Intermoney | The company (Hold, PO €39) announced yesterday after the market closed that it has sold the remaining 5.25% of Heathrow to the Ardian fund for £455 million. At the same time, other Heathrow shareholders have agreed to sell 4.75% to Ardian as well. Ferrovial has not reported any capital gains, although it is most likely that they are very small or non-existent, as this package had been adjusted…
Link Securities | The National Institute of Statistics (INE) published on Wednesday that the Producer Price Index (PPI) rose in Spain by 0.4% in January in relation to December. During the month, the prices that contributed most to the rise in this variable were those of oil refining (up 5.8%) and those of gas production and distribution by pipeline of gaseous fuels (4.8%). On the contrary, the prices that most…
Intermoney | Sacyr (Buy, PO €4.4) announced its 2024 annual results yesterday after the market closed, and will hold a conference call today at 11am. The main figures, together with our estimates, are shown in the attached table. The Group has continued to moderate its operating results, mainly due to the accounting effect following the commissioning of new concessions, including the Pedemontana Veneta (PV) motorway, and a reduction in construction…
Banca March | On Wednesday, the US president signed an order instructing the Department of Commerce to carry out an investigation under Section 232. This same mechanism was used in 2017 to establish tariffs on steel and aluminium after a year-long analysis and, therefore, it could require a similar period in this case. Secretary of Commerce Howard Lutnick said the action will also look at products containing copper and stressed…
The National Institute of Statistics (INE) published yesterday that, according to the preliminary reading of the data, the Consumer Price Index (CPI) in Spain rose by 0.4% in February compared to January. Year-on-year, the CPI in Spain increased by 3.0% in February (2.9% in January), a reading that was in line with expectations from the consensus of analysts at FactSet. This development is mainly due to the increase in electricity…
Bankinter | Results and guidance surprisingly positive. Dividends on the rise. Dividend yield 2025 4.90%. Key figures compared with consensus: total EBITDA €16,848M (up 17%) versus €16,243M est.; NBI €5,612M (up 17%) versus €5,550M estimated; adjusted NBI €5,530M up 15%. Funds generated by operations: €11,836 million (up 10%); Net Debt €51,700 million versus €47,914 million in December 2023. The dividend per share on 2024 results rises 15% to €0.6350/share. The…
Intermoney | Very positive results for the company, with a 2% growth in revenue (due to improved volumes) and exceeding estimates in EBITDA (up 6.7% compared to our estimate of 5.2% and the consensus of 5.3%) and EBIT (up 7.2% compared to our estimate of 5.6%) thanks mainly to improved margins. In the €26M improvement in EBITDA to €413M, 73% of the increase is due to improved margins and the…
Banca March | Consumer confidence in the United States disappoints. In January, the index produced by the Conference Board fell more than expected, dropping to 98.3 from 105.3 previously and well below the predicted 102.5. This decline in confidence was mainly explained by the deterioration of expectations, which fell by nearly 10 points to 72.9, reaching its lowest level since April last year. Thus, after closing 2024 with an increase…
José Miguel Contreras, media advisor to Pedro Sánchez and one of the executives of Prisa – the publishing company of El País – who was dismissed yesterday, already benefited from the granting of a television channel by another socialist president, José Luis Rodríguez Zapatero, almost 20 years ago. Contreras was one of the promoters of La Sexta, whose support for the current Government is unwavering. Yesterday, Contreras and Núñez, the…
Bankinter | The Prime Minister (Keir Starmer) announced that he will increase defence spending to 2.5% of GDP by 2027 with the ‘ambition’ of raising it to 3% by 2029 (vs. the current 2.3%). According to Starmer, the increased defence spending will not be financed by tax rises or increased debt, but rather by cutting ‘expenditure on overseas development’. Opinion of the Bankinter analysis team: Good news for the defence…