Companies

Companies, Ibex, Spanish economy 4th October 2022

Víctor Grifols retires as non-executive chairman; Steven F. Mayer named successor

Renta 4 | On Monday afternoon, after the Spanish market closed, Grifols announced that Víctor Grifols had retired as non-executive chairman, after 50 years in the company, including more than 30 as CEO. In his place, the Spanish manufacturer of blood plasma-based products has appointed Steven F. Mayer as new executive chairman. Mayer has been a member of Grifols’ board for over 10 years. He also has extensive experience in…

Companies, Ibex, Spanish economy 3rd October 2022

Fear (exaggerated) of a fall in office demand affecting Colonial’s share price

Intermoney | The figures from consultancy firm Cushman & Wakefield (C&W) indicate that investment in property in Spain during the first 9 months of this year stood at 12.718 billion euros. This is already more than that for the whole of 2021, which stood at 11.926 billion, according to the daily Expansión. The data to September also beats the total figure for both 2017 and 2018. It is worth highlighting that…

Companies, Ibex, World economy 3rd October 2022

Lula da Silva’s victory does not change Santander’s risk profile, for the time being

Bankinter | Lula da Silva’s victory in the first round of Brazil’s presidential elections does not significantly alter Banco Santander’s risk profile, at least for the time being. Lula, Brazil’s president between 2003 and 2010, has obtained 48.4% of the votes vs current president Bolsonaro with 43.2%. The second round of voting takes place on 30 October. Bankinter analyst team’s view: Brazil is the main source of Santander’s results with…

Companies, Ibex, Spanish economy 2nd October 2022

Caixabank Chairman Believes Rates Hike Will Not Be Sufficient To Obtain A Level Of Profitability Higher Than The Cost Of Capital

Alphavalue/DIVACONS | The chairman of Caixabank, José Ignacio Goirigolzarri, flagged on Thursday that the financial sector must obtain a level of profitability which is higher than the cost of capital, a challenge with which the normalisation of interest rates will help. That said, he believes this hike “will not be sufficient” to achieve this. So the banking sector will have to redouble the transformation efforts made during the last few…

Companies, Spanish economy 1st October 2022

Telcos competition eases: Vodafone, MásMóvil, the MVNOs record positive portability balances; Orange, Movistar negative

Norbolsa | The Spanish telco operators eased competition in July, after registering declines of 13% in mobile portability and 23% in fixed, compared with a year earlier. Vodafone, MásMóvil and the MVNOs recorded net positive portability balances, while Orange and Movistar registered negative balances. In this respect, the commercial pressure seems to be decreasing given that, after the declines in prices in the last few months, there is not a…

Companies, Ibex, World economy 30th September 2022

ACS participating in two consortiums for Canada tram line contract; investment of €3.7 Bn

Intermoney | ACS is participating in the two consortia which will bid for the contract to build a tram line in Calgary (Canada). The investment required will be 3.7 billion euros, according to the daily Expansion. One of the offers includes ACS’ US afffiliate Flatiron, while Dragados is participating in the other bid, along with Acciona and other Canadian contractors. It is foreseen that the best provisional offer will be…

Companies, Ibex, Spanish economy 30th September 2022

PharmaMar to liquidate its susidiary Genómica; losses equivalent to -3.5% of NAP

Bankinter | PharmaMar has abandoned Genómica, which will be liquidated. Its fully-owned subsidiary’s main business is molecular diagnostics, mainly via the development and commercialisation of detection kits. In 2021, this affiliate clocked up sales of 5.2 million euros (2.2% of the total), NAP of -3.2 million (vs +92.9 million for the group) and free cash flow of -3.2 million (+44.1 million euros for the group). Bankinter analyst team’s view: Positive news….

Companies, Ibex, World economy 29th September 2022

Cimic (ACS) has been selected by Victoria’s government to contribute a significant batch of works for Melbourne airport’s railway

Link Securities | ACS’ Australian subsidiary, Cimic, has been selected by the government of Victoria as part of the preferred consortium to supply a significant construction works package for the railway project at Melbourne (Australia)’s airport, according to the digital portal Invertia.com CPB Contractors, which belongs to Cimic, is the specific company which has been selected. And its travel companions are a consortium including John Holland Group and partners Alliance,…

Companies, Ibex, Spanish economy 29th September 2022

Siemens Gamesa says 10-15% of projects with profitability problems related to 5.X will extend to 2024

Banc Sabadell | Siemens Gamesa CEO has assured that 10-15% of the projects with profitability problems (they would be registering losses) related to the new 5.X platform will extend to 2024. This compares with the previous estimate which put these projects’ definitive exit from the portfolio in 2023. We recall that the projects in the company’s portfolio with profitability problems linked to the 5.X platform account for some 2 billion…

Companies, Ibex, Spanish economy 28th September 2022

Acciona Energía signs 10-year PPA with ZEN Energy to supply 200 GWh/yr of renewable energy

Intermoney | Acciona Energía (ANE) (Buy, Target Price 41 euros/share) has signed a 10-year Power Purchase Agreement (PPA) with Australian electricity distributor ZEN Energy. The Spanish company said on Monday, while the market was open, that it will supply 200 GWh/year of 100% renewable energy from its Waubra wind farm. Located in the state of Victoria, the wind farm produces energy equivalent to the demand from over 138.000 homes. Through this…

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