Companies

Companies 29th July 2025

Enagás acquires 100% of Axent, expected impact of €15 million on 2025 net profit

Norbolsa | The company has agreed to acquire the remaining 51% of Axent for €37.5 million, thereby acquiring 100% of the capital. Axent operates in fibre telecommunications infrastructure and the transaction is expected to have a positive impact of €15 million on net profit in 2025. The transaction marks the exit of the Spanish fund Axión Infraestructuras de Telecomunicaciones from this fibre optic and radio link platform,created in partnership with…

Companies 28th July 2025

Indra to acquire Aertec’s drone business to strengthen new armaments division

Alphavalue/ Divacons | The Spanish IT services and consulting company has agreed to acquire the drone business of Spanish firm Aertec. The main objective of this transaction, which is expected to be finalised this week, is to strengthen Indra’s new weapons division, called Weapons & Ammunition. Aertec, which in its last fiscal year (ended 31 August 2024) had a turnover of around €50 million, established the subsidiary Aertec Defence and…

Companies 28th July 2025

Mexico seeks €305 million from Iberdrola for damage to 13 combined cycle plants sold to Mexico Infrastructure Partners in 2024

Banco Sabadell | According to press reports, the president of Mexico is claiming more than $357 million (€305 million) from Iberdrola for damage to the thirteen combined cycle plants that Iberdrola sold to the state-owned entity Mexico Infrastructure Partners in 2024. Assessment: Regardless of how this lawsuit ends, the amount is low for a company of Iberdrola’s size (0.3% of market capitalisation), so we do not see any material impact…

Companies, Relevant News Item 28th July 2025

Técnicas Reunidas selected alongside Sinopec to design green hydrogen complex in Saudi Arabia

Bankinter | It will be the largest green hydrogen complex in the world. It will be built in Yanbu and its client is ACWA Power (owned by the Saudi sovereign wealth fund). The first design phase (Feed) includes a facility for the production of 400,000 tonnes per year of green hydrogen (with 4GW of installed electrolysis capacity) and its conversion through synthesis cycles to green ammonia, as well as all…

Companies, Relevant News Item 28th July 2025

Sepi considering acquiring Talgo stake ‘without entering into any agreement with third parties’

Banc Sabadell | Sepi (the State Company for Industrial Investments) announced that it is considering acquiring a stake in Talgo (TLGO) ‘without entering into any agreement with third parties’. The transaction could involve a direct equity injection of 10% of the capital at €4.25 per share, with a substantial premium over Thursday’s closing price (43% more). In addition, it could also increase its weighting by subscribing to convertible bonds. Assessment:…

Companies, Relevant News Item 24th July 2025

Belgian operator SNCB confirms CAF as preferred bidder for €1.695-billion contract following challenges from Alstom and Siemens

Intermoney | The Spanish company (Hold, PO €45) announced yesterday to the National Securities Market Commission (CNMV) that Belgian operator SNCB has confirmed its bid as the best of those submitted. Although this confirmation was already known on 28 February, the award was challenged by Alstom and Siemens, arguing that CAF did not have any factories in Belgium, while Alstom has four plants and 1,900 employees in the country. After…

Companies, Relevant News Item 24th July 2025

Repsol exceeds consensus and fulfils commitments: earns €603 million and announces €350-million share buyback programme

Renta 4 | Repsol (REP) has published its results for Q2 2025, significantly exceeding our estimates and those of the consensus, both in EBIT (up 16% versus consensus) and in adjusted earnings (up 41% versus consensus), recording declines of 19% year-on-year and 18% year-on-year, respectively, reflecting the volatile environment of the quarter, with lower realisation prices for crude oil offset by higher gas prices in upstream and where the industrial…

Companies, Ibex 24th July 2025

Rental income from Inmobiliaria Colonial’s French subsidiary rises to €123 million; Colonial’s rental income could reach €197 million, up 3%

Intermoney | SFL, the French subsidiary of Inmobiliaria Colonial (COL) (Buy, Target Price €8.5/share), reported its H1 2025 figures on Wednesday after the market closed. Rental income rose by 1% in equivalent terms to €123 million, in line with Intermoney’s expectations for Colonial. Compared to the figure reported a year ago, rental income fell by 3% due to asset sales. The 1% growth is divided between a 5% decline due…

Companies 23rd July 2025

Banco Sabadell says TSB final sale price to be adjusted to tangible book value between initial price date and transaction’s closing date

Link Securities | In relation to the sale of TSB Banking Group plc and the proposed distribution of an extraordinary dividend conditional upon the closing of such sale, decisions which are subject to the Extraordinary General Shareholders’ Meetings called for 6 August 2025, the Spanish National Securities Market Commission has requested certain clarifications in relation to some aspects covered in the information made available by Banco Sabadell. In this regard,…

Companies 23rd July 2025

Metrovacesa reports weak results with deliveries below expectations but reiterates 2025 targets

Renta 4 | Metrovacesa (MVC) has reported weak results for Q2 25-H1 25, with figures below our estimates as a result of lower-than-expected deliveries. In this regard, Metrovacesa is proceeding with the delivery of 177 homes in Q2 2025, compared to Renta 4’s estimate of 230 homes (delivery of 423 homes in H1 2025 versus 675 in H1 2024 and versus Renta 4’s estimate of 476). The average price of…

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