Banca March | In the new Parliament, which will not take office until 24 March, the far right AfD and the far left Die Linke have 216 seats out of a total of 630. With more than a third of the votes, they could block the easing of the deficit. However, the current parliament has the power to amend the constitutional article that restricts the structural deficit to just 0.35%…
Bankinter | Microsoft reiterates its plan to invest $80 billion in AI during this fiscal year (which ends in June) although it ‘could accelerate or strategically adjust its infrastructure in some areas.’ Bankinter’s analysis team opinion: Microsoft’s comments came after two analyst reports suggesting that Microsoft had cancelled some data centre leases. According to Bloomberg, Monday’s report stated that spending was being replaced by other competitors such as Oracle. These…
Intermoney | Aena (AENA) (Buy, Target Price €215/share) has announced its 2024 annual results and will hold a conference call today at 1pm. The main figures are shown in the following table. Based on last year’s traffic levels, which far exceeded pre-pandemic records (112% in Spain), Aena generated EBITDA of €3.51 billion in 2024 (up 16%), or 127% of the 2019 figure, quite in line with estimated IMV (€3.52 billion)….
The royal family of Abu Dhabi has reached an agreement to purchase 67.91% of Tendam, the company that owns chains such as Cortefiel, Springfield, Women’s Secret, and Pedro del Hierro from the CVC and PAI funds. The operation, which has been carried out through Multiply Group, means that both CVC and PAI will retain 32.09% of the capital after valuing the company at around €1.5 billion, below the €2 billion…
Alphavalue/ Divacons | ING Group considered the acquisition of Banco de Sabadell in 2024, with the aim of expanding its presence in Spain, a market that ING considers to be high-growth, according to what was published yesterday by El Confidencial, citeing sources close to the matter. According to the same article, the Dutch bank is awaiting the decision of the Spanish competition authority on the approval of BBVA’s takeover bid…
Bankinter | University of Michigan consumer confidence (final figure) fell more than expected in February, to a 15-month low of 64.7 points versus 67.8 expected versus 71.1 previous. The fall occurred in both components of the index, both Current Situation (65.7 versus 68.7 preliminary versus 74.0 previous) and Expectations (64.0 versus 67.3 preliminary versus 69.3 previous). Opinion of the Bankinter analysis team: The decline in confidence comes at a time…
Oriol Junqueras, the independentist leader of ERC, announced yesterday that the Government and ERC have agreed to cancel more than €17 billion, 22%, of Catalonia’s debt with the Autonomous Liquidity Fund (FLA). The agreement was reached between ERC and PSOE in exchange for Pedro Sánchez’s investiture and is intended to be implemented immediately. Hours after ERC’s announcement, the central government offered to forgive €83.252 billion of debt to the autonomous…
Telefónica has sold its subsidiary in Argentina to the competing group Telecom, in which the media group Clarín is involved, for $1.245 billion dollars. The Argentine government has issued an official statement warning that it will only approve the operation if it respects the principles of free competition. Under the recent presidency of Marc Murtra, Telefónica is at a key moment regarding its operations in Latin America, as its subsidiary…
Banc Sabadell | From the conference call results 2024 and update of the Strategic Plan 25-27 of Naturgy (NTGY) we highlight: Given that market conditions are now more complex for investing, they prefer to be more cautious, so if they do not find investments they will distribute the accumulation of cash to shareholders; all this would be conditional on a floor in the BBB rating (S&P). They are committed to…
Alphavalue/DIVACONS | on Friday, the Catalan financial institution presented its allegations to the statement of specific facts (SSF) that the CNMC (National Commission on Markets and Competition) sent to it on 31 January, as it did to BBVA (Buy, Target Price €16.6/share) .The bank presented arguments similar to those it had previously presented to the CNMC in the first phase, but focusing on the problematic aspects in terms of competition…