Ibex 35 Financial Markets

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Companies, Ibex, Spanish economy 17th December 2022

ArcelorMittal presents offer for Iberdrola’s macro renewables portfolio in Spain valued at some €1.2 B

Link Securities | According to financial sources consulted by the daily Cinco Días, Arcelor Mittal has presented an offer, teaming up with the fund Copenhagen Infrastructure Partners, for Iberdrola’s macro renewables portfolio in Spain. This is valued at some 1.2 billion euros. The decision on which offer will be selected by the electricity giant for the so-called Proyecto Romeo is expected to be published next week. Separately, Cinco Dias said Iberdrola…

Companies, Ibex, Spanish economy 16th December 2022

Increase in capital requirements for some Spanish banks (BBVA, Sabadell, Caixabank)

Singular Bank | The ECB revises and determines minimum capital requirements for each lender annually so that, in function of its own funds, it has an established guarantee of solvency. In this respect, for 2023, BBVA will have to have a CET1 ratio of 8.72% (vs 8.60% in 2022) and a total capital level of 12.97% (vs 12.76%). In the case of Sabadell, the CET1 will have to be 8.65%, compared…

Companies, Ibex, Spanish economy 16th December 2022

Repsol buys 7.700 MW renewables portfolio from Asterion Energies for €560-580 M

Bankinter | Repsol has bought a portfolio of over 7.700 MW of renewable projects from Asterion Energies. The assets are located in Spain (84%), Italy (12%) and France (4%). The Spanish oil and gas company is paying 560 million euros for the portfolio, plus an additional amount of a maximum 20 million euros for contingent payments. Analyst team’s view: Positive news because: (i) it expands its position in renewables. We…

Companies, Ibex, Spanish economy 15th December 2022

Meliá updates valuation of its assets to €4.641 billion (+5,8% vs 2018)

Intermoney | On Monday afternoon, Meliá published a new valuation of its property assets, which was carried out by CBRE. In it, the value of the assets under ownership totalled 4.041 billion euros, to which is added the 600 million for the company’s participation in assets held under joint ventures. This would imply an increase of 5.8% in the valuation vs 2018, when the last one was carried out, despite…

Companies, Ibex, Spanish economy 14th December 2022

ACS, Acciona consortium goes up against FCC in one of the biggest tenders currently in the UK; the remodelling of the Haweswater Aqueduct

Link Securities | The alliance of ACS and Acciona is going up against FCC in one of the biggest tenders there are currently in the UK: the remodelling of the Haweswater Aqueduct, located in the north east of England, according to elEconomista.es. The Spanish firms form part of the terna selected by the UK water company United Utilities to bid for the contract for the design, construction, financing and maintainenance,…

Companies, Ibex, Spanish economy 13th December 2022

Consensus expects close to 22% growth in Amadeus’ revenues in 2023, optimistic without a hike in capacity from the airlines

Morgan Stanley | The tech team is expecting a complicated year, with a slowdown in growth and inflation and interest rates still at high levels. Although rates will become more moderate, they believe it will be difficult for stocks to perform well if earnings expectations come under pressure. For that reason, they prefer to stick with defensive stocks. ASML, SAP and Sage. Further along, it will make sense to add…

Companies, Ibex, Spanish economy 12th December 2022

Endorsement for Enagás: Agreement on H2Med hydrogen underwater inter-connection between Portugal, Spain and France

Renta 4 | On December 9th, as was expected, the development of the H2Med project, interconnecting Portugal, Spain and France for the transport of hydrogen, was agreed. An investment of 2.850 billion is anticipated (2.5 billion for the underwater connection between France and Spain, and 350 million for the connection between Portugal and Spain). Up to 50% of the total amount could be subsidised (requests for aid expected on December…

Companies, Ibex, Spanish economy 12th December 2022

ACS wins $1 B contract in US

Bankinter | ACS has won a contract to build a factory for electric car batteries for Ascende Elements, with a budget close to $1 billion. This contract is the second one that ACS’ US subsidiary Turner has won this year in the electric batteries market. Bankinter analyst team’s view: This is positive news for ACS which continues to show how strong its business is and the growth capacity of its…

Companies, European economy, Ibex 9th December 2022

Banco Sabadell gets offers of €300-350 M from France’s Worldline and Italy’s NEXI for its payments business

Alphavalue/ Divacons | The Catalan lender has received binding offers from France’s Worldline and Italy’s NEXI for its payment business which it put up for sale in September. The offers are between 300 and 350 million euros, with that from Worldline (part of our model portfolio) seeming to be the highest. Sabadell is said to be looking for 400 million euros.

Companies, Ibex, Spanish economy 8th December 2022

Repsol hikes renewables construction to 7.500 Mw in 2025

Renta 4 | Repsol has 2.000 Mw of renewable projects under construction, of which approximately 59% are located in Spain, 35% in the US and 6% in Chile. The company wants to hike its renewable energy generation to 7.500 Mw to 2025. The Spanish oil and gas firm is developing a new photovoltaic energy plant in Villena, with an installed capacity of 300 Mw. Whatsmore, the company is continuing to…

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