BSabadell : According to press reports, Deutsche Bahn has awarded Talgo (TLGO) a contract for the supply of 56 additional trains, which it is understood are of the Talgo 230 model and which would form part of the contract it is currently executing (23 trains worth €550 million). At the prices of the first order the contract could exceed €1.3 billion (~40% of Talgo’s current portfolio). Assessment: If the news…
Norbolsa| The energy company published yesterday its 1Q23 results, reaching a net profit of €594m (versus €560m consensus), registering a 76% growth compared to the same period last year. The group’s EBITDA increased by 60% to €1,460m (versus consensus of €1,420m), mainly driven by its conventional generation division (+78% year-on-year), which benefited from lower gas prices, as well as the normalisation of the marketing margin. The NTI increased to €11,600m…
Norbolsa : The company presented its 1Q23 results last Friday, achieving a 29% improvement in sales on 1Q22 and slightly above consensus expectations (+1% versus 1Q23 expected) (€952m versus €862m estimated), highlighting the increase in bus sales (+35% versus 1Q22), although margins continue to be weighed down by the Solaris units affected by the inflationary context. In this regard, the company notes a slight improvement in the bus supply chain,…
Norbolsa | Volkswagen yesterday posted sales and operating profit above consensus expectations, €76,198M (+21.5%) against €72,300M estimated and €4,730M (versus -29.9% year-on-year) as opposed to €4,076M, respectively, mainly driven by volume, strong pricing and product mix. Geographically, growth was largely attributable to strong growth in Europe and NAFTA, while on the negative side, deliveries in China declined by -14.5%. Meanwhile, BMW released its 1Q23 results, coming in above consensus expectations….
Link Securities | Cepsa has awarded Técnicas Reunidas the contract to develop the engineering for the largest second-generation (2G) biofuels plant in southern Europe, which the company will start up together with Bio-Oils through an investment of up to €1 billion, in the La Rábida Energy Park (Huelva). The new plant, which will use agricultural waste and used cooking oils as feedstock, will have two pre-treatment units and a flexible…
Alphavalue / Divancons | The Spanish company, in a consortium with the Sepcoiii company, has started commercial operation of Phase 2 of the Taweelah desalination plant, located in Abu Dhabi, following successful completion of the contractual tests. Specifically, it is the largest reverse osmosis desalination plant in the world (909,218 cubic metres/day) and the first to combine the production of drinking water with the generation of clean energy. The project…
Bankinter : Better than expected 1Q23 results in Sales, EBITDA and PBT. The main figures in the quarter compared to the market consensus (Bloomberg): Revenues €2,026M vs. expected €1,889M; EBITDA €332M vs. expected €315M; and PBT €96.9M vs. expected €51M. By activities, the performance is generally good in all areas, but the positive evolution of Water (+16.6% year-on-year in Revenues) and Construction (+55.7% year-on-year) stand out. Net debt stands at…
Link Securities | The construction company OHLA has been awarded a contract in the Czech Republic valued at around €100 million to modernise the Brno North thermal power plant, one of the largest renewable energy projects announced this year in the country, Europa Press reported yesterday. The scope of the contract, awarded by the state-owned company Teplárny Brno, consists of modernising part of the plant for the combined production of…
Alphavalue / Divacons | The Children’s Investment Fund (TCI) continues to strengthen its stake in the Spanish construction company and now holds 8% of its share capital. According to CNMV records, last Wednesday, one day before the Ferrovial General Shareholders’ Meeting, the fund acquired another package of shares with a current market value of close to €200 million. On the other hand, the construction, services and concessions company appointed Banco…
Singular Bank | Tesla announced last week the construction of a factory in Shanghai where it will produce its Megapack, energy storage batteries used to stabilise power grids and prevent power outages, which it already manufactures at a plant in California (USA). The new plant will have a production capacity of 10,000 units per year and construction will begin in the third quarter of this year. This project will lower…