Morgan Stanley | We highlight the main points dealt with in Arcelor’s conference following results: a.- Decarbonization: it reiterated its intention of investing in new projects/opportunities to prepare the company for the future with particular focus on those renewables which can be a competitive advantage for the business as the industry evolves. Management has assured that investments will be made within the established framework for capital allocation. A Net Debt…

Bankinter | Mapfre has delayed its Investor Day (planned for 23 March) to the beginning fo the summer. Whatsmore, it is presenting a new strategic plan 2022-2024, although it warns that this is susceptible to revision. The strategic lines are: Spain, Brazil and the US as its main markets, average premiums growth of +5%/+6%, ROE 9%/10%, combined ratio 94%/95%, solvency 200% and a payout superior to 50%. Analysis team’ opinion:…

Diego Fernández Elices (A&G) | Russia’s determination to go all the way leads us to expect there will not be a quick solution to a complex situation. It will continue to fuel volatility and NATO’s reaction will be particularly relevant. The stock markets’ performance during military conflicts in the past suggest that there are usually periods of slumps which are of short duration. Then a few months later, the markets…