Iñigo Vega (Jefferies) | A 9% net income beat, mainly driven by revenues (trading and other income) and lower other provisions. Strong prints in South EU, alongside Poland and the US, while key geos in Latam and the UK were soft. The print looks good enough to us, with LLPs the only notable miss driven by €100m in extra NPL provisions booked at Corp Centre. FY25 guidance maintained despite EZ…
Renta 4 | Erste Bank is reportedly considering acquiring 49% of Santander Bank Polska (in which it has a 62% stake) which could lead to a takeover bid for 100%, according to press reports. Banco Santander has confirmed in a statement to the National Securities Market Commission (CNMV) that it has received interest from various parties and that it is in talks with Erste Group Bank AG for a possible…
CdM | The president of the CEOE employers’ association, Antonio Garamendi, has put the impact of yesterday’s blackout at 0.1% of GDP, some €1.6 billion, and has pointed to the Insurance Compensation Consortium for possible claims.”It is a huge impact”, said Garamendi in statements to the media at the Nueva Economía Forum breakfast, where he gave as an example that the refineries will take weeks to start up or the…
Link Securities | Indra Air Traffic, a US company of the Indra group (IDR), has won a contract with the US Air Force to renew the military Man-Portable (MP) TACAN air navigation systems, with a spending ceiling of $198m and a completion period until 2032, according to the digital portal Bolsamania.com. The contract with the US Air Force includes the design, engineering, commissioning and technical maintenance and possible future upgrades…
Link Securities | Iberdrola, through its subsidiary ScottishPower, has installed the first monopile of its East Anglia THREE offshore wind farm, digital portal Bolsamania.com reported on Friday. This is the company’s third project within its East Anglia Hub complex, located in the North Sea (UK). It is IBE’s largest park and the second largest in the world, which will involve an investment of £4 billion. At 84 metres high, weighing…
Yesterday, April 28th, at 12:33 PM, and due to causes that are still unknown, all of Spain – and Portugal as well – were left without power. Trains stopped in the middle of the countryside, subways halted in the middle of tunnels. Elevators with hundreds of residents trapped throughout the country. Traffic lights off, refrigerators and freezers off. Businesses open but unable to charge customers or close, in the case…
Bankinter | The unemployment rate stands at 11.36% in Q1 2025, compared to the 10.7% expected and the previous 10.61%. The number of employed workers decreases to 21.8M (down 92.5 thousand people since Q4 and up 515.4 thousand people year-on-year). The number of unemployed increases to 2.8M people (up 193.7 thousand people in the quarter and down 188.7 thousand year-on-year). Analysis team opinion: The unemployment rate surprises negatively, with a…
Representatives from 75 companies from 25 countries will attend the meeting, of which 20 are American, with investments in Spain or in the process of having them. They will speak with national companies and members of half a dozen ministries and autonomous communities about the projects they are interested in. The government denies that, for the moment, a slowdown in trade relations with the US has been noticed, stating that…
Banco Sabadell: The company announced at closing an investment of €200 (6% of capitalisation) in Deeplabs, a rental platform in the science and innovation (S&I) segment. The agreement foresees an alliance with Stoneshield to jointly manage a REIT in which new capital will enter to increase the asset base, which will initially be €400 million (of which Colonial holds 90% or the equivalent of 3% of the asset portfolio) but…
Link Securities | The National Markets and Competition Commission (CNMC) expects to approve next Monday, 28 April, its opinion on the takeover bid launched by BBVA for Banco Sabadell (SAB), according to sources close to the process, the Efe news agency reported. The work of the CNMC has been well advanced for weeks and now the result of the market test initiated at the beginning of the month to approve…