Renta 4| Repsol (REP) is studying an alliance with the CIP fund (Copenhagen Infrastructure Partners) to produce green hydrogen in the Catalina Project promoted by the Danish fund, which contemplates the development of four wind farms and nine photovoltaic farms with a capacity of 1.1 GW and an estimated energy production of almost 3,000 GWh per year to feed a hydrogen plant with an initial capacity of 500 MW to…
Morgan Stanley| According to Repsol’s (REP) strategy plan for 2024-27, analysts not only see the company’s willingness to deliver a high capital distribution and dividend growth “better than the competition”, but also the ability to do so. In this regard, they expect Repsol to generate an average FCF (post minority dividends) of €2.3bn per year, to be channelled into distributions, assuming an average value of €2.1-2.2bn over 2024-27e. In the…
Singular Bank| The company is to create a separate company, Indra Espacio, to boost its aerospace business, which in its strategic update a fortnight ago said it expected to have a turnover of €1 billion by 2030. It will focus on space and earth observation, navigation, and building satellite constellations. Thus, it aims to control the value chain of the space business, and for this it could make acquisitions of…
Santander| Not only credit card volumes have jumped to record highs ($1.1trn) with the drain on the savings rate. Overdue (10%) and very overdue (90+ days) debt rates are also jumping, already at more than 10-year highs: 6.4% vs 4% in 4Q22. This phenomenon, still not very visible in the economy, is also starting to spread to global default rates. And not only because we are facing the highest number…
ENDESA (ELE), through its renewables division Enel Green Power España (EGPE), has commissioned the largest vanadium flow battery renewable energy storage facility in Europe at the Son Orlandis solar plant in Majorca. It is the first energy storage plant that the company has built in Spain with this innovative technology, without using lithium, thanks to vanadium flow storage. The Son Orlandis storage system is an innovative battery based on vanadium…
Link Securities | Unicaja (UNI) has informed the National Securities Market Commission (CNMV) that, once it has obtained the relevant authorisation from the European Central Bank, it will carry out a programme to buy back its own shares, in accordance with the resolutions adopted by the Ordinary General Shareholders’ Meeting held on 31 March 2021 and by the Board of Directors. The Repurchase Programme will have the following characteristics: 1….
Link Securities | The socimi informed the CNMV that on February 21, 2024, the public deed to reduce its share capital by €39.73 million by reducing the par value of the company’s shares by €0.53 was registered in the Vizcaya Mercantile Registry. As a result, the share capital of Neinor Homes has been set at €615.49 million divided into 74.96 ordinary shares with a par value of €8.21 each, which…
F.R. | 33% of Spanish asset managers do not consider ESG factors when making investment decisions, according to a survey conducted by Georgeson through interviews with leading Spanish institutional investors, representing an aggregate of around 320 billion euros in assets under management. Among the managers that do take ESG factors into account when investing, the survey results highlight that the main methodologies for making decisions with this approach are in-house…
Morgan Stanley: Analyst Thibault Boutherin expects the stock to be flat or slightly down post-results following the lowering of guidance for FY24, but reiterates that all medium-term drivers remain intact. Almirall posted EBITDA 3-4% below consensus and guidance for H1 2024 sales 2% below consensus and EBITDA 4% below consensus. However, Thibault expects investors to focus on the Lebrikizumab Pipeline, where sales could peak at €450 million.
Bankinter: Housing Transactions fell by 15.6% in December year-on-year against a drop of 15.1% previously. Analysis: The decline in transactions is mainly due to higher mortgage financing costs. The decline in transactionsis expected to continue to accelerate, reaching -20% between 2023 and 2024, although prices are holding up surprisingly well.