Bankinter | According to press reports, the United Kingdom has announced the cancellation of the project to build a motorway near Stonehenge. We recall that the project was awarded in 2022 to a consortium formed by FCC, Webuild, and BeMo Tunnelling and had a budget of around £1.7 billion (approximately €1.95 billion). According to the same source, FCC had completed the design work but had not yet begun construction. Assessment:…
Link Securities | On October 27, Fitch Ratings affirmed Banco Sabadell’s (SAB) long-term and short-term ratings at “BBB+/F2” respectively, placing both on stable outlook and removing them from Positive Rating Watch. The decision to remove the Positive Rating Watch comes after BBVA’s (BBVA) failed takeover bid for the bank.
Bankinter | Results exceed consensus estimates and the management team maintains its guidance for the year. Recurring net banking income falls by 11% in the period, compared to an estimated 13%. The contribution to EBITDA from regulated gas transport activity (74% of the total) fell by 10% as the regulated asset base (RAB) is lower due to no new investments being necessary in the network and also receiving a lower…
Link Securities | In connection with the completion of the private placement of new shares among institutional shareholders carried out in the context of the cash capital increase approved by the Board of Directors of Neinor Homes (HOME) on 23 October 2025, HOME reports that the increase has been closed on the following terms: The increase has been subscribed for the maximum effective amount of €140 million approved by the…
Alphavalue/DIVACONS | Romanian telecommunications group Digi has hired Barclays (BARC-GB), Santander (SAN) and UBS (UBS-CH) as coordinators for the stock market listing of its Spanish subsidiary, according to a report in Expansión newspaper on Monday. The operation, which is being advised by Rothschild, is scheduled for 2026, with May as its first window. With its stock market debut, which values the Spanish business at around €2.5 billion, Digi is seeking…
Link Securities | Ferrovial has acquired the Spanish telecommunications and systems engineering company Powernet, which will enable it to strengthen its data centre design, development, operation and maintenance capabilities within the Construction area, according to the digital portal Bolsamania.com. Powernet is active in the design, installation, maintenance and operation of data centres. In addition, it offers information systems and telecommunications solutions, providing communications, systems and network management services. Ferrovial has…
Link Securities | Airbus, Leonardo (LDO-IT) and Thales (HO-FR) have signed a memorandum of understanding (MoU) to create a space giant that aims to unite and improve their capabilities by combining their activities: manufacturing satellite and space systems, and space services, reports the newspaper Expansión. This agreement excludes space shuttles. In the case of Airbus, rocket activities are housed in a joint subsidiary with the French company Safran (SAF-FR), called…
Banc Sabadell | Indra (IDR) has notified the National Markets and Competition Commission (CNMC) of its takeover of satellite operator Hispasat and its military branch, Hisdesat, according to press reports. The notification (which took place on 17 October) marks the start of the first phase of the review of the transaction, during which the CNMC has one month to issue its ruling. Approval is expected to be granted in phase…
Renta 4 | Naturgy (NTGY) will publish its 9M25 results on Wednesday, 29 October 2025, before the market opens, with a conference call at 11:30 a.m. Target price €26.10 and underweight recommendation. G A good performance is expected for 9M figures, which should continue the trend seen in the first half of the year (9M24 figures pending publication). The improved pricing environment favours the energy management business, with a possible…
Link Securities | Aena (AENA) informed the National Securities Market Commission (CNMV) that Fitch Ratings affirmed AENA S.M.E., S.A.“s long-term issuer default rating and EMTN programme rating at ‘A” and its short-term rating at “F1”. The outlook is “stable”. Fitch explained in its report that the affirmation is based on the solid traffic trend recorded by Aena during 2024 and in the first half of 2025 in its airport network…