Companies

Companies, Ibex, Spanish economy 20th September 2022

Telefónica seeks reduced price for Oi’s assets auctioned in Brazil

Renta 4 | Telefónica Brasil (Telefónica (TEF) 74,2%) finalised the acquisition of Oi’s assets which corresponded to the Spanish firm for a total of 1.063 billion euros. Telefónica Brasil paid some 966 million euros on the closing date of the transaction in April 2022. The payment of the remaining 10% is subject to specific price adjustments and potential indemnisation obligations. Separately, Telefónica Brasil took on a commitment to make an extra payment of…

Companies, Ibex, Relevant News Item 19th September 2022

Deloitte calculates Aena’s 2020/2021 revenue deficit at €2.482 B

Banc Sabadell | Aena (AENA) is continuing to struggle to reopen the compensation analysis for Covid-19, which the Civil Aviation and the Government have both denied. Now, according to the daily Cinco Dias, Aena will have asked Deloitte to prepare a report. In this, the latter estimates the revenue deficit during 2020, as a result of Covid-19, at 1.394 billion euros ( vs 1.364 billion published by the CNMC) and during…

Companies, Ibex, Spanish economy 19th September 2022

EIG Partners to buy 25% of Repsol E&P via structured group of companies based in Scotland

Norbolsa | US investment firm EIG Partners will buy 25% of Repsol E&P, using a structured group of companies based in Scotland. The structure will be similar to that used by MásMóvil and Asterion. It will allow the use of external debt and the entrance of co-investors; whatsmore it will have fiscal advantages and organisational flexibility.

Companies, Ibex, Spanish economy 1st September 2022

Iberdrola: US court dismisses referendum blocking the ‘New England Clean Energy Connect’

Alphavalue | Iberdrola (Reduce, Target Price €11,4 ++/share): The Court of Justice in Maine (US) has dismissed the referendum which was blocking Iberdrola’s clean energy connection project New England Clean Energy Connect (Necec). It is being developed by the Spanish company’s US subsidiary Avangrid.

Companies, Ibex, Spanish economy 1st September 2022

ACS takes control of Houston highway for €900 mn

Link Securities | Iridium, a concessions subsidiary of ACS, via its US arm ACS Infrastructure Development, Inc., has reached an agreement to buy 44.5% of US firm Blueridge Transportation Group (BTG). The latter is the concessionary company for a 17 km segment of the SH-288 highway in Houston, Texas, which includes on the central reservation two toll lanes in each direction. After this acquisition, ACS’ stake in the BTG will…

Companies, Ibex, Spanish economy 31st August 2022

ACS signs two new contracts worth €800 mn in the US; already obtains over half its revenues there

Intermoney | According to today’s Expansion, ACS (Buy, T.P. 40 euros/share) is beefing up its works portfolio in the US, after signing two new contracts in California with a budget of 800 million euros. Through Flatiron, one of its main subsidiaries in the US along with Turner and Dragados, the Spanish firm has teamed up with local group Myers & Sons to reformulate the current motorway Interestatal 105 (I-105) in…

Companies, Ibex, Spanish economy 31st August 2022

Acerinox to implement ERTE in Algeciras plant due to energy prices

Renta 4 | ACERINOX. Possible new production halt in Algeciras plant due to energy prices. 1-. Acerinox has informed workers’ representatives at its Algeciras plant that it will begin to implement the ERTE (Temporary Employment Regulation) agreed on in March from September 11, for a maximum period of 15 days. This move is the result of high energy prices. 2-. The aim is to cut production of steel lines, hot rolled and…

Companies, Ibex, Spanish economy 30th August 2022

Arcelor’s Joint Venture in India agrees the purchase of assets for $2.4 Bn

Morgan Stanley | ARCELORMITTAL, OVERWEIGHT. The Spanish firm’s JV “Nippon Steel India” has agreed to buy various assets in India (ports, energy and infrastructure assets) from Essar Group. The net cost is $2.4 billion and the aim of the move is to optimise logistics and the supply chain of raw materials and finished steel products for domestic sales within India, as well as for export. We acknowledge the strategic benefits…

Companies, Ibex, Spanish economy 30th August 2022

Acciona, part of winning consortium for €485 Mn contract in Australia

Link Securities | According to Europa Press yesterday, ACCIONA has won a new contract to upgrade a train line in Perth, in western Australia. It includes eliminating six level crossings and building five new stations for 701 million Australian dollars (some 485 million euros). The Spanish firm will carry out these works as part of a consortium formed along with US company Aecon, Canada’s WSP and the Australian firm BMB…

Companies, World economy 29th August 2022

EEUU: the biggest risk is future declines in profits

Morgan Stanley | In reality, during H1 2022 the market was already discounting the FED and the toughening of financial conditions. So we do not see the FED as an additional risk: the biggest risk we see is the declines in future profits. In this respect, our advance profits’ model projects a significant drop in EPS growth over the coming months. A key input in this model is the ISM…

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