Ibex 35 Financial Markets

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Companies, Ibex 18th September 2025

Acciona Energía sells 65% stake in Costa Rican Chiripa wind farm to minority partner Ecoenergía for around €71.4 million

Renta 4 | Acciona Energía has announced the signing of an agreement with Ecoenergía for the sale of its majority stake (65%) in the Chipira wind farm (49.5 MW), located in Costa Rica. The value of the transaction (EV) amounts to up to $80 million (€80 million). The asset has been in operation since 2015. The concession for the farm was due to be transferred to the State in 2033….

Companies, Ibex 18th September 2025

UBS raises recommendation for Inditex to “buy” from “neutral” and ups target price from €48 to €52

Alphavalue / Divacons | Shares in the Spanish fashion company rose 0.75% yesterday after UBS raised its recommendation to ‘buy’ from “neutral” and raised its target price from €48 to €52 thanks to a business model ‘based on local sourcing and the integration of physical and online sales’. Our analysts give Inditex upside potential of almost 10%. Meanwhile, José María Castellano, former CEO and vice-chairman of Inditex, passed away yesterday…

Companies, Ibex 10th September 2025

Preview of Solaria’s H1 2025 results: profit up 60% to €67 million, only partially affected by amortisation and financial expenses

Intermoney | Solaria (Buy, PO €13) will announce its 1H25 half-year results on Tuesday 30 September, holding a conference call after the market closes. The main figures from our estimates are shown in the attached table and should reflect: 1) a year-on-year decline in production of 7%, as the company has the same installed capacity and following a mediocre first half in terms of weather; and 2) the impact of…

Companies, Ibex 9th September 2025

Casa Grande de Cartagena, Del Pino family’s family office, puts 3.4 million Ferrovial shares up for sale

Alphavalur/DIVACONS | Casa Grande de Cartagena, the Del Pino family’s family office, has put up for sale some 3.4 million Ferrovial (FER) shares for a total amount of €158.5 million, which constitutes about 0.4% of the construction company’s capitalisation, at a market price of €46.61 million. Expansión newspaper reports that María del Pino is one of the largest shareholders with almost 50% of the family office, and declares an 8.2%…

Companies, Ibex 5th September 2025

Inditex underperforming Ibex by 41% since December, worst performance in group’s history

Renta 4 | On Thursday, it will present its quarterly results in an important technical situation. Since April last year, it has been forming a demand and support zone at €41, with a filter down to €39.60, where it presents the closing of a significant bullish gap. Technical indicators are reversing from exceeded levels, which favours a recovery process in the coming months, although the price would have to confirm…

Companies, Ibex 3rd September 2025

Redeia: poised for upside after EPS downgrades due to disappointing regulatory proposal; recommendation raised to Overweight

Morgan Stanley | Our analyst Arthur Sitbon changes Redeia’s recommendation to OW, seeing the shares poised for a rebound after discounting regulatory and blackout risks. He notes that its underperformance has been partly due to negative EPS revisions following a disappointing regulatory proposal, which now sets a floor for expectations, although he does not expect major changes in his base case scenario. He identifies an earnings inflection point in 2025,…

Companies, Ibex 2nd September 2025

Citigroup ups stake in Amadeus to 4.02%

Alphavalue / Divacons | Citigroup increased its total stake in Amadeus IT Group’s share capital to 4.02%, according to a notification sent to the Spanish National Securities Market Commission (CNMV). CitiGroup’s current position breaks down into 1.593% in direct and indirect voting rights and 2.427% in financial instruments. In other news, Bank of America downgraded its recommendation for Amadeus, believing that it will perform ‘worse than the market’ due to…

Companies, Ibex 2nd September 2025

Supply and demand for Puig Brands stable within tedious range since May

Renta 4 | By the lows of last April, it had accumulated a 49% drop from its IPO highs. Since May, supply and demand have stabilised in a tedious range, with support at €15.7 and resistance at €17.45. Although this range could break downwards, we would be paying particular attention to the upper end, which is the transition zone of the main downtrend and a tactical turning point upwards. The…

Ibex, Markets 1st September 2025

Investors should not resist data centre trend, even if valuations appear high; EW maintained for Merlin Properties

Morgan Stanley | Our analyst Bart Gysens continues to see attractive risk/return in EU real estate, although he prefers to focus on idiosyncratic stocks while awaiting a turnaround in bond yields. In the logistics sector, which is under greater pressure, he believes we have already passed the peak of deterioration in sentiment and demand, with CTP being his top recommendation. In terms of relative value, he prefers office stocks in…

Companies, Ibex 28th August 2025

Santander’s ROTE could approach 20% if lack of profitability in US retail business addressed

Morgan Stanley | Our analyst Álvaro Serrano reiterates Santander as his Top Pick, raising his target price from €8.30 to €9.50, while analysing what could lead to a ROTE of 20%. With capital stabilised and excess capital redistributed, Serrano believes that Santander’s global platform and the normalisation of profits in Brazil will drive the next phase of growth. He revises his profit estimates upwards by 7-8% for 2026/27, remaining 9%…

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