Companies

Companies, Ibex, Spanish economy 22nd October 2022

Aena Chairman Tells Congress It Expects Profits Of “Several 100 Million” Euros

Link Securities |Yesterday in Congress, Aena chairman Maurici Lucena talked about the company’s budget. He flagged that Aena expects to generate several hundred million euros in profits which “will benefit all Spaniards”, due to the State’s 5% stake in the group, according to Expansión today. Lucena appeared in Congress to explain Aena’s budgets for 2023, although he did not provide any more details. That said, in the budget for 2022 Aena…

Companies, Ibex, World economy 22nd October 2022

Grifols Facing A Class Action In The US Related To The Biometric Privacy Law

Renta 4 | Grifols would be facing a class action on the part of 54.000 donors in the state of Illinois, in the United States. The plaintiffs are arguing that Grifols has not complied with the state’s Biometric Privacy Law, since they have demanded that donors provide their fingerprints, not destroy this information and exceed the specific objective for which it was registered. According to the plaintiffs this violated their…

Companies, Ibex, Relevant News Item 20th October 2022

Inditex is exploring the sale of its Russian business to an Asian partner

Bankinter | According to the Russian media, Inditex will transfer its assets there to partners in a “friendly” country in Soutb East Asia or the Persian Gulf. The solution would include Massimo Dutti, Oysho and Zara Home leaving the Russian market completely. Meanwhile other brands, particularly Zara, would operate under other names and with new collections from spring of 2023. It could take six months to a year to finalise…

Companies, Ibex, Relevant News Item 19th October 2022

Telefónica considers revising strategic plan which created Telefónica Tech and Infra

Link Securities | Telefónica is considering revising its current strategic plan via which it created Telefónica Tech and Infra (amongst other decisions). Sources familiar with the operation confirmed this to news agency Europa Press on Monday, after it had been advanced earlier by El Confidencial.com. Telefónica wants to adapt the plan to the macroeconomic context of high inflation. The Spanish telco has hired McKisey&Company to carry out an analysis, the…

Companies, Ibex, Spanish economy 19th October 2022

Ferrovial offers a defensive profile, given its exposure to the dollar, unquestionable quality of its assets

Intermoney | Results for 9mths 2022e – EBITDA will rise 17% (IMVe). Ferrovial will announce its third quarter results on Thursday 27 October after the market’s close, followed by a conference call. The day before Heathrow and Budimex will have released their figures. In our estimates, we expect the strong progression in Motorways to be confirmed, partly offset by a decline in Construction, phenomena already noted in June. All in all, EBITDA…

Companies, Ibex, Spanish economy 17th October 2022

BBVA: Upside in NII and margins, stable capital situation; Turkey risks already in the price

Morgan Stanley |We have carried out a survey amongst our sectorial analysts to find out their estimates with regard to consensus expectations for each sector. Also to identify where they are most confident in terms of results. The survey flags a solid Q3, with 50% of sectors beating forecasts vs 13% seen as falling behind. That said, looking ahead at FY’23, my analysts predict a clear downside risk to consensus…

Companies, Ibex, Relevant News Item 17th October 2022

Repsol enters Acteco’s capital with 27% stake

Renta 4 | Repsol has bought 27% of Acteco, which specialises in the pickup, management and recycling of waste in Spain, specifically plastics. With the acquisition of this stake, the oil and gas company has guaranteed the supply of waste which will be used in the manufacturing of low emission products. Repsol continues to bet on the circular economy. No financial details of the transaction have been revealed. With Repsol…

Companies, Ibex, Spanish economy 16th October 2022

Meliá accelerates sale of own properties (11%), betting on management contracts (43%), franchises (16%)

Link Securities | Meliá Hotels is accelerating the sale of its properties and increasing its bet on management contracts and franchises, the daily Cinco Dias said today. Meliá, with a portfolio of 330 hotels and a further 48 signed for the next few years, was dragged down in financial terms during the pandemic by having to maintain its own hotels without any activity going on. So last Tuesday, the hotel chain…

Companies, Ibex, Spanish economy 15th October 2022

BBVA ups sustainable financing target to 300 billion euros vs initial 100 billion announced in 2018

BBVA has upped its targets for sustainable financing. The Spanish lender expects to reach 300 billion euros of products linked to sustainability targets in the period 2018-2025, according to the daily Cinco Dias, citing BBVA chairman Carlos Torres during a conference in Washington. Cinco Dias said the new amount would represent a 50% increase on the goal of 200 million euros announced in July 2021, when the bank updated its…

Companies, Ibex, Spanish economy 12th October 2022

Dividing up Naturgy would involve «inopportune complexities» for the Government

Banc Sabadell | The Géminis plan aimed at dividing Naturgy into two entities would involve ill-timed complexities in the eyes of the Government, according to official sources, cited by the press. The main reason should be that Naturgy is considered as strategic, due to the fact that it is the main supplier of gas to the Peninsula via Medgaz. The current environment as a result of the war in Ukraine…

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