Intermoney | Very positive results for the company, with a 2% growth in revenue (due to improved volumes) and exceeding estimates in EBITDA (up 6.7% compared to our estimate of 5.2% and the consensus of 5.3%) and EBIT (up 7.2% compared to our estimate of 5.6%) thanks mainly to improved margins. In the €26M improvement in EBITDA to €413M, 73% of the increase is due to improved margins and the…
Intermoney | Aena (AENA) (Buy, Target Price €215/share) has announced its 2024 annual results and will hold a conference call today at 1pm. The main figures are shown in the following table. Based on last year’s traffic levels, which far exceeded pre-pandemic records (112% in Spain), Aena generated EBITDA of €3.51 billion in 2024 (up 16%), or 127% of the 2019 figure, quite in line with estimated IMV (€3.52 billion)….
Telefónica has sold its subsidiary in Argentina to the competing group Telecom, in which the media group Clarín is involved, for $1.245 billion dollars. The Argentine government has issued an official statement warning that it will only approve the operation if it respects the principles of free competition. Under the recent presidency of Marc Murtra, Telefónica is at a key moment regarding its operations in Latin America, as its subsidiary…
Banc Sabadell | From the conference call results 2024 and update of the Strategic Plan 25-27 of Naturgy (NTGY) we highlight: Given that market conditions are now more complex for investing, they prefer to be more cautious, so if they do not find investments they will distribute the accumulation of cash to shareholders; all this would be conditional on a floor in the BBB rating (S&P). They are committed to…
Alphavalue/DIVACONS | on Friday, the Catalan financial institution presented its allegations to the statement of specific facts (SSF) that the CNMC (National Commission on Markets and Competition) sent to it on 31 January, as it did to BBVA (Buy, Target Price €16.6/share) .The bank presented arguments similar to those it had previously presented to the CNMC in the first phase, but focusing on the problematic aspects in terms of competition…
CdM | Grenergy has presented its new brand image, reaffirming its strategic commitment to lead the energy storage sector globally. To achieve its goal, the company presented an investment plan of $2.6 billion between 2023 and 2026. The plan, which is very focused on storage, “underlines its commitment to move towards a more sustainable and efficient energy model, based on offering a stable energy supply,” they say. ‘Green must go…
Renta 4 | Awaiting to find out the date on which Sacyr (SCYR) will present its 2024 figures and hold its conference. Overweight, P.O. €4.29. Results that we hope will continue to be in line with the group’s strategy. Single-digit declines expected in concession revenues, as, despite the fact that concessions are still on the rise, construction revenues are falling due to the completion of major projects in 2023. In…
Link Securities | Spanish cellulose manufacturer Ence (ENC) has reached an agreement with BBVA (BBVA) to acquire and promote the La Galera biomethane plant, which it recently acquired in Tarragona through its subsidiary Ence Biogás, according to the Expansión newspaper. Using the project finance formula, BBVA will contribute just over €19 million for the purchase of the factory from a group of local ranchers, farmers and investors, as well as…
Renta 4 : Revenues slightly down, in line with our expectations. The higher contribution from Musel, REVU and COPEX did not offset the effects of lower regulated revenues. EBITDA slightly down despite the stability in operating expenses, due to lower results from investees because of the deconsolidation of Tallgrass, which is not offset by the higher contribution from Axpo and TAP, despite this, it exceeds our forecast and allows EBITDA…
Bankinter | Last Friday, Pegaso, majority shareholder of Talgo (TLGO), announced the agreement for the sale of 29.7% of Talgo’s capital to the Consortium formed by Clerbil (Sidenor), Finkatze Kapitala Funlatuz, Fundación bancaria BBK and Fundación Bancaria Vital. The price will be €4.15 fixed and up to an additional €0.85 subject to the achievement of objectives. In statements this weekend by Imanol Pradales, President of the Basque Government, he said…