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…

Renta 4 | According to the press, 3 of the 5 members of the public regulation commission of New Mexico have agreed with the examiner’s conclusion recommending not to accept the deal, because the potential damages outweigh the benefits. Concern has been expressed over possible conflicts of interest, ethical issues and Avangrid’s poor track record with the public services in the north east of the country. Avangrid is Iberdrola’s subsidiary…