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KeirStarmer

Landslide win for Starmer’s Labour in UK election, ending 14 years of Conservative rule

The Labour Party has won the UK general election with an absolute majority, ending 14 years of Conservative ‘dominance’. Keir Starmer, the party’s leader and the country’s new prime minister, ousted Rishi Sunak with a landslide victory. With some constituencies still to be confirmed, the count already confirms Labour’s absolute majority (more than 326 seats) by securing more than 400 seats out of 650. The centre-left party is on track…


Banco Sabadell and Amundi sign alliance to boost fund business in Spain

Banco Sabadell restructures TSB’s costs in midst of BBVA’s takeover bid, branch closures and lay-offs to come

Alphavalue / Divacons | The Catalan financial institution is restructuring TSB’s costs in the midst of BBVA’s takeover bid. The bank began adjustments in the subsidiary in 4Q23 and now plans to close 36 branches and lay off 250 employees. The takeover bid will not force Sabadell to stop restructuring costs. Sabadell’s management team expects TSB to start to “give joy” from 2025. González- Bueno predicts a “transitional” 2024 for…


befesa

Befesa, a high quality business with stable margins of over 20%

Intermoney: A world leader in a sector without competition, with high barriers to entry, with great capacity for price pass-through and benefiting from the global objectives of decarbonisation and transition to electric vehicles. II. Margins > 20%, which have remained stable, demonstrating its strength in the face of fluctuations in the economic cycle and good profitability (ROCE >15%); III. Low costs (they charge for their raw material) and sustainable indebtedness…


banks general 777x400

“Financial institutions could fictitiously show a profitable and happy world. For a while at least. In these lines we explain how”

ARISTÓBULO DE JUAN, FORMER DIRECTOR GENERAL OF INSPECTION AT THE BANK OF SPAIN | Once upon a time there was a financial system that appeared to be in good health. Everyone knew how important banking was for a country. For it was the conduit of the payment system and the transmitter of monetary policy. It was also the repository and manager of the country’s idle resources and the channel for…


Acciona

Acciona: downward adjustment for Acciona Energy valuation, but value remains at these levels

Bankinter : We make a fine-tuning downward valuation adjustment for Acciona Energia (ANE), but we continue to see value at these levels. We slightly adjust our estimates and the group’s target price downwards, but we maintain our Buy recommendation. The main reason is the cut in estimates and valuation on Acciona Energía due to lower electricity prices than initially estimated. Weak demand, a high weight of renewables in the electricity…


Repsol

Repsol analyses new growth opportunities in renewables

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…


Repsol novedad

Repsol has capacity to deliver high capital distribution and better dividend growth than competition

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…


Indra Tecnocom

Indra to control space business value chain with foundation of Indra Espacio, estimated turnover of €1 billion by 2030

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…


Companies restructuring

January-February defaults figure -29- not seen since 2009

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 novisimo

ENDESA inaugurates Europe’s largest vanadium flow battery renewable energy storage facility in Majorca

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…