Bankinter | Gestamp (GEST) surprises in Q2 with improved margins despite sales figures. For 2025 as a whole, it reiterates its guidance. However, we believe it will be difficult to meet its revenue growth target. At constant exchange rates, sales grew less than the average production in the countries where the company operates (-0.9% versus +3.7% for the market) at the end of the first half. In fact, following these…
Alphavalue/DIVACONS | The Spanish utility company, through its subsidiary Avangrid, generated around 13,000 gigawatt hours (GWh) of energy in the United States in 1H25, which is equivalent to enough electricity to supply around 2.4 million homes in the country. Specifically, the group chaired by Ignacio Sánchez Galán has a total of 80 electrical facilities in operation from coast to coast, with a combined generation capacity of more than 10.5 gigawatts…
Link Securities | On 11 August, the Swiss cantonal bank Zurcher Kantonalbank reached 1.002% of the capital of Banco Sabadell (SAB), according to a report in Expansión newspaper on Wednesday. The communication to the stock market supervisor states that the position prior to the new purchases was zero.
Link Securities | Sacyr Ingeniería e Infraestructura (SCYR) has been awarded residential construction contracts worth €245 million and is expanding its project portfolio in Spain with 830 new homes in Malaga, Barcelona and Madrid, according to reports on Wednesday by the Efe news agency and Expansión. A press release explains that among the recently awarded projects, the construction of the Karl Lagerfeld Villas for Sierra Blanca Estates, located in Lomas…
Bankinter | Telefónica (TEF) will no longer be obliged to lease its networks to rival operators at a regulated price. This liberalisation process began in 2016 when the National Commission for Markets and Competition (CNMC) ruled that there was sufficient competition in 66 cities representing 35% of the population; in 2021, it extended liberalisation to 696 towns, covering a total of 70% of the population, and now the remaining 30%…
Alphavalue/DIVACONS | The financial institution chaired by Carlos Torres announced to the National Securities Market Commission (CNMV) that it is moving forward with its takeover bid for Banco Sabadell (SAB) (add Target Price €3.74/share), despite the recent confirmation of the sale of TSB for €3.1 billion and the approval of the €2.5 billion macro dividend. BBVA will update its offer at the end of August or early September. Some analysts…
Link Securities | Banco Santander (SAN) has redoubled its commitment to technology and has teamed up with OpenAI to accelerate its Artificial Intelligence and Data strategy, according to Expansión newspaper. Santander has signed a collaboration agreement with the company that created ChatGPT with a view to becoming an ‘AI-native bank’ in which ‘every decision, process and interaction is driven by data and intelligent technology,’ explained Ricardo Martín Manjón, SAN’s Director…
Intermoney | Aena (AENA) (Hold, Target Price €24) announced its passenger traffic figures for July 2025 on Tuesday after the market closed. The figures for Spain showed an increase of 2.7% last month, exceeding 32 million passengers, of which nearly 12 million were distributed between Barajas and El Prat, which increased their figures by slightly less than 1% and almost 3%, respectively. Among the other major airports, Malaga (8%) and…
Renta 4 | The Spanish train manufacturer has announced that it has just received technical approval from the European Railway Agency (ERA) and the German Federal Railway Agency (EBA) for its 230 model long-distance trains to begin operating in Germany before the end of the year, although with a delay of more than a year. The approval is the final step in a process that began in 2019 with the…
Link Securities | French insurance company AXA appears to be the likely winner of the process to acquire a stake in Fiberpass, the fibre optic wholesale company created by Telefónica (TEF) and Vodafone Spain, according to Expansión. AXA Investment Management is in advanced negotiations to take a significant minority stake in Fiberpass, a joint venture between Telefónica and Vodafone Spain to offer wholesale fibre optic broadband connectivity services, i.e. what…