Companies

Companies 3rd March 2026

Qatari sovereign wealth fund divests 1.71% of Iberdrola in 2025, reducing position to 6.98%, lowest level since 2012

Alphavalue/ Divacons | Qatar’s sovereign wealth fund (Qatar Investment Authority-QIA) reduced its stake in Iberdrola to 6.98%, the lowest level since 2012. According to the electricity company’s 2025 Annual Report, the Qatari fund divested 1.71% of its capital during the last financial year, reducing its position from the 8.69% it controlled at the end of 2024. Despite this partial exit, QIA remains the main reference shareholder of the Spanish energy…

Companies, Relevant News Item 3rd March 2026

Sacyr and ACS, only foreign firms selected by British government to build and renovate several hospitals in UK for €42 billion

Norbolsa | Sacyr and ACS have been selected by the British government to participate in the New Hospitals Programme, valued at £37 billion (around €42 billion). They are the only foreign companies among the ten chosen to build and renovate hospitals in England between 2025 and 2039, as part of the National Health Service plan. Each of the companies will be awarded a healthcare centre, yet to be determined, in…

Companies 3rd March 2026

Telefónica: after 15% drop since announcement of Strategic Plan in November, recommendation raised to Neutral (vs Sell) and target price maintained at €4

Bankinter | With the restructuring of the group well underway, following the sale of the Telefónica Hispam subsidiaries and staff reductions in Spain, the focus in 2026 is on the possibility of a corporate transaction. New European regulations introduced in January that will favour consolidation processes to promote greater scale, competitiveness and investment in infrastructure, and the existence of various alternatives, especially in Spain and Germany, increase the likelihood of…

Companies, Relevant News Item 3rd March 2026

Moeve begins construction of 300 MW hydrogen project in Palos de la Frontera, to be operational in 2029

Norbolsa | The company has approved the FID (investment decision) to launch the Onuba project, a hydrogen project in La Rábida. This project marks the start of construction of 300 MW (expandable to 400 MW) of hydrogen in Palos de la Frontera, which will be operational in 2029. Moeve will hold a 51% stake in this project, which will also involve Masdar (a renewable energy company from the United Arab…

Companies 3rd March 2026

BlackRock exits Naturgy’s shareholder base with accelerated placement of the 11.4% it still held

Renta 4 | GIP (BlackRock) carries out an accelerated placement of the 11.4% of Naturgy’s capital it still held at a price of €25.20 per share, representing a discount of close to 6% on the previous day’s closing price. Assessment: Although this move is likely to cause the share price to adjust to the placement price, we consider the news to be positive as it provides greater liquidity to the…

Companies 2nd March 2026

Telefónica reportedly in talks to buy 1&1 for up to €5 billion

Alphavalue/Divacons | Citing sources close to the deal, El Español reports that Telefónica (TEF) is in talks with 1&1, a subsidiary of United Internet (add, Target Price €31.3/share), for a possible purchase. The acquisition price would reportedly be between €4.5 billion and €5 billion. This move seems logical from a strategic point of view, as a possible takeover bid by Telefónica for Vodafone Spain would be complicated if a RANco…

Companies 2nd March 2026

Acerinox: favourable winds and change in trend in EU not yet translated into figures, EBITDA €32 million

Deutsche Bank | Acerinox published its fourth quarter results and adjusted EBITDA of €101 million was broadly in line with underlying expectations, while the significant level of inventory impairment (around €60 million, despite the increase in nickel prices) brought reported EBITDA to €32 million (consensus €77 million versus €73 million expected). Importantly, cash flow was again very strong, driven mainly by a significant release of working capital, resulting in net…

Companies 2nd March 2026

Fitch downgrades Redeia’s rating from A- to BBB+ due to increased investment efforts

Renta 4 | The factors that led Fitch to downgrade Redeia’s credit rating from A- to BBB+ focus on the increased investment that the company plans to make in the coming years as a result of its ambitious strategic plan, which will lead to a temporary deterioration in the company’s credit ratios while it is being implemented. Conclusion: Despite the downgrade, Fitch maintains a stable outlook and views Redeia’s regulated…

Companies 27th February 2026

FCC’s EBITDA falls by 1% to €1.419 billion due to provisions in Construction and despite growth in Environment

Intermoney | 2025 annual results – EBITDA down 1% (up 7% Intermoney’s estimate) due to provisions in Construction. FCC (Buy, Target Price £15/share) published its 2025 annual results on Thursday after the market closed, holding a conference call today at 9 a.m. The main figures, together with our estimates, are shown in the attached table. The Group no longer consolidates the cement and real estate businesses globally, which began trading…

Companies 27th February 2026

IAG earns €639 million in 2025, has €11.624 billion in liquidity, proposes dividend of €0.05 per share for 29 June and announces €1.5 billion buyback plan

Renta 4 | Today before the market opened, IAG presented its annual results for 2025. The figures were as follows: Passenger revenue €6.935 billion (up 1% compared to Renta 4’s estimate and in line with Q4 24), total revenue €7.929 billion (up 1% compared to Renta 4’s estimate and down 1% compared to Q4 24), EBIT before extraordinary items (main operating figure) €1.093 billion (versus €1.040 billion Renta 4’s estimate,…

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