schmid). They announced that from 12 December they will increase their balance sheet again by purchasing treasury bills, not as part of their monetary policy, but…
Unemployment remains stable in more than half of OECD countries in October 11 December 2025 CdM | In October, the unemployment rate remained stable in 21 of the 32 OECD countries with available data. Seven OECD countries experienced an increase and four a decrease. Specifically, Mexico, Korea, Japan and Israel recorded unemployment rates of 3% or less. In contrast, Spain maintained a double-digit unemployment rate of 10.5%, while Finland reached…
Bankinter | The company has been awarded a new contract to supply 22 regional trains for French operator SNCF Voyageurs, in consortium with Alstom. CAF will design and manufacture the trains at its plant in Alsace and Alstom will supply equipment Analysis team’s view: A new contract in France representing around 1.6% of the total order book and 1.9% of the railway order book. This contract confirms the positive performance…