Jefferies | Rovi Laboratories (ROVI), ahead of its CMD (9am UKT), has announced a revenue forecast for FY30E of 1.5-1.8 times FY24 levels, a midpoint of €1.261 billion (up 10% versus estimated JEF €1.144 billion). This growth is driven by the forecast of a two-fold increase in CDMO revenues in 24, to around €700 million in 2030E (up 60% compared to €429 million in 2005). Including the additional €250 million…
Of the 47 strategic projects selected by the European Commission in thirteen of its member states to ensure and diversify access to raw materials in the European Union, seven projects belong to Spain. Four are classified as extraction projects, two are integrated projects involving both extraction and processing, and one is categorized under recycling, in line with the objective of the Critical Raw Materials Act (CRMA) to meet the EU’s…
Bankinter | We revise estimates and recommendation. Solid demand and good financial position. We are upgrading our recommendation from Buy (under review). We set our Target Price: €171.5/share (from €127.8/share). Airbus has solid demand, long-term growth potential and a strong financial position. It is managing the two fronts that led to the profit warning in mid-2024: supply chain difficulties and analysing strategic options for Space Programs. The targets for 2025…
Link Securities | Budimex, the Polish subsidiary of Ferrovial (FER), is part of the consortium that will be responsible for designing and building the main line of Rail Baltica in Estonia, which has an estimated total value of €332 million (approximately 1.4 billion zlotys), according to the Bolsamanía portal. The project includes the design and construction of a 58.08 kilometre railway line from Pärnu to the Latvian border, and was…
Link Securities | The European Commission (EC) has published that, according to the preliminary reading of the data, the Eurozone consumer confidence index fell in March to -14.5 points from -13.6 points in its final reading in February. The consensus of FactSet analysts expected a significantly higher reading of -12.9 points. It should be noted that this indicator has averaged a reading of -10.57 points in the period from 1985…
The European Commission has just made a key decision in the battle between renewable funds and the Spanish government, in which around €1.7 billion are at stake. The European executive has concluded that an arbitration award requiring Spain to compensate Antin Infrastructure Services with €101 million for the modification of a support scheme for renewable electricity constitutes illegal state aid. This decision means that Spain will not be able to…
Santiago Martínez Morando (Ibercaja) | The strong growth of the mortgage market experienced in the second half of 2024 continued in January: the number of mortgages granted grew by 11.0% year-on-year, the average amount per mortgage by 10.2% and the total amount granted by 24.3%. In twelve months, 429,000 mortgages were granted for an average value of €146,835 and a total amount of €62,948 million. Number of mortgages granted in…
Elisa Carbonell, CEO of ICEX | The global geopolitical situation has been complex for several years now: with the Covid-19 pandemic, global supply chains were put to the test, and since then, various events of different natures have occurred that are having implications for international trade. Despite this, Spanish merchandise exports have performed well in recent years: Spanish companies have been able to maintain and even increase their global market…
Link Securities | The Board of the National Securities Market Commission (CNMV) agreed to authorise the delisting offer for Corporación Financiera Alba (ALB) submitted by the company itself, Carlos March Delgado and Son Daviú, S.L.U. on 17 January 2025, on the understanding that its terms comply with current regulations and that the content of the explanatory brochure submitted after the latest amendments registered on 13 March 2025 is sufficient. The…
Bankinter | The European Commission (EC) is to reinforce the steel safeguard clause, as of 1st April. The EC will reinforce steel safeguard measures as of 1st April to ensure their effectiveness, in response to the tariffs established by the United States on 12th March (25% on all steel and aluminium imports). The EC is working on a new long-term safeguard clause to maintain ‘highly effective protection’ for the sector,…