Naturgy has won the bid for the renewable assets of the French fund Ardian in Spain. The company headed by Francisco Reynés has announced today the acquisition of 100% of ASR Wind, which has a total of 422 MW distributed in 12 wind farms in operation in Spain. The transaction also includes a pipeline of solar hybridisations of up to 435 MW, which are at an advanced stage of development…
Link Securities | According to the second estimate of the data, released yesterday by Eurostat, the Eurozone’s Gross Domestic Product (GDP) grew 0.1% in seasonally adjusted data in 1Q2023 compared to 4Q2022. In 42022 GDP had been stable in the Eurozone (0.0%). The reading was in line with the FactSet consensus of analysts. Compared to the same quarter of the previous year, seasonally adjusted GDP in the Eurozone increased by…
Link Securities | The Empire State Manufacturing Index of manufacturing activity in New York, compiled by the New York Federal Reserve, unexpectedly slipped to -31.8 points in May, down from 10.8 points in April, and versus the expected reading of -3.75 points by the analyst consensus. The reading is the lowest in four months, pointing to a sharp drop in manufacturing activity in New York. New orders (-28.0 points vs…
Caixabank | Spanish banks are strongly focused on the retail segment, which provides a more stable source of funding in the long-term. Stable deposits and operational deposits (those that have proven to be harder to withdraw) account for over 60% of total deposits for nearly all Spanish banks. This has contributed both to a positive evolution of profitability in a context of rising interest rates, as well as to a…
Morgan Stanley: This has been another quarter in which banks have once again posted excellent results. 80% of banks beat in terms of PBT, up +35% year-on-year and +4% quarter-on-quarter, with capital beat also 830bps better, and no signs of deterioration in asset quality (provisions were -26% below our expectations and cost of risk remains conservative at around 55bps in 2023. The management teams highlighted that in deposits the mix…
Link Securities | The infrastructure group Ferrovial (FER) will carry out improvement works on a section of the US I-85 highway, located in the state of Georgia, specifically in the city of Atlanta, after being awarded a contract valued at around €71 million ($79 million), according to Expansión newspaper on Tuesday. According to Ferrovial, the contract was awarded by the Georgia Department of Transportation to its US subsidiary Ferrovial Construction,…
Norbolsa | Gestamp, a multinational company dedicated to the design, development, and manufacture of automotive components, released its 1Q23 results on Tuesday at market close, coming in above consensus expectations in both sales and EBITDA. Revenues reached €3,144m in the quarter (+8.8% vs. consensus) with a growth of +39.4% year-on-year, and EBITDA came in at €336m (versus €312m estimated by the consensus). In terms of margins, the company reported an…
Santander Corporate & Investment: China’s imports plunged almost 8% (-0.3%e) in April, consolidating doubts about the evolution of the global manufacturing sector. And, for example, the services/manufacturing PMI gap in the Eurozone has recently returned to record highs. This is a harsh blow for a European industrial sector that: (1) was expected to benefit from China’s reopening, (2) is already trading at pre-war lows a few months before autumn (albeit…
Norbolsa| The energy company published yesterday its 1Q23 results, reaching a net profit of €594m (versus €560m consensus), registering a 76% growth compared to the same period last year. The group’s EBITDA increased by 60% to €1,460m (versus consensus of €1,420m), mainly driven by its conventional generation division (+78% year-on-year), which benefited from lower gas prices, as well as the normalisation of the marketing margin. The NTI increased to €11,600m…
Cepsa, Spain’s second largest oil company, is in advanced negotiations for the acquisition of Ballenoil, the Spanish leader in the low-cost petrol station segment, with more than 200 fully automated service stations at present, according to EXPANSIÓN newspaper. The transaction, which could be worth between €200 and €300 million, takes place in the midst of rising fuel prices, a situation that has boosted the business of this type of establishment….