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aena airport

Companies, Spanish economy 22nd June 2022

Aena offers best traffic figures from main European airports(22.2 M passengers)

Morgan Stanley | We have analysed the air traffic from the main European aiports (ADP, Aena, Fraport, Heathrow, Zurich) in May. In general, all of them have beaten our expectations. Specifically, Aena offers the best figures, with 22.2 million passengers, only -10% vs 2019 (and -7% vs 2019 in seat capacity). Looking ahead to the summer, we expect seat capacity to stabilise (-5%/-8% vs 2019), which could come under pressure…

Indra Tecnocom

Companies, Ibex, In Spain 22nd June 2022

Indra signs agreement with Airways New Zealand to modernise the country’s airborne radar network

Link Securities| Indra has signed a contract with Airways New Zealand, the country’s air navegation services’ provider, to modernise the airborne radar netwtork with state of the art technology, according to Europa Press on Tuesday. Separately, Indra said in a statement that this move will reinforce the security of the country’s air traffic, allowing for an increase in capacity as well as a reduction in emissions. As part of the agreement,…

No Picture

Companies, Ibex, Relevant News Item 20th June 2022

Grifols’s valuation not attractive at 7x net debt/Ebitda 2022 and weak cash generation; better risk/return with others like Almirall

Morgan Stanley | Grifols (GRF) will hold its Investor Day on June 30. We expect to hear on the following main topics: (i) Estimates on plasma growth (both consensus and ourselves already expect 20-25% growth in 2022, above 2019 levels, and see little chance of increases in the numbers). (ii) Greater visibility on the new launches from Biotest, fibrinogen and IgM which could be delayed. (iii) Leverage (competitive disruption and the smaller contribution…

repsolatardecer

Companies, Ibex, In Spain 9th June 2022

Repsol will decide this Thursday whether to sell 25% of Repsol Renovables (total worth some €3.500 B)

Norbolsa | This Thursday Repsol’s board will decide on whether it will sell 25% of Repsol Renovables, according to online daily El Confidencial. Possible favourites could be Prédica (a subsidiary of Credit Agricole) and Swiss fund Energy Infrastructure Partners. A valuation of 3.5 billion euros has been suggested for 100% of Repsol’s renewable arm. We recall that a few days ago press reports flagged the possibility that Repsol was studying…

acerinox

Companies 22nd January 2020

BofA will raise Acerinox PO to €11.6 (+ 14%) if it closes VDM operation

The acquisition of German VDM has obtained anti-trust approval in the US market but is still awaiting European authority clearance.  If approved, the transaction is expected to be closed in March and BofA will raise Acerinox target price to 11.6 euros, practically 14% above its base scenario or upside potential close to 22% of the spot price.

 

stock market

Companies, Markets 14th January 2020

2020 dividends: European companies will offer another record year for investors

CdM | Allianz Global Investors expects dividend payments of approximately 359 billion euros from European companies in 2020. This sum exceeds the 2019 record by 3.6% (12 bn euros). Dividends have contributed an average of 38% to the performance of European equities since 1974. On the contrary, 60% of government bonds in the euro zone have a negative nominal return.