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The Corner
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.
Naturgy edificio 640x420

Spanish economy 11th February 2025

Naturgy’s green gas injection capacity grows 30% in 2024 thanks to eight operating biomethane plants

Alphavalue/ Divacons | Nedgia, Naturgy’s gas distributor, has increased the green gas injection capacity in its network by more than 30% over the last year. Currently, eight biomethane plants are connected and in operation, with a combined capacity of 226 GWh of green gas, which contributes to avoiding the emission of 40,500 tonnes of CO2 into the atmosphere, as reported yesterday by Naturgy in a press release. In the short…

indra5 short

In Europe 11th February 2025

Indra to provide German Air Force, Luftwaffe, with state-of-the-art radar for detecting objects in low space orbits

Link Securities | Following approval by the German Parliament, Indra has signed a contract with the Federal Office of Procurement (BAAINBw) of the German Armed Forces (Bundeswehr) to provide its Air Force, the Luftwaffe, with a state-of-the-art low-orbit object detection radar, the digital portal Bolsamania.com reported yesterday. The system will protect active satellites from possible impact with debris from other missions that orbit uncontrollably at high speed and can damage…

china aranceles

In the World 11th February 2025

Chinese aluminium manufacturers to hardly be affected by US tariffs

Intermoney | The US is wielding tariffs as a weapon to achieve certain concessions and show its ability to exert pressure in certain areas, but we should not overestimate them, as in some cases the products lack high added value. This is the case with aluminium and China. Chinese aluminium manufacturers will hardly be affected by the US plan to impose tariffs of 25% on steel and aluminium imports. The…

empleo eurozona

In Spain 11th February 2025

860,000 unemployed listed as ‘fixed-discontinuous’ employees

Two years ago, the Minister of Labor, Yolanda Díaz, committed to publishing detailed data on the actual situation of inactive fixed-discontinuous workers. She never did. Since the labor reform came into effect, one of its recurring controversies has been the role these fixed-discontinuous workers play in the evolution of the labour market. We are talking about a type of indefinite contract linked to occasional activities, sometimes lasting only a few…

bbva sabadell

In Spain 11th February 2025

Sabadell CEO insists BBVA’s takeover bid at price offered makes no sensek

Link Securities | César González-Bueno, Sabadell’s CEO, reiterated this Friday during the presentation of Sabadell’s annual results that the takeover bid launched by BBVA at the price that has been offered makes no sense, according to Expansión newspaper. The acquiring bank is offering one newly created share for every 5.0196 Sabadell shares and a cash component of €0.29 (equivalent to the dividend paid at the end of 2024). All in…

naturgy fachada copia

In the World 10th February 2025

UK’s largest pension fund takes 10% stake in IFM (16.7% Naturgy)

Banc Sabadell | Nest (National Employment Savings Trust), the UK’s largest pension fund, has become a 10% shareholder in Industry Super Holdings, the holding company of Australian fund IFM (16.7% NTGY) with which it expects to invest close to £5bn (>€6bn) by 2030, according to press reports. Both expect to capitalise on significant investments in the UK private market and unlock new investments around the world. Assessment: Positive news with…

Talgo new

In Spain 10th February 2025

Polish company Pesa to launch takeover bid for 100% of Talgo at similar price to €5.0/share offered by Magyar

Renta 4 | According to press reports, Pesa has informed the National Securities Market Commission (CNMV) that during this week it will launch a takeover bid for 100% of Talgo’s shareholding. The offer will be subject to the fulfilment of certain conditions that have not yet been disclosed and opens the possibility for the consortium led by Sidenor to join the operation. Assessment: News that we value positively since it…

ROVI MODERNA

In Spain 8th February 2025

Rovi issues profit warning: EBITDA to be 10-15% lower than consensus expectations; P.O. lowered to €60.10/share from €73/share

Bankinter: In a Significant Event, Rovi announced that it expects its EBITDA 2024 to be lower, in a range between 10% and 15%, than expected by the market. The company will publish its annual results on 25 February. It maintains its forecasts for the current financial year 2025 (Sales down 10%/0%). Analysis team’s opinion: Negative news. Consensus market estimates indicate sales 2024 of €787m (down 5% year-on-year) which is in…

Talgo diferente

In Spain 7th February 2025

Consortium making offer for 29.7682% of Talgo at €4.15/share has no intention of acquiring more than 30%

Bankinter | Trilantic Capital, majority shareholder of Pegaso Transportation, received a conditional offer for 29.7682% of Talgo’s (TLGO) share capital. Initial fixed price of €4.15/share, which can be increased to €0.65/share depending on the fulfilment of financial targets in 2027 and 2028. The Consortium submitting the offer is formed by Clerbil, Finkatze Kapitala Funlatuz, Fundación Bancaria BBK and Fundación Bancaria Vital. The Consortium does not intend to acquire a percentage…

banco sabadell

In Spain 7th February 2025

Sabadell’s 2024 profit rises 37.1% to €1.827 billion in midst of BBVA takeover bid; extra share buyback programme announced for €755 million

Link Securities | The Catalan entity has presented its results for the financial year 2024, of which we highlight the following aspects: Sabadell’s net interest income amounted to €5,021 million at the end of 2024 (+6.3% year-on-year; +1.7% 4Q2024; +5.7% at constant rates; +0.6% analysts’ consensus FactSet), positively affected by the collection in 4Q2024 of €36 million of extraordinary late payment interest related to the recovery of a debt following…