Companies

Grifols

Grifols could be negotiating €2 B capital hike; debt rose to 5.4x NFD/Ebitda end-2021

Bankinter | Grifols could be negotiating a 2 billion euros capital hike (c. 18% of its current capitalisation) with various funds. The objective is to cut its debt which is equivalent to 6.9x EBITDA, according to a daily newspaper. Grifols’ share price took a hit this morning on the IBEX 35, falling as much as 13%. Bankinter analyst team’s view: Negative news. If this rumour is correct, the capital increase…


Heathrow Ferrovial

UK regulator proposes cutting Heathrow landing charges

Bankinter | The UK’s Civil Aviation Authority (CAA) has proposed that the landing fees at Heathrow be cut from 30.19 pounds per passenger to 26.31 pounds in 2026. This would imply a 2.6% annual decline over the next five years. The CAA believes this will allow for a balance between allowing the aiport to invest in infraestructure and maintaining fees at levels which customers can afford. Bankinter analysts team’s opinion:…


Acciona

Acciona hikes stake in Nordex to 39.6% vs 33.6%

Intermoney | Acciona (Buy, Target Price 210 euros) has informed the Stock Market Regulator (CNMV) that it has subscribed to a capital increase carried out by German wind turbine manufacturer Nordex SE. The Spanish company has subscribed to 10% of Nordex’s capital, with exclusion of pre-emptive subscription rights available to the rest of the shareholders. As a result of the above-mentioned operation, Acciona’s share in Nordex has increased from 33.6%…


Indra

Silvia Iranzo’s resignation leaves Indra with just two independent board members

Renta 4 | Silvia Iranzo tendered her resignation after the cessation of 5 independent Board Members at the AGM held last Thursday. There are now just two independent Board Members, Ignacio Martín and Francisco Javier García Sanz, who could resign very soon. Stock Market Regulator (CNMV) chairman, Rodrigo Buenaventure, described the events at the AGM as “striking and worrying”. He added that the regulator will analyse what took place “rigorously and…


Heathrow Ferrovial

Heathrow hikes passenger estimates for 2022: will recover 67% of pre-Covid levels this year

Bankinter | The UK’s Heathrow airport has improved its passengers’ estimate for 2022 to 54,4 million, which would mean a recovery of 67% of 2019 levels. It’s an improvement of 3% on the 52,8 million forecast in April. The company foresees revenues doubling to 2.593 billion pounds and adjusted EBITDA growing 257% to 1.370 billion pounds. That said, it has warned that uncertainty remains high and that there are significant…


Atlantia-Abertis

Italy gives green light to Benetton’s bid for Atlantia: one of the initial accords could be the transfer of its 15% stake in Hochtief

Intermoney | The Italian government has decided not to oppose the bid launched for Atlantia by the Benettons and Blackstone, according to the daily Cinco Dias. In theory, the Italian executive could have invoked the special powers it still has over Atlantia and other strategic sectors. However it has declined to do so. The price of the bid is 23 euros in cash, which values the concessionary at some 19…


Aena

Aena offers best traffic figures from main European airports(22.2 M passengers)

Morgan Stanley | We have analysed the air traffic from the main European aiports (ADP, Aena, Fraport, Heathrow, Zurich) in May. In general, all of them have beaten our expectations. Specifically, Aena offers the best figures, with 22.2 million passengers, only -10% vs 2019 (and -7% vs 2019 in seat capacity). Looking ahead to the summer, we expect seat capacity to stabilise (-5%/-8% vs 2019), which could come under pressure…


Indra

Indra signs agreement with Airways New Zealand to modernise the country’s airborne radar network

Link Securities| Indra has signed a contract with Airways New Zealand, the country’s air navegation services’ provider, to modernise the airborne radar netwtork with state of the art technology, according to Europa Press on Tuesday. Separately, Indra said in a statement that this move will reinforce the security of the country’s air traffic, allowing for an increase in capacity as well as a reduction in emissions. As part of the agreement,…


Grifols

Grifols’s valuation not attractive at 7x net debt/Ebitda 2022 and weak cash generation; better risk/return with others like Almirall

Morgan Stanley | Grifols (GRF) will hold its Investor Day on June 30. We expect to hear on the following main topics: (i) Estimates on plasma growth (both consensus and ourselves already expect 20-25% growth in 2022, above 2019 levels, and see little chance of increases in the numbers). (ii) Greater visibility on the new launches from Biotest, fibrinogen and IgM which could be delayed. (iii) Leverage (competitive disruption and the smaller contribution…


Repsol

Repsol will decide this Thursday whether to sell 25% of Repsol Renovables (total worth some €3.500 B)

Norbolsa | This Thursday Repsol’s board will decide on whether it will sell 25% of Repsol Renovables, according to online daily El Confidencial. Possible favourites could be Prédica (a subsidiary of Credit Agricole) and Swiss fund Energy Infrastructure Partners. A valuation of 3.5 billion euros has been suggested for 100% of Repsol’s renewable arm. We recall that a few days ago press reports flagged the possibility that Repsol was studying…