Intermoney | Ferrovial are to build a new data centre for Microsoft in San Sebastián de los Reyes (Madrid), according to the business and finance daily, Cinco Días. Although the amount of the investment has not been disclosed, the newspaper’s sources put it at “hundreds of millions”… Microsoft plans to invest up to 12 billion euros in 17 data centres in Europe; in this way, the company would comply with…
Morgan Stanley |Cellnex’s organic growth story is undervalued by consensus. In the current environment, Cellnex is going to slow down on M&A. This takes away the possibility of accelerating growth and so debt reduction will be slow. That said, we are waiting for a better point of entry when the central banks begin to cut rates. Cellnex, Equalweight, 44 euros.
Link Securities | Acciona Airport Services, a subsidiary of Acciona, has been awarded one of three handling licences put out for tender at Düsseldorf airport. The licence has a duration of seven years. Acciona has been operating at Germany’s third largest airport since 2016, according to Europa Press. Acciona will continue to provide all the services the airlines require for their ground operations. These include passenger check-in and boarding, ramp…
Link Securities | According to the daily laInformacion.com, Adif Alta Velocidad has awarded the joint venture formed by ACS, Rover and Tecsa the contract to execute the works in the plans for the construction of the new access channel to integrate the high-speed railway in Valencia. Also to extend and remodel the Joaquín Sorolla station and increase its parking area.ç The contract is worth 443,4 million euros, VAT included. It…
Morgan Stanley | China’s reopening trade and the support for its property market has sparked a strong rally in the steel sector and in underlying commodities, leading the stocks to already discount a recovery in demand during 2023. Now there is an <8% average upside to target prices, so the risk/return is not attractive. The base scenario assumes a recovery in China in Q2’23. However the road will be bumpy,…
Link Securities | ACS, through its Australian subsidiary Cimic, has added two new contracts to its international portfolio. It has been awarded two transport and mining contracts in Australia for a combined amount of 500 million Australian dollars (some 317 million euros). On Wednesday, its subsidiary firm CPB Contractors was selected by the huge UK mining company Rio Tinto to build the necessary infrastructure to carry out operations in the…
Link Securities | On December 23, 2022 Fluidra Commercial, S.A.U., an indirectly fully controlled subsidiary of Fluidra, reached an agreement to fully acquire the German companies Meranus Haan, Meranus Lauchhammer and Aquacontrol. These firms together form the Meranus Group, a recognized swimming pool equipment distributor in Germany. It is also a manufacturer of swimming pool dosing and control technology. Meranus’ expected revenues for the year ending 31 December 2022 are…
Banco Sabadell | S&P has lowered its outlook for Endesa from stable to negative, in line with the action it took in the case of ENEL (holds 70% of the Spanish utility). However it has maintained the rating at BBB+. Valuation: The news has a negative slant, although the impact is limited. The planned investments, along with the increase in debt, are behind this revision.
Bankinter | On Thursday, Aena called for bids for what is considered to be the most important tender for duty free shops in the world, with revenues estimated at some 18 billion euros for the contract’s 15 years duration, including the 3 year extension. The Spanish airports operator’s goals are to end Dufry’s monopoly, maximise revenues and extend what’s on offer. It estimates that this way it will more than…
Link Securities | Ibera, integrated in the holding IAG, will focus on growth in Latin America in 2023, after strengthening its position this year in the US, and as it waits for the opening up of the Asian market, according to the daily Expansión. Latin America is the strategic market for the airline, where it is the leader in the corridor with Europe, with a market share of 19% in…