Norbolsa | DIA achieves profits in Spain for the first time in six years. The company presented its first-half results with a net profit of €6.3 million, compared to the almost €55 million it lost in the first half of 2022. This is mainly due to the transformation process that the company is carrying out where one of the strategies is to reduce the commercial network, since 2018 they have…
Link Securities | Iberdrola (IBE) has reduced its debt maturities in 2023 to less than €2 billion, after obtaining €4.855 billion in new financing and extending the duration of €6.1 billion so far this year, as reported on Monday by Expansión newspaper based on Europa Press. Specifically, the electricity company has received the support of the market, having executed some 30 operations between loan extensions and new financing in the…
Norbolsa | Telefónica (TEF) secures growth targets in Germany despite the 1&1 and Vodafone agreement. Telefónica reported that operator 1&1 has contractual obligations until 2025, regardless of Vodafone’s announcement to cooperate on German national roaming. Telefónica confirmed that thanks to the momentum of its new O2 brand, it expects to grow in line with targets, highlighting volume growth in all its divisions
Renta 4| Indra (IDR) has reached an agreement to acquire 9.5% of ITP Aero for €175 million. This stake values 100% of ITP at €1.842 billion, slightly above the €1.8 billion it paid to Rolls Royce in September 2022. The deal will be executed in the coming weeks. Indra will be represented on the Board and will account for this stake in financial results. Indra and ITP Aero have reached…
Link Securities | Banco Santander (SAN) will benefit from the 50 b.p. cut in interest rates by Brazil’s central bank on Wednesday, according to Expansión on Friday. Santander has a negative sensitivity to Brazilian interest rates because, due to its type of business, interest on deposits rises much faster than lending rates, affecting the bank’s margins the more rates rise. At a recent conference with analysts, Santander CEO Héctor Grisi…
Link Securities | Acciona (ANA) has launched an initiative in the construction of the Fargo-Moorhead anti-flood canal in the United States to introduce for the first time the use of renewable biofuel generated from hydrotreated vegetable waste oil (HVO) to power heavy machinery for civil works, according to Europa Press. This action is part of the Spanish company’s aim to decarbonise the construction of infrastructures, applying it in this case…
Link Securities| The Spanish daily, Expansión, reports on Thursday that European aerospace company Airbus (AIR) and US-based Voyager Space have announced the creation of a joint venture that will develop, build and operate Starlab, one of the projects to succeed the International Space Station. The agreement deepens the collaboration already announced last January when Voyager, which is also partnering with US-based Lockheed Martin on the project, selected Airbus as a…
Telefónica has been awarded the exclusive audiovisual rights for the UEFA Champions League and UEFA Europa League for the next three seasons for €320 million/season in Spain. The company has also been awarded the rights to the UEFA Youth League and the UEFA Europa Conference League. The contract with UEFA will be formalised shortly. Assessment: The acquisition of this content strengthens the group’s content offering, including all football rights in…
Link Securities | Europa Press reported on Tuesday that Indra (IDR) has provided the city of Lisbon (Portugal) with an access system for the metro that allows passengers to pay with their own mobile phone, bank card or smartwatch, without having to purchase a ticket or season ticket beforehand, while maintaining the rest of the travel options that existed previously. It is a state-of-the-art payment system that improves the traveller’s…
Renta 4| Renfe has extended the maintenance contract for Talgo’s high-speed trains (TLGO) until 2027. This contract extension is worth €180 million. The contract is expected to be signed and formalised in the coming weeks. Assessment: This contract extension represents ~7% of the order book at the end of June. It is a positive transaction that allows the company to strengthen its order book.