Alphavalue / Divacons | The Asturian company’s shares fell by 4.27% on Friday after the extraordinary shareholders’ meeting approved the restructuring plan by a majority vote of over 99.99%. The roadmap includes debt relief, a €10 million capital injection from Prodi, the sale of non-strategic assets and a reduction of up to 500 jobs, according to Agencia EFE. The aim of the plan is to overcome financial and business difficulties…
Banc Sabadell | The results are perfectly in line with our forecasts and show trends very similar to those observed in recent quarters. Rental income: €296 million (up 1.0% versus Banco Sabadell’s 0.8% estimate); recurring EPS: €0.25 (down 3.9% versus the drop of 3.5% estimated byBanco Sabadell). Comparable rental income grew by 5% thanks to indexation and price improvements in renewals. Recurring EPS fell by 4% due to the higher…
Alphavalue/DIVACONS | The Catalan bank, Caixabank (CABK), informed the National Securities Market Commission (CNMV) that the number of shares purchased to date as a result of the execution of the buyback programme (maximum amount €500 million) amounts to 58,760,550, representing an amount of €478,965,460, equivalent to 95.79% of the maximum monetary amount.
Alphavalue/DIVACONS | As we highlighted on Friday, the newspaper Expansión reported that Telefónica (TEF) will submit no fewer than seven redundancy plans (EREs) as part of its cost-cutting plan. It should be noted that the company plans to meet with trade unions on Monday to discuss these issues. We will be monitoring any developments. Telefónica shares rose 0.46% on Friday. Telefónica: Buy, Target Price €5.30/share.
Renta 4 | According to information published in the press, the update of Repsol’s (REP) Strategic Plan for the coming years, which will be announced in March, plans to double the size of the lubricants business, exceeding €1 billion in turnover and reaching around €120 million in EBITDA (vs ~€480 million in sales and ~€64 million in EBITDA in 2024), increasing production from around 220,000 tpy to ~320,000 tpy in…
Link Securities | The company announced yesterday the successful placement of non-dilutive convertible bonds with cash settlement for an amount of €400 million, maturing in 5.5 years, until 20 May 2031. The Bonds will bear a fixed annual interest rate of 0.75%, payable semi-annually in arrears on 20 May and 20 November of each year, commencing on 20 May 2026. The Bonds will be issued at par on or around…
Renta 4 | According to press reports, Repsol is negotiating a merger with Apache Corporation, a US oil company listed on the Nasdaq with a market capitalisation of $8.76 billion. According to the information, these negotiations would be part of the ‘liquidity event’ agreed with EIG after its entry into Repsol’s capital by 2026. We recall that this event could consist of an initial public offering, a reverse merger with…
Renta 4 | Sales figures, which exceeded our forecast, show significant growth in all areas, led by Turner and Infrastructure. EBITDA, also better than our expectations, shows higher growth than sales, thereby significantly improving margins. This improvement is reflected in ordinary net profit which, excluding the currency effect, accelerates growth to 23.8%. This strong improvement has led the company to raise its guidance for the end of the year, expecting…
Intermoney | The REIT (Buy, PO €15) has just announced its results for September. The main figures from the results, together with our estimates, are shown in the attached table. Revenue/income for 9M25 rose 8% to €413 million, broadly in line with Intermoney’s estimate (€414 million), while EBITDA (€300 million, up 8%) was slightly below our figures (10%), following higher-than-expected overheads, particularly in personnel and the LP incentive plan. By…
Link Securities | The company has called an extraordinary general meeting of shareholders for 12 December 2025, on first call, or 13 December, on second call, with the aim of approving the agreements that will allow the completion of the entry into its capital of the consortium led by José Antonio Jainaga, president of Sidenor, and also participated in by the Basque Government and the BBK and Vital banking foundations….