Companies

Companies, Ibex, Spanish economy 16th December 2022

Repsol buys 7.700 MW renewables portfolio from Asterion Energies for €560-580 M

Bankinter | Repsol has bought a portfolio of over 7.700 MW of renewable projects from Asterion Energies. The assets are located in Spain (84%), Italy (12%) and France (4%). The Spanish oil and gas company is paying 560 million euros for the portfolio, plus an additional amount of a maximum 20 million euros for contingent payments. Analyst team’s view: Positive news because: (i) it expands its position in renewables. We…

Companies, Ibex, Spanish economy 15th December 2022

Meliá updates valuation of its assets to €4.641 billion (+5,8% vs 2018)

Intermoney | On Monday afternoon, Meliá published a new valuation of its property assets, which was carried out by CBRE. In it, the value of the assets under ownership totalled 4.041 billion euros, to which is added the 600 million for the company’s participation in assets held under joint ventures. This would imply an increase of 5.8% in the valuation vs 2018, when the last one was carried out, despite…

Companies, Ibex, Spanish economy 14th December 2022

ACS, Acciona consortium goes up against FCC in one of the biggest tenders currently in the UK; the remodelling of the Haweswater Aqueduct

Link Securities | The alliance of ACS and Acciona is going up against FCC in one of the biggest tenders there are currently in the UK: the remodelling of the Haweswater Aqueduct, located in the north east of England, according to elEconomista.es. The Spanish firms form part of the terna selected by the UK water company United Utilities to bid for the contract for the design, construction, financing and maintainenance,…

Companies, Ibex, Spanish economy 13th December 2022

Consensus expects close to 22% growth in Amadeus’ revenues in 2023, optimistic without a hike in capacity from the airlines

Morgan Stanley | The tech team is expecting a complicated year, with a slowdown in growth and inflation and interest rates still at high levels. Although rates will become more moderate, they believe it will be difficult for stocks to perform well if earnings expectations come under pressure. For that reason, they prefer to stick with defensive stocks. ASML, SAP and Sage. Further along, it will make sense to add…

Companies, Ibex, Spanish economy 12th December 2022

Endorsement for Enagás: Agreement on H2Med hydrogen underwater inter-connection between Portugal, Spain and France

Renta 4 | On December 9th, as was expected, the development of the H2Med project, interconnecting Portugal, Spain and France for the transport of hydrogen, was agreed. An investment of 2.850 billion is anticipated (2.5 billion for the underwater connection between France and Spain, and 350 million for the connection between Portugal and Spain). Up to 50% of the total amount could be subsidised (requests for aid expected on December…

Companies, Ibex, Spanish economy 12th December 2022

ACS wins $1 B contract in US

Bankinter | ACS has won a contract to build a factory for electric car batteries for Ascende Elements, with a budget close to $1 billion. This contract is the second one that ACS’ US subsidiary Turner has won this year in the electric batteries market. Bankinter analyst team’s view: This is positive news for ACS which continues to show how strong its business is and the growth capacity of its…

Companies, Markets, Relevant News Item 10th December 2022

Will there be a year-end rally?

Hans-Jörg Naumer (Allianz GI) | “Will there be a year-end rally?”. Once again it’s time to ask the usual question of whether the stock markets will rise over the next few weeks or not. It’s understandable. Although the markets are extremely efficient according to the economic theory, there are, however, some seasonal patterns like the famous year-end rise. If we revise the data since 1965, in general terms, the months…

Companies, European economy, Ibex 9th December 2022

Banco Sabadell gets offers of €300-350 M from France’s Worldline and Italy’s NEXI for its payments business

Alphavalue/ Divacons | The Catalan lender has received binding offers from France’s Worldline and Italy’s NEXI for its payment business which it put up for sale in September. The offers are between 300 and 350 million euros, with that from Worldline (part of our model portfolio) seeming to be the highest. Sabadell is said to be looking for 400 million euros.

Companies, Ibex, Spanish economy 8th December 2022

Repsol hikes renewables construction to 7.500 Mw in 2025

Renta 4 | Repsol has 2.000 Mw of renewable projects under construction, of which approximately 59% are located in Spain, 35% in the US and 6% in Chile. The company wants to hike its renewable energy generation to 7.500 Mw to 2025. The Spanish oil and gas firm is developing a new photovoltaic energy plant in Villena, with an installed capacity of 300 Mw. Whatsmore, the company is continuing to…

Companies, Ibex, Spanish economy 8th December 2022

Iberdrola restructures debt: sees 47 B euros investment in 2023-2025; hikes weighting of development banks

Bankinter |Iberdrola’s Strategic Plan contemplates investments of 47 billion euros in 2023-2025, while maintaining generous shareholder retribution in this period (11 billion euros in dividends for shareholders and minorities). This will mean that the group’s Net Debt will go from 45 billion euros at end-2022 to 57.5 billion in 2025. The restructuring of the debt envisages a reduction of the listed debt from 55% currently to 52% in 2025. The…

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