Morgan Stanley | Rob Pulleyn reviews his sector coverage as a preview of results, with expectations of continued outperformance over Europe (up 14% YTD and 21% from lows). However, the market maintains an underweight position on the sector and the valuation is still at a discount of -10% in PE versus a long-term premium of 1-2%. Rob maintains his preference for large cap integrated and regulated companies, offering the greatest…
CdM | Eurozone retail sales grew less than expected in February. Compared to last month, seasonally adjusted retail trade volume increased by 0.3% (against the expected 0.5%) in the eurozone and by 0.2% in the European Union (EU), according to initial estimates from Eurostat, the EU’s statistical office. In January 2025, the volume of retail trade remained stable in the eurozone and grew by 0.1% in the EU. In year-on-year…
BancaMarch | China has already responded forcefully, with a 34% tariff on all imports from the US, to be applied from 10 April. In addition, it has introduced restrictions on the export of certain rare earths to the US. Other countries have not yet stated their response. Within the European Union (EU), member states such as France and Germany are taking a belligerent stance, while Italy is considering working towards…
BancaMarch | United Kingdom proposes to the European Union the creation of a supranational institution including a joint fund to finance defence projects. The document is an informal proposal drafted by the British Treasury. Next week, EU finance ministers and their counterparts from the UK and Norway will meet to discuss the financing of defence spending. In the British proposal, the purchased equipment would be recorded on the balance sheet…
Renta 4 | The relevant authorities have agreed to give the green light to the expansion of capacity at the British airport Luton, in which Aena has a 51% stake and which in 2024 accounted for just over 5% of the group’s EBITDA with 16.7 million passengers. Current capacity is set at 18 million passengers, but it has already been agreed to expand it to 19 million. This new expansion…
CdM | The chair, Ana Botín, will say today at the shareholders’ meeting that during the first quarter the bank has continued to increase the number of customers and expects to achieve a RoTE of approximately 15.7% (post-AT1), on track to reach the annual target of approximately 16.5%. The CET1 is expected to reach 12.9%, with a tangible book value plus cash dividend per share increasing above 14%. Among the…
Spain ranks, along with Greece and Italy, among the European countries with the highest weight of the underground economy. In Spain, black money represents 24% of Gross Domestic Product, just behind Greece – at 36% – and Italy, at 31%, respectively. These are the figures recently published in a report for the Centre for Economic Policy Research (CEPR), prepared by authors Francesco Pappadà, a professor at the University of Venice,…
Link Securities | Naturgy (NTGY), through its international electricity generation subsidiary Global Power Generation (GPG), has launched its first major hybrid project worldwide involving photovoltaic generation and battery storage, according to Bolsamanía. This is a pioneering project in many senses, as it is also the first large-scale hybrid photovoltaic and battery storage project in Western Australia. Cunderdin, named after its location, has started operating after more than three months of…
Alphavalue / Divacons | Tesla sales in France and Sweden fell in March by 36.8% and 63.9% year-on-year, respectively, marking the third consecutive month of declines and bringing quarterly volumes to lows not seen since 2021. Tesla’s market share in France fell to 1.63%, while Chinese brands such as BYD increased their presence. Added to this is a collapse of 49% year-on-year in Tesla registrations in the Netherlands in Q1…
CoM | Industrial producer prices rose by 0.2% in the eurozone and by 0.3% in the European Union (EU) in February compared with January 2025, according to first estimates from Eurostat, the statistical office of the European Union, and were above the consensus forecast of 0.1%. In January 2025, prices had risen by 0.7% in the eurozone and 0.8% in the EU, according to Eurostat’s latest revision. In year-on-year terms,…