The EIB provides €120 M financing for Repsol’s C43 biofuels project in Cartagena

Renta 4 | Repsol has obtained a 120 million euros loan from the European Investment Bank, which will be earmarked for financing the company’s biofuels plant in Cartagena, Murcia. The investment for the C43 project would be180 million euros, according to Repsol. It has already announced it would carry out investments aimed at converting the plant into the first advanced biofuels plant with low Co2 emissions. The C43 project will…


Cellnex extends until 2026 Retevisión and Spanish subsidiaries collective bargaining agreement

Norbolsa | The company has closed an agreement with the trade union leadership to extend for a further two years until 2026 the collective bargaining agreement for Retevisión and the Spanish subsidiaries until 2026. This agreement sets a 6.7% ceiling on salary reviews. And it provides job stability limiting the possible loss of purchasing power to 2% in the coming years. In effect, the agreement includes the recovery of this…


Iberdrola will build a hydrogen and green methanol planta in Australia with €1.1 B investment

Bankinter | Iberdrola has reached an agreement with the Abel Enery group to build a hydrogen and green methanol production plant in Bell Bay, in northern Tasmania (Australia). The investment required will be 1.1 billion euros. The project, called Bell Bay Powerfuels, is backed by the Australian government and will be one of the biggest plants in the world. The production capacity of the new plant will be 200.000 tonnes…


Ibex 35: Unicaja becomes sixth bank to join selective index on 27 December

Intermoney | The Ibex 35 Technical Committee (CAT) announced yesterday, after the market’s close, that Unicaja will join the selective index from Tuesday 27 December (the markets are closed on Monday 26). Unicaja will replace Siemens Gamesa after the successful takeover bid launched by the latter’s parent company. At the same time, Unicaja’s entering the Ibex 35 means that Talgo will join the Ibex Medium Cap index, replacing the bank….


Sabadell would have bought back 20% of its back office subsidiary

Renta 4 | In line with information in the press and without any official figures on the transaction, Sabadell would have put an end to the alliance with Indra and NTT Data, who own 20% of if its back office subsidiary (BSOS). This move would be in response to the change in the bank’s strategy and the reduction in the workforce at BSOS after the voluntary departure programme in 2020….


Santander: EPS 2023 estimates lowered by 3% as US subprime auto loans delinquencies rise

Morgan Stanley | The increase in delinquencies in subprime auto loans in the US, as well as the normalisation of second hand car prices, is not being caught by consensus. When this happens, the debate will begin over the weak yield in the region, preventing a rerating of the security. The analyst is lowering EPS 2023 forecasts for Santander by 3% due to the increase in the level of provisions…


Resilient growth and margins, reasonable valuation, sustained cash generation: Buy Inditex (T.P. 27,5 euros/share)

Bankinter | Inditex’s Q3’22 results (August-October) met expectations. Sales were up 11% vs expected 9%. Despite some deterioration in a difficult context, margins are holding up at levels close to historic highs (M. EBIT 21.3% vs 21.7% in Q3’21). The Q4 kickoff, which includes the Christmas season (on average 30% of annual sales), is good. In the first 5 weeks (from November 1 to December 8) sales grew 12%, gaining…


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…

European banks

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…


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…