Link Securities | Acerinox (ACX) presented on Thursday its results for the first half of the year (1H2024), of which we highlight the following aspects: The 1H2024 results have been affected by the strike at the Acerinox Europe plant from 5 February to 21 June. Thus, ACX’s 1H2024 turnover reached €2,781 million, 21.0% lower than in the same half of the previous year.Also, ACX’s EBITDA ended June at €236 million,…
Endesa has closed the sale of 49.99% of a large solar portfolio of 2,000 MW of capacity to the Emirati renewables fund Masdar for €817 million, the energy company informed the National Securities Market Commission (CNMV) on Thursday. The agreement will be accompanied by a 15-year power purchase agreement (PPA), which will be managed by a firm wholly controlled by the electricity company headed by José Bogas. With the entry…
Repsol posted net income of €1.626 billion in the first half of 2024, up 14.5%, a period marked by the presentation and implementation of the 2024-2027 Strategic Update, which prioritizes shareholder remuneration and continuing financial strength, and consolidates the company’s multi-energy commitment. Repsol announced today a new share buyback and redemption, of 20 million shares, in addition to the 40 million shares already redeemed during the year. Since 2022, the…
Banco Sabadell: Of the stocks to be published in the next few days, we highlight Ebro Foods (published on 29/07), given the good operating performance expected together with a favourable outlook for raw materials, which should allow management to be more optimistic for the year as a whole. This should have a positive impact on the share price, especially if we take into account that the stock has been underperforming…
Link Securities | BBVA (BBVA) has chosen Telefónica Tech (Telefónica (TEF)) to boost the cybersecurity of its operations on a global scale with the incorporation of the most advanced technologies in artificial intelligence and process automation for the prevention of cyber threats, according to the digital portal Bolsamania.com. In addition, this alliance involves the creation of a new specialised centre in Mexico, which will function as a mirror of BBVA’s…
ING | The ECB is weighing sticky inflation and wages with a softening growth outlook, French political turmoil, and more dovish Fed expectations. Cutting again this week is out of the question, and giving new rate guidance is probably an undesirable path too. Once again, less is more in ECB communication, and the impact on rates and FX should be limited As discussed in our full European Central Bank preview,…
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…
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…
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…
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…