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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

Companies, Relevant News Item 4th November 2025

ACS Australian subsidiary Cimic wins AU$950 million contract to upgrade Gateway to Bruce motorway

Link Securities | CPB Contractors, part of the CIMIC Group (ACS), has been selected by the Queensland Government to carry out improvements to the Gateway to Bruce motorway, according to a report yesterday by the digital portal Bolsamania.com. CPB Contractors is responsible for 40% of the contract value, which amounts to AU$950 million. This is a transformative infrastructure project to improve safety, connectivity and resilience along the Gateway Motorway and…

In Spain, Uncategorised 4th November 2025

Utilities in Spain: new proposed permitted return for networks for 2026-31 period is 6.58%

Norbolsa | Last week, the final proposal for calculating the permitted return for electricity and gas networks was announced. This represents a permitted return of 6.58% (pre-tax, nominal) for the period 2026-31. Although this is an increase on the initial proposal of 6.46%, it falls short of market expectations, which were closer to 7%. The decision is not final, but it is considered highly unlikely that there will be any…

Companies 4th November 2025

Atrys Health in negotiations with Grupo Echevarne to formalise sale of Aspy Global Services and subsidiaries

Link Securities | Atrys Health (ATRY) announced on Monday to the National Securities Market Commission (CNMV), in relation to information appearing in the media, that it has received an offer from Grupo Echevarne, S.L. for the acquisition of the entire share capital of Aspy Global Services, S.A.U. and its subsidiaries. Atrys and Grupo Echevarne are currently in negotiations aimed at formalising the corresponding purchase agreement and determining the remaining terms…

Companies 4th November 2025

BBVA issues €1 billion in AT1 bonds (Contingent Convertible Bonds/CoCos) at cost of 5.625%

Bankinter | BBVA may redeem the issue in November 2032. Analysis team’s view: Positive impact. Demand exceeded €5.025 billion (bid-to-cover ratio >5.0x), which allowed the financing cost to be reduced to 5.625% (versus 6.125% initially forecast). Most importantly, the bank’s financing cost is significantly lower thanks to excess capital (CET1 ratio ~13.42% in Q3 2025 against a target of 11.5%-12.0%) and strong results (9M 2025 net profit: €7,978 million, up…

In Spain 4th November 2025

“The average interest rate for a Spanish mortgage is 2.67%, lower than what the Spanish Treasury pays,” explains Banco Santander president

“The urgency of growth” is the theme of this year’s International Banking Conference organized by Banco Santander, whose president, Ana Botín, opened the session with a passionate defense of the European banking sector, which she described as straitjacketed “by regulation exceeding 90,000 pages, the equivalent of 50 bibles or 100 Quixotes.” “In the US, capital requirements are going down. In Europe, they are going up, and the differences are going…

Companies 4th November 2025

Faes Farma earns €73.6 million through September (down 7.9%) and increases revenue by 15.5%

CdM | Faes Farma (FAES) profits have suffered in the first nine months of 2025. According to the company’s report to the Spanish National Securities Market Commission (CNMV), net profits between January and September amounted to €73.56 million, 7.9% less than the €79.84 million recorded in the same period in 2024. EBITDA stood at £106.5 million until September, down 2.7%. However, this figure was at the high end of the…

Companies, Relevant News Item, Spanish economy 4th November 2025

Telefónica opts for deleveraging and halves its dividend

Telefónica’s results met forecasts in terms of revenue, exceeded them in underlying EBITDA, and fell short in terms of EBITDA, EBIT, and net profit (continuing operations). Revenue was €8.957 billion (down 1.5% versus Q3 24), EBITDA was €2.867 billion (down 6% versus consensus and 8% compared with Q3 24), underlying EBITDA was €3.071 billion (up 1% versus consensus and down 1% compared with Q3 24), EBIT was €952 million (down…

Companies 4th November 2025

After Q3 results, Airbus remains top pick, with estimates and P.O. rising from €231 to €250 per share

Morgan Stanley | Ross Law (analyst) reiterates Airbus as his Top Pick, raising estimates and Target Price after Q3 results. Although Ross maintains his ‘lower and later’ hypothesis for aircraft production rates, which puts him 7% below the consensus on average deliveries for FY26-30 (range 3-10%), his financial forecasts are more aligned, as he believes that the expansion of gross margin due to mix, pricing power and production efficiencies is…

Companies 3rd November 2025

CAF bids for three major projects in UK worth around €4.5 billion

Link Securities | The company is bidding for three major rolling stock and maintenance contracts in the United Kingdom worth around £4 billion (approximately €4.5 billion) as part of tenders being launched by several operators to renew and expand their rolling stock, according to Expansión newspaper. As CAF CEO Javier Martínez Ojinaga explained to Expansión, these tenders are expected to be put out to tender in the short term, and…

Companies 3rd November 2025

Squirrel strengthens Media division with purchase of 75% of Ranna Consultoría

Link Securities | The company has reached an agreement to acquire 75% of Ranna Consultoría, an image and communication agency with extensive experience in managing institutional strategies and campaigns for public administrations. With this transaction, which will take effect today, Squirrel strengthens its Media division, incorporating a structure with in-depth knowledge of the public sector and proven experience in projects developed for local councils, provincial councils, autonomous communities and ministries,…

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