Companies

Companies 6th November 2025

Sonelgaz unexpectedly executes guarantees worth €54.8 million to Duro Felguera for power plant contract in Algeria

Link Securities | With regard to the contract that Duro Felguera (MDF) signed with Sonelgaz-Production d’Electricité for the construction of a combined cycle power plant in Djelfa (Algeria), Duro Felguera reports that the client, unexpectedly, while the parties were negotiating a solution for the project, unexpectedly proceeded to execute the guarantees for an amount equivalent to €54.8 million. This contingency was provided for in the Restructuring Plan approved by the…

Companies 6th November 2025

PP’s amendment to new sustainable mobility law casts doubt on Aena’s investment plan to increase capacity at some airports

Renta 4 | The Popular Party Parliamentary Group has introduced an amendment (already approved by the Senate, pending Congress) that orders the government to freeze airport charges from 2027 to 2031. It should be pointed out that, despite the fact that fees have been reduced by 36% since 2015, they finance operating costs and investments with a high level of competitiveness at European level. The 2014 law established a double…

Companies, Relevant News Item 6th November 2025

Acciona sells portfolio of 1,016 homes in Madrid, Barcelona and Terrassa to management company Argis for €324 million

Alphavalue/ Divacons | Acciona’s real estate division has reached an agreement with Argis, a Spanish integrated capital management company, for the sale of a portfolio of 1,016 homes located in Madrid, Barcelona and Terrassa. The transaction is worth €324 million, according to a statement released by the company this week. Specifically, this operation, described as one of the ‘most significant of the year’ in the Spanish ‘built to sell’ (BTS)…

Companies 6th November 2025

Arbitration proceedings initiated by Sacyr against Panama for Canal expansion works dismissed

Banco Sabadell | According to press reports, UNCITRAL (United Nations Commission on International Trade Law) has dismissed the arbitration proceedings initiated by Sacyr against Panama for the Canal expansion works. We recall that this was a claim for damages that we estimated could be around €1 billion BS based on the Agreement on Reciprocal Protection and Promotion of Investments between Spain and Panama. Assessment: This news has no impact insofar…

Companies 5th November 2025

Redeia’s correction offers appeal: speculative purchase at €15; protective stops below €14.75

Renta 4 | Approaching interesting tactical levels, formed by the lows of January this year, which converge at €15.10 with the upward trend line from the lows of 2020. The chart below shows the reactions over the last ten years to exceeded readings in the weekly indicators, resulting in significant rebounds after a few months. We would place protective stops below €14.75, giving some margin to the aforementioned support zone.

Companies 5th November 2025

ACS joins Oracle, OpenIA and Vantage data centre project with €13 billion budget

Link Securities | ACS (ACS), through its subsidiary Turner, has joined one of the largest digital infrastructure projects in the United States, according to Expansión newspaper. This is the data centre complex promoted by Oracle (ORA-US), OpenAI and Vantage in Port Washington, Wisconsin (United States), with an investment budget of $15 billion (around €13 billion) spread over several phases. The US hyperscalers have commissioned a group of contractors to develop…

Companies 5th November 2025

Santander ends partnership with Stellantis in US car loan business

Link Securities | Banco Santander (SAN) has ended its partnership with Stellantis (STLAM-IT) in the US car loan business, which had been in place for more than a decade, according to Expansión newspaper. The bank and the automotive group have agreed to terminate the agreement they signed twelve years ago, three months ahead of schedule, which was due to expire in December. Santander and Stellantis remain partners in Europe.

Companies, Relevant News Item 4th November 2025

ACS Australian subsidiary Cimic wins AU$950 million contract to upgrade Gateway to Bruce motorway

Link Securities | CPB Contractors, part of the CIMIC Group (ACS), has been selected by the Queensland Government to carry out improvements to the Gateway to Bruce motorway, according to a report yesterday by the digital portal Bolsamania.com. CPB Contractors is responsible for 40% of the contract value, which amounts to AU$950 million. This is a transformative infrastructure project to improve safety, connectivity and resilience along the Gateway Motorway and…

Companies 4th November 2025

Atrys Health in negotiations with Grupo Echevarne to formalise sale of Aspy Global Services and subsidiaries

Link Securities | Atrys Health (ATRY) announced on Monday to the National Securities Market Commission (CNMV), in relation to information appearing in the media, that it has received an offer from Grupo Echevarne, S.L. for the acquisition of the entire share capital of Aspy Global Services, S.A.U. and its subsidiaries. Atrys and Grupo Echevarne are currently in negotiations aimed at formalising the corresponding purchase agreement and determining the remaining terms…

Companies 4th November 2025

BBVA issues €1 billion in AT1 bonds (Contingent Convertible Bonds/CoCos) at cost of 5.625%

Bankinter | BBVA may redeem the issue in November 2032. Analysis team’s view: Positive impact. Demand exceeded €5.025 billion (bid-to-cover ratio >5.0x), which allowed the financing cost to be reduced to 5.625% (versus 6.125% initially forecast). Most importantly, the bank’s financing cost is significantly lower thanks to excess capital (CET1 ratio ~13.42% in Q3 2025 against a target of 11.5%-12.0%) and strong results (9M 2025 net profit: €7,978 million, up…

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