JP Marín Arrese | The markets are betting on Taco, the acronym coined by Robert Armstrong to assert that ‘Trump always chickens out’. It appears to work for the time being, at least as far as trade is concerned. Upon entering office, Trump threatened to wage an attrition war on Canada and Mexico, leading them to utter misery. Later on, he scaled back such bellicose plans to mere increases in…
Alphavalue/DIVACONS | Electricity system costs increased by 59.4% in May compared to April due to measures taken by Red Eléctrica de España (Redeia) (REE) to reinforce security of supply following the 28 April blackout caused by the collapse of the peninsular system, according to data from Grupo ASE. The consultancy’s analysts point out that Red Eléctrica has been operating “with extreme caution” since the incident, resorting to fossil synchronous technologies…
Link Securities | Caixabank (CABK) has filed a lawsuit claiming €132 million from five major insurers (Liberty, Allianz, Zurich, Torus and Beazley) for alleged breaches in the contract to cover the civil liability of Bankia’s IPO, according to the newspaper Expansión. Caixabank considers that the expenses that Bankia had to face after its rescue were a circumstance that was covered by the insurance policy taken out.
Alphavalue/Divacons | The company is negotiating the sale of its outsourcing division Servinform, a Spanish firm specialising in digitalisation services for companies, which has just been acquired by the Anglo-Swiss private equity firm AS Equity Partners. On the other hand, Morgan Stanley has raised a 3.331% stake in Indra, mainly through financial derivatives, according to National Securities Market Commission (CNMV) records. Other major shareholders: SEPI (28%), Escribano (14.3%), SAPA (7.9%),…
Bankinter | General Dynamics closes the door to the acquisition of its Spanish subsidiary (Santa Bárbara Sistemas) after presenting its 2030 strategic plan. Indra (IDR) expressed three months ago its interest in buying Santa Bárbara Sistemas. However, Santa Bárbara Sistemas is owned by General Dynamics, which yesterday presented its strategic plan in Spain: “Industrial and Technological Plan 2025-2030”. The main points are to increase the production capacity of ground vehicles,…
Link Securities | Banco Sabadell (SAB) reported yesterday that, given that capital was generated at a faster rate than announced in Q1 2025, the entity will be able to allocate €100 million more than estimated this year to remunerate its shareholders. In total, the planned distribution charged to 2025 results will be €1.3 billion between cash dividends and share buybacks, which, added to the €2.1 billion charged to 2024, amounts…
Intermoney | The company (Hold, PO €65) has just announced its Q1 results and will hold a conference call at 1 p.m. CET. The main figures, which we show in the table below alongside our forecasts, show a slowdown in growth due to market weakness in North America. Air bookings and passengers boarded grew by 2% and 6% in Q1 2025, compared to 5% and 11% in 2024 as a…
Bankinter | Good results for Q1 2025 and attractive assessment. Key figures compared to market consensus: EBITDA €1,431 million (+33%) versus €1,370 million estimated; NPA €583 million (+100%) versus €481 million estimated; Funds from Operations (FFO): €1,243; Net debt €10,159 million versus €9,294 million in December 2024. The management team maintains its 2025 guidance, which envisages EBITDA of between €5.4 billion and €5.6 billion (between +3% and +7%) and ordinary…
Intermoney: Construcción y Auxiliar de Ferrocarriles (CAF) has won new maintenance contracts in UK and Colombia worth €400 million. CAF (Buy, P.O. €42) informed the National Securities Market Commission (CNMV) on Monday that it had reached an agreement with Northern, the second largest rail operator in the UK, and Medellin Metro in Colombia for the maintenance of their fleets. In the case of the UK, it is a fleet of…
Link Securities | According to the Border Tourist Movement Survey (FRONTUR), Spain received nearly 6.6 million international tourists in March, 3.8% more than in the same month of 2024. The United Kingdom was the main country of residence for tourists arriving in Spain, with more than 1.2 million tourists in March and an increase of 3.6% compared to the same month in 2024. From Germany, 896,441 tourists arrived (down 1.4%)…