Deutsche Bank | Redeia will publish its first quarter results on 29 October. Excluding Hispasat, we see moderate growth in EBITDA and net profit, with EBITDA up 3% year-on-year to €951 million (€923 million last year) and net profit up 1% to €392 million (€389 million last year). We note that, given the way Redeia presents its results, eliminating the two-year lag, this already reflects an expected increase in the…
Bankinter | CAF (CAF) announced on Wednesday contracts to supply 150 electric buses worth over €110 million. This includes 55 electric buses to Transldev Nederland, 50 to Warsaw and 42 charging infrastructure units, also in Poland. Bankinter analysis team’s view: The bus division (Solaris) is standing out for its high level of orders, which brought the division’s order book at the end of Q2 2025 to €2.055 billion (2.2x 2024…
Alphavalue / Divacons | The Spanish oil company has signed a strategic alliance with Dorna Sports, the organiser of the MotoGP World Championship, to become the exclusive official lubricant supplier for the Moto2 and Moto3 categories. This agreement will run from 2026 to 2030. Repsol has lubricant production plants in Spain (Puertollano), Mexico, Indonesia, Singapore, and the Philippines, as well as access to third-party plants, enabling it to distribute its…
Intermoney | The renewable energy company (Buy, PO €15) announced after the market closed yesterday that its offshore wind subsidiary Ocean Winds (OW) has sold a 20.25% stake in a wind farm to Allianz Global Investors for around €200 million, which, according to EDPR, would imply an implicit valuation of €5.6 million per MW. OW is 50% owned by EDPR and ENGIE, and the Portuguese company consolidates it using the…
Link Securities | Escribano Mechanical & Engineering (EM&E) expects to reach a merger agreement with Indra (IDR) before the end of the year, according to a report published on Wednesday by Expansión. EM&E Chairman Javier Escribano hopes that banks will define the valuation of his company so that negotiations can begin and a giant can be created to boost the defence ecosystem. Escribano assures that there is no ‘plan B’…
Alphavalue/Divacons | The president of the Spanish National Securities Market Commission (CNMV), Carlos San Basilio, has opened the door to supporting a review of the Royal Decree on the takeover bid regime, popularly known as the Takeover Bid Law, following the confusion and difficulties highlighted by the BBVA (BBVA) and Banco Sabadell (SAB) case. San Basilio pointed out that, although the Royal Decree has been useful, ‘perhaps, like any text,…
Enagás presented its results for the first nine months of the fiscal year (9M2025) yesterday. The total demand for natural gas and exports in 9M2025 stood at 267.6 TWh, 6.6% higher than the figure recorded in the same period of 2024. In this context, the company raised its revenue figure by 6.9% year-on-year, reaching €711.2 million (up 2.6% compared to the FactSet consensus). Of this amount, €693.0 million (up 6.8%…
Link Securities | Airtificial (AI) has informed the National Securities Market Commission (CNMV) that it has signed three contracts with two global Tier-1 automotive suppliers, valued at around €4 million, for the design, manufacture, commissioning and turnkey delivery of an electric steering assembly line (RCB EPS); and two electric vehicle electronic control unit (ECU) inspection lines at its Mexican plant in Querétaro. These new contracts reinforce the positioning of the…
Intermoney | Solaria (Buy, PO €13) will announce its 9M25 results on 17 November, holding its AGM in London on the same day. The main figures from our estimates are shown in the table below and should reflect: 1) a year-on-year decline in production of 6%, as Solaria has the same installed capacity and following a mediocre first half in terms of weather; and 2) the impact of the Genería…
Link Securities | The company has signed an eight-year agreement with Norwegian Cruise Line Holdings to supply renewable marine fuels in the Port of Barcelona, according to a report yesterday by the digital portal Bolsamania.com. After the start of the 2026 European cruise season, Repsol will supply biofuels and, from 2029, renewable methanol directly to the ships of the group’s various cruise brands (Norwegian Cruise Line, Oceania Cruises, and Regent…