Jefferies | Following the third quarter, we have raised our 2026/2027 earnings forecasts for MSD thanks to improved revenues, mainly in Spain and Mexico, and we believe that BBVA (BBVA) is on track to achieve the medium-term targets announced in the first half of 2025. We are 4% above the 2027 earnings forecasts. We believe BBVA will announce a €6 billion share buyback in its 2025 results (subject to ECB…
Banc Sabadell | According to National Securities Market Commission (CNMV) records, Covalis Capital has increased its stake in the last month by 4.076% to 10.14% through financial instruments from the 6.06% it held in the same way in September this year. Assessment: Positive news with limited impact that would confirm the more positive sector environment for 2026, where new tariff regulations in Europe should boost prices and volumes in the…
Link Securities | Grifols (GRF) announced that the US Food and Drug Administration (FDA) has approved the expansion of the indication for Thrombate III, the company’s antithrombin III concentrate, to include paediatric patients diagnosed with hereditary antithrombin deficiency (HAD), according to Bolsamanía. With this expansion, Thrombate III becomes the first and only antithrombin concentrate approved for adults and paediatric patients with HAD, an often underdiagnosed blood clotting disorder that could…
Cristina Herrero, President of the Independent Authority for Fiscal Responsibility (AIReF), yesterday criticized the Government for filling the ‘pensions piggy bank’—known as the Reserve Fund—based on taxes and debt, that is, with transfers and loans from the State. The latest loan, for €10 billion, was made this very month of November to cover the extraordinary annual payment. Total pension spending stands at €15.6 billion per month (around 218 billion annually),…
Renta 4 | According to an official statement, Revenga Smart Solutions has requested additional time from the Commercial Court to continue negotiating the entry of an investor group into the company’s shareholding structure. To this end, they would have the support of creditors representing more than 59% of total liabilities. The potential investor group has shown interest in acquiring a significant stake in the company, which gives the viability plan…
Link Securities | The bank announces that it has agreed to proceed with the voluntary early redemption of all outstanding Contingently Convertible Tier 1 Preferred Shares ‘4.375% Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities’ (ISIN XS2102912966) outstanding, for a total nominal amount of €1.033 billion, which are traded on the Irish Stock Exchange’s Global Exchange Market (PPCC). The early redemption of all PPCCs, which has been authorised by…
Alphavalue/DIVACONS | The Minister of Transport and Sustainable Mobility, Óscar Puente, announced on Monday that the government will request a seat on the board of directors of Talgo (TLGO), after the state, through the State Industrial Holdings Company (SEPI), acquired an 8% stake in the company.
CdM | Almirall (ALM) has announced the extension of the indication for Physiorelax, which can now be used from the age of 12 (compared to 18 previously). With this, the company reinforces the availability of safe and effective solutions for muscle care. Physiorelax is a range of topical creams formulated with natural ingredients, developed for everyday muscle care. Its unique formula is based on Helenalin2, a complex that combines arnica,…
Bankinter | The Empire Manufacturing or New York Fed Manufacturing Activity Index (November) shows a mixed reading, although in expansion territory (>0). The current component improved unexpectedly to 18.7 against 5.8 expected and 10.7 previously, while the six-month outlook worsened to 19.1 against 30.3 previously. Analysis team’s view: This indicator, which surveys 200 executives in the manufacturing sector in New York State, shows less optimism about the economy’s performance, although…
Norbolsa | Colombia’s competition regulator has approved the merger of Movistar and Tigo (a subsidiary of Millicom), but with conditions and possible penalties in the event of non-compliance, in order to facilitate the sale of Telefónica Colombia’s shares to Millicom. Following this operation, the sale of the Colombian government’s shares to Millicom and EPM’s shares to Tigo remains pending, in order to finalise Telefónica’s exit from the country as part…