Ibex

BBVA

BBVA, top pick in Spanish banking sector for the quarter on possible hike in Mexico guidance

Morgan Stanley | A more positive tone or guidance concerning NII should continue providing support for the Spanish banks. We recall that last week we raised our estimates for NII by an average 5% after incorporating 100 bp of rate hikes vs a previous 50 bp. This should offset the impact of an average 15 bp in CET1 due to the rise in bond yields. Asset quality should remain stable. BBVA…


Repsol

Germany, Canada negotiate investing €2 B in Repsol’s Saint John LNG plant

Renta 4 | Germany and Canada are negotiating an investment of 2 billion euros in the Saint John LNG regasification plant, owned by Repsol. The aim is to be able to export gas to Europe to reduce dependence on Russia, according to press reports. The Canadian Environment Minister has indicated that Repsol’s plant would be the one which could most quickly make the deployment, as it already has the infrastructure…


Repsol

Repsol and Ardian bid for majority stake in PLT Energía

Renta 4 | Repsol would be interested in buying Italian renewables company PLT Energía. Repsol and the French fund Ardian are bidding for a majority stake in the Italian firm valued at 1 billion euros, according to press reports. In the event the possible purchase happens at some point in the future, it would mean Repsol disembarking in the Italian energy market. Swedish fund EQT would also be interested in…


Iberdrola

Iberdrola commits to maintaining its €3.5 B investment in the UK despite new regulatory framework

Link Securities | Iberdrola has committed to maintaining its planned 3 billion pounds (some 3.5 billion euros) investment in the UK. This is despite the new regulatory framework proposed for network operators in the country which limits profits, according to a report in Expansion. The Spanish electricity company explained on Thursday that it plans to continue to drive energy transformation in the UK as part of its transition towards an…


Ferrovial-Toronto

Exposure to the US, sensitivity to inflation and protection against the upticks in IRRs:Overweight Ferrovial (T.P. 34 eur/share)

Morgan Stanley | After it being the principal motive for criticism from investors, the recent recovery in traffic on the 407-ETR (-19% vs 2019 en Q2’22; -34% vs 2019 in Q1’22) is driving Ferrovial’s momentum in the short-term. And it also provides support for a return to dividend payments mid-July 2022. In Heathrow, increased traffic, more inflation-linked in the short-term and lower CAPEX more than offset cost expectations. Meanwhile, in the…


Grifols

Grifols could be negotiating €2 B capital hike; debt rose to 5.4x NFD/Ebitda end-2021

Bankinter | Grifols could be negotiating a 2 billion euros capital hike (c. 18% of its current capitalisation) with various funds. The objective is to cut its debt which is equivalent to 6.9x EBITDA, according to a daily newspaper. Grifols’ share price took a hit this morning on the IBEX 35, falling as much as 13%. Bankinter analyst team’s view: Negative news. If this rumour is correct, the capital increase…


Heathrow

UK regulator proposes cutting Heathrow landing charges

Bankinter | The UK’s Civil Aviation Authority (CAA) has proposed that the landing fees at Heathrow be cut from 30.19 pounds per passenger to 26.31 pounds in 2026. This would imply a 2.6% annual decline over the next five years. The CAA believes this will allow for a balance between allowing the aiport to invest in infraestructure and maintaining fees at levels which customers can afford. Bankinter analysts team’s opinion:…


Acciona

Acciona hikes stake in Nordex to 39.6% vs 33.6%

Intermoney | Acciona (Buy, Target Price 210 euros) has informed the Stock Market Regulator (CNMV) that it has subscribed to a capital increase carried out by German wind turbine manufacturer Nordex SE. The Spanish company has subscribed to 10% of Nordex’s capital, with exclusion of pre-emptive subscription rights available to the rest of the shareholders. As a result of the above-mentioned operation, Acciona’s share in Nordex has increased from 33.6%…


Indra

Silvia Iranzo’s resignation leaves Indra with just two independent board members

Renta 4 | Silvia Iranzo tendered her resignation after the cessation of 5 independent Board Members at the AGM held last Thursday. There are now just two independent Board Members, Ignacio Martín and Francisco Javier García Sanz, who could resign very soon. Stock Market Regulator (CNMV) chairman, Rodrigo Buenaventure, described the events at the AGM as “striking and worrying”. He added that the regulator will analyse what took place “rigorously and…


Heathrow

Heathrow hikes passenger estimates for 2022: will recover 67% of pre-Covid levels this year

Bankinter | The UK’s Heathrow airport has improved its passengers’ estimate for 2022 to 54,4 million, which would mean a recovery of 67% of 2019 levels. It’s an improvement of 3% on the 52,8 million forecast in April. The company foresees revenues doubling to 2.593 billion pounds and adjusted EBITDA growing 257% to 1.370 billion pounds. That said, it has warned that uncertainty remains high and that there are significant…