Cellnex Telecom is the leading independent operator of wireless telecommunications’ infrastructure in Europe. It is a growth investment opportunity, but it is currently trading at too demanding multiples. We would recommend to wait for some dips in the stock market to start to build up a position with a medium-long term view.
UBS | After a few weeks spent focusing on systemic concerns, earnings should offer a chance to go back to fundamentals. We are cautious into results as the recent rally left both banks trading on richer multiples and thus with limited protection against a quarter where underwhelming earnings could lead to consensus downgrades.
Spain’s second biggest bank BBVA said it posted a 53.8% drop in net profit to 709 million euros in the first quarter to March from a year earlier. The bank explained that quarterly results were hampered by a number of factors, including the impact of exchange rates, lower results from NTI and the lack of corporate operations.
Banco Santander S.A. (SAN) stock reached year maximums (+2.5% to €4.69) after the bank reported its Q1 results on Wednesday. Despite a 5% net profit decline in Q1 to €1.63bn (mostly due to the depreciation of various currencies against the euro), Spain’s largest bank by market value beat expectations.
The announcement that Santoro Financial (Isabel Dos Santos) will sell its stake in BPI to Caixabank is good news for the Catalan lender. But let’s keep in mind the economic backdrop to all this. The Portuguese economy is currently going through a particularly difficult time, with the existence of serious risks to its financial system.
Fernando Rodríguez | The last executive to leave Abengoa is Jose Dominguez Abascal, executive chairman from the end of 2015, who has resigned from the company’s board. This departure, as well as that of the over 2,000 executives and employees “have hardly affected its share price”, says Renta 4 Banco.
Santander CEO, José Antonio Álvarez, said that 25% of the bank’s business is affected by negative interest rates, so it will have to focus on diversifying geographically to compensate for this.
Mexico’s Banking and Securities regulator (CNBV) has exonerated OHL Mexico from any evidence of fraud in its accounting practices, accepting the way the firm accounts for expected earnings from its motorway concessions in Mexico.
The drop in oil prices and the belief – rarely justified by experience – that things will never be what they were, have begun to set off alarm bells in some of the major sporting activities. These have provided an amazing bounty of triumphs thanks to Repsol’s generous patronage.
Telefonica’s leadership changes have favoured the company’s stock price. On Wednesday, for the second day in a row, the share price outperformed the Ibex, closing just over the 10 euros level.