Relevant News Item

Ibex, Relevant News Item 20th June 2022

Electricity sector: Moncloa looks to impose a charge on companies via decree law. We prefer Iberdrola and Ecoener

Banc Sabadell | The Government is looking for the “quickest” formula to increase tax pressure on the big electricity companies. The most feasible and fast option would be to implement a surcharge on corporate tax via a decree law, with which the the energy firms’ ‘windfall profits’ from the rise in prices would be additionally taxed. Given the technical complexity of this, it is being considered whether to include it…

Companies, Ibex, Relevant News Item 20th June 2022

Grifols’s valuation not attractive at 7x net debt/Ebitda 2022 and weak cash generation; better risk/return with others like Almirall

Morgan Stanley | Grifols (GRF) will hold its Investor Day on June 30. We expect to hear on the following main topics: (i) Estimates on plasma growth (both consensus and ourselves already expect 20-25% growth in 2022, above 2019 levels, and see little chance of increases in the numbers). (ii) Greater visibility on the new launches from Biotest, fibrinogen and IgM which could be delayed. (iii) Leverage (competitive disruption and the smaller contribution…

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…

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