Companies

Companies, Relevant News Item 23rd August 2023

EDP Renewables’ first hybrid project in Poland: 45 MW of solar and wind power combined

CdM | EDP Renewables (EDPR) has officially inaugurated its first hybrid project in Poland, combining wind and solar power, with the commissioning of a new 45 megawatt (MW) photovoltaic park in Konary, in the west central part of the country. The project is also the third hybrid project implemented by EDPR globally, the company said in a statement on Tuesday. The Konary PV farm will use the same receiving station…

Companies, In Spain, Relevant News Item 22nd August 2023

Blackrock reduces stake in Banco Sabadell but remains largest significant shareholder

Link Securities | BlackRock has downgraded its stake in Banco Sabadell from the 4.460% it held since 14 February to 3.964%, according to the notification sent on Monday to the Comisión Nacional del Mercado de Valores (CNMV), reported Europa Press. Taking into account the current share price of the Catalan bank, BlackRock’s stake is valued at around €215 million. With this reduction, the fund’s stake in the bank is the…

Companies, In Spain, Relevant News Item 22nd August 2023

Norges Bank strengthens its holdings in Repsol, Solaria, Unicaja and BBVA this summer

Link Securities| The Norwegian Pension Fund, considered the world’s largest sovereign wealth fund, has in recent months strengthened its holdings in some of Spain’s listed companies. Last week, Norges Bank announced a 5.03% position in Repsol, a position valued at current prices at €908.7 million, after starting the year with 3.21% of the share capital. A few days earlier, it acquired a new package of shares in Solaria, going from…

Companies, In Spain, Relevant News Item 22nd August 2023

Corporación Financiera Alba takes a 3% stake in Inmobiliaria Colonial

Alphavalue / Divacons| The company has taken a 3.01% stake in Inmobiliaria Colonial, according to CNMV data. Thus, at current prices, the almost 16.3 million shares have a value of €85.9 million. On the other hand, our analysts have upgraded their EPS estimates for the Spanish holding company. We improve our 2023 EPS forecast by +24% (€3.56/share vs. €2.87/share previously expected) and for 2024 EPS by +22% ( €4.04/share vs….

Companies, In Europe 21st August 2023

Possible tax on motorway and airport concessionaires in France aims to raise around €2.5 billion between 2024 and 2030

Banco Sabadell| France is considering going ahead with its plan to raise taxes on motorway concessionaires in France and could now also include airport concessionaires. The aim would be to raise some €2.5 billion between 2024 and 2030. In addition, taxes could be raised on first class airline tickets, on larger vehicles because of their higher CO2 emissions, and on companies with fleets of vehicles. We recall that in June…

Companies 21st August 2023

Endesa to deploy more than 1,000 MW of wind power projects on its As Pontes plant site in La Coruña

Link Securities | The company has just received authorisation from the government to close its As Pontes (Coruña) thermal power plant, the largest in Spain, and will deploy a portfolio of wind power projects of more than 1,000 MW, most of which will be linked to industrial initiatives for the economic development of Galicia, according to Expansión today In a statement, Endesa also recalled that it has carried out a…

Companies, Relevant News Item 18th August 2023

Potential $7.8bn bid for US Steel would take 27% of ArcelorMittal’s EV and raise debt to ~0.8x DFN/Ebitda

Banc Sabadell | According to press reports, ArcelorMittal (MTS) is considering a bid for US Steel, although there is no certainty at this stage that the deal will go ahead. US Steel on Sunday rejected an offer from Cleveland-Cliffs that values the company at around $7.3 billion (~€6.7 billion) and represents a 43% premium on its share price. Also US steelmaker Esmark reportedly launched an offer of $7.8 billion (~€7.15…

Companies, Relevant News Item 18th August 2023

ACS’ US subsidiary wins $2.7 billion contract to build the Tennessee Titans’ new stadium

Intermoney| ACS (ACS) (Buy, Target Price €40/share), through its US subsidiary Turner, is part of the TBA consortium, which has been awarded the construction of the new stadium for the Tennessee Titans football team in Nashville. This will involve an investment of $2.7 billion and will be located on the banks of the Mississippi River, next to the current stadium, according to Cinco Días newspaper on Friday. Other members of…

Companies, Relevant News Item 18th August 2023

Sacyr, Acciona and CAF, compete for construction and operation of Bogotá’s new Metro Line 2, with investment budget of €6.5 billion

Link Securities | The construction companies Sacyr (SCYR) and Acciona (ANA), together with the train manufacturer Construcciones y Auxiliar de Ferrocarriles (CAF), are competing against the large network of Chinese state-owned corporations to build and operate the new Line 2 of the Bogotá Metro in Colombia, the largest project in Latin America, with an estimated investment budget of €6.5 billion, according to Expansión. The city council of the Colombian capital…

Companies, Relevant News Item 17th August 2023

Urbas to receive initial €29.3m from sale of two blocks in Bilbao (€98m) after contract made public

Alphavalue/DIVACONS | The company is to receive in several instalments the nearly €98 million contract it announced last week with the British investment firm M&G Real Estate to sell it two blocks of new rental housing in Bilbao, under a “turnkey development” scheme. According to the company’s statement to the Spanish Securities and Exchange Commission (CNMV) on Wednesday, the initial payment, which will amount to 30% ( €29.3 million), will…

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