Link Securities | Banco Santander (SAN) has ended its partnership with Stellantis (STLAM-IT) in the US car loan business, which had been in place for more than a decade, according to Expansión newspaper. The bank and the automotive group have agreed to terminate the agreement they signed twelve years ago, three months ahead of schedule, which was due to expire in December. Santander and Stellantis remain partners in Europe.
Link Securities | CPB Contractors, part of the CIMIC Group (ACS), has been selected by the Queensland Government to carry out improvements to the Gateway to Bruce motorway, according to a report yesterday by the digital portal Bolsamania.com. CPB Contractors is responsible for 40% of the contract value, which amounts to AU$950 million. This is a transformative infrastructure project to improve safety, connectivity and resilience along the Gateway Motorway and…
Link Securities | Atrys Health (ATRY) announced on Monday to the National Securities Market Commission (CNMV), in relation to information appearing in the media, that it has received an offer from Grupo Echevarne, S.L. for the acquisition of the entire share capital of Aspy Global Services, S.A.U. and its subsidiaries. Atrys and Grupo Echevarne are currently in negotiations aimed at formalising the corresponding purchase agreement and determining the remaining terms…
Bankinter | BBVA may redeem the issue in November 2032. Analysis team’s view: Positive impact. Demand exceeded €5.025 billion (bid-to-cover ratio >5.0x), which allowed the financing cost to be reduced to 5.625% (versus 6.125% initially forecast). Most importantly, the bank’s financing cost is significantly lower thanks to excess capital (CET1 ratio ~13.42% in Q3 2025 against a target of 11.5%-12.0%) and strong results (9M 2025 net profit: €7,978 million, up…
CdM | Faes Farma (FAES) profits have suffered in the first nine months of 2025. According to the company’s report to the Spanish National Securities Market Commission (CNMV), net profits between January and September amounted to €73.56 million, 7.9% less than the €79.84 million recorded in the same period in 2024. EBITDA stood at £106.5 million until September, down 2.7%. However, this figure was at the high end of the…
Telefónica’s results met forecasts in terms of revenue, exceeded them in underlying EBITDA, and fell short in terms of EBITDA, EBIT, and net profit (continuing operations). Revenue was €8.957 billion (down 1.5% versus Q3 24), EBITDA was €2.867 billion (down 6% versus consensus and 8% compared with Q3 24), underlying EBITDA was €3.071 billion (up 1% versus consensus and down 1% compared with Q3 24), EBIT was €952 million (down…
Morgan Stanley | Ross Law (analyst) reiterates Airbus as his Top Pick, raising estimates and Target Price after Q3 results. Although Ross maintains his ‘lower and later’ hypothesis for aircraft production rates, which puts him 7% below the consensus on average deliveries for FY26-30 (range 3-10%), his financial forecasts are more aligned, as he believes that the expansion of gross margin due to mix, pricing power and production efficiencies is…
Link Securities | The company is bidding for three major rolling stock and maintenance contracts in the United Kingdom worth around £4 billion (approximately €4.5 billion) as part of tenders being launched by several operators to renew and expand their rolling stock, according to Expansión newspaper. As CAF CEO Javier Martínez Ojinaga explained to Expansión, these tenders are expected to be put out to tender in the short term, and…
Link Securities | The company has reached an agreement to acquire 75% of Ranna Consultoría, an image and communication agency with extensive experience in managing institutional strategies and campaigns for public administrations. With this transaction, which will take effect today, Squirrel strengthens its Media division, incorporating a structure with in-depth knowledge of the public sector and proven experience in projects developed for local councils, provincial councils, autonomous communities and ministries,…
Bankinter | Telefónica (TEF) will present its new Strategic Plan tomorrow, 4 November, replacing the previous 2024/2026 plan. In this plan, Telefónica could announce a dividend cut from the previous €0.3 per share for the years covered, according to media reports. Bankinter analysis team’s view: We believe that the probability of this happening is high. According to statements by its CEO, Telefónica has lofty ambitions, with the intention of actively…