When tadpoles become frogs?
José Carlos González Vázquez (UCM/MA Abogados) | Following the Anglo-Saxon model, the new European directive transforms the duties of directors – to the benefit of financial creditors. When? When insolvency is close.
Companies
IAG results exceeds expectations
Renta 4 │ IAG results for Q219 exceeded expectations. It has maintained its guidance for 2019 and downgraded its expectations for oil prices. Positive impact on share price.
Massive KPMG fine: the straw that breaks the Big Four’s back?
European Views | Accountancy giants KPMG are set to pay €44 million in fines to settle allegations by the U.S. Securities and Exchange Commission (SEC) that the audit firm, one of the so-called Big Four, inappropriately altered already-complete audits. KPMG is accused of illegally obtaining information that several of their clients were in line for investigation by an American non-profit in charge of overseeing the audits of public companies—and then subsequently doctoring records to conceal transgressions.
Net income is just an opinion, but cash flow is a fact
Pablo Fernández | It is commonly said that a company that showed a higher net income last year “generated more wealth” for its shareholders than another company with a lower net income. Also, following the same logic, a company that has a positive net income “creates value” and a company that has losses “destroys value”. Well, all these statements can be wrong.
Banco Santander Rating AA-, stable perspective
Marco Troiano (Scope Ratings) | We assign the rating BBB- to the AT1 bonds of 7.5% of Santander issued in February 2019 for an amount of 1.2 billion dollars.
DIA: Shareholders opt for LetterOne Plan
Ana Fuentes | It was seen coming: with low participation in the General Assembly of Shareholders, the restructuring plan chosen for the company was that proposed by LetterOne, controlled by Mikhail Fridman and backed by Goldman Sachs, which owns 29.01% of the Group.
Time for Twitter and Facebook to grow up
Shaun Riordan | Social media companies may be sophisticated in the way they monetise data, but they remain remarkable naïve, almost innocent, when it comes to politics.
Unicredit: Attributable profits fall (-13.3%), but it maintains its potential thanks to lower costs
Bankinter | Unicredit´s ordinary BNA has fallen to 1.024 billion euros in the second quarter of 2018 (Q2 2018) (-13.3%) but has beaten expectations. The principle figures compared with expectations for Q218 (Reuters): Gross Margin: 4.947 M€ (-4.3%; -3.3% t/t); provisions: -504 M€ (-23%; 1.5% t/t); BNA: 1.024 B€ (-13.3%; -7.9% t/t vs 975 M€ expected).
The Eurozone Joins The “Weak Q1” Club
Eurozone GDP growth in Q1 arrived in line with a GDP tracker at +0.4% on a quarterly basis estimated by AXA IM strategists (versus a consensus of 0.6%) and reflected “the weakness in industrial production in several member states during January and February.”
Two Portuguese stocks, Correios and EDP, in García Paramés’ Iberian Fund (+10%)
Spanish fund manager, Francisco García Paramés, has recently proved he is able to see value in stocks which the market has not looked at very closely, or has simply undervalued. There are two Portuguese stocks, Correios and EDP, in his Iberian Fund.