Relevant News Item

Relevant News Item 2nd June 2022

Greater pressure on US imports in H2’22: Acerinox, from Overweight to Equalweight, T.P. 11,70 to 13,30 euros/share

Morgan Stanley | The market is assuming normalised profits and not extrapolating the extraordinary profits in Q1 2022 due to macroeconomic uncertainties. For the time being, we remain neutral on the sector and are changing our order of preference. Aperam has been the one which has most lagged behind out of all the steel stocks YTD. We believe the recent derating is exaggerated and its exposure to Europe clearly compensates that….

Relevant News Item 6th May 2022

ArcelorMittal: despite a more moderate outlook for steel consumption, it expects annual growth in orders via imports

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…

Relevant News Item, Spanish economy 6th May 2022

Diesel At 2 Euros A Litre At 780 Spanish Petrol Stations

Fuel prices give no respite. The 20 cents per litre rebate that has been in force since 1 April has partially relieved the pockets of millions of Spanish drivers. But diesel and petrol prices continue to rise at Spanish service stations. Diesel, in fact, has broken a new record this week, reaching 1.872 euros per litre on average, surpassing the price of petrol for the fifth consecutive week. This is…

Relevant News Item 26th April 2022

Overall solid results support our valuation of >2 M€ of Heathrow in Ferrovial’s capital

Morgan Stanley | Heathrow (C.8% of the value of Ferrovial (FER)) beat expectations in terms of revenues and costs in Q1’22. In light of an acceleration in the recovery during March/Easter, and a good outlook for airline capacity this summer, management has upgraded its previously conservative guidance for FY’22 by 16% (45.5 million people → 52.8m). It maintains its traditional cautious view with regard to the outlook for Autumn/Winter. The establishment…

Relevant News Item 29th March 2022

The Government Limits Rent Rises To 2% Until 30 June

Amongst the measures to be approved today by the Council of Ministers, Prime Minister Pedro Sánchez has included limiting rent rises to 2%. This is against a backdrop of when, in February for example, the CPI rose by 7.6%, according to the INE. This will be a temporary measure, in principle in force until June, and will differentiate between large and small landlords. If the landlord is a “large landlord”…

Relevant News Item 16th March 2022

The Prime Ministers Of Slovenia, Poland And The Czech Republic Are Already In Kiev

Poland’s Prime Minister Mateusz Morawiecki has called from Kiev for “an end to the tragedy” in Ukraine, as he arrived in the country’s capital along with his counterparts from the Czech Republic, Pietr Fiala, and Slovenia, Janez Jansa. “We must stop this tragedy as soon as possible,” said Morawiecki, according to the Polish news agency PAP, on his arrival in the Ukrainian capital, where he plans to meet the country’s…

Relevant News Item 14th March 2022

Mapfre flags average premium growth of +5%/+6% between 2022-2024; warns its strategic plan does not include the current scenario

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:…

Relevant News Item 1st March 2022

Sánchez Rules Out Sending Arms Directly To Ukraine And Avoids Clarifying Whether It Is An Imposition From Podemos

Spain, after being one of the last European countries to close its airspace to Russian airlines, will limit the sending of offensive weapons to Ukraine just to the agreement adopted by the European Union. It does not plan to increase the defence budget, as other EU governments will do in response to the Russian invasion of Ukrainian territory. This was announced on Monday by Prime Minister Pedro Sánchez, in an…

Relevant News Item 28th February 2022

Putin Returns To Brezhnev’s Interventionist Doctrine

Luis Alcaide | Early morning of 26 February 2022. Invasion of Russian troops. I don’t know whether I’m in Madrid or in the Bucharest of that morning on 21 August 1968. At that time, 170,000 Warsaw Pact soldiers were invading Czechoslovakia, and the Prague Spring was a political and economic threat to the communist bloc. Czechoslovakia, which was a developed pre-World War II society and economy, offered in 1968 economic…

Relevant News Item 28th February 2022

Stock markets’ performance in previous times of war suggests there are usually slumps of short duration

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…

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