Renta4 | ACS is studying the possibility of floating its renewable business. The company, through Cobra (subsidiary of industrial services) counts on a portfolio of assets of 2,000 MW between installed and adjudicated projects, which according to this information could secure a valuation of 2 billion euros.
Ángel Pérez Llamazares (Renta 4) | Caution due to risk factors/ catalysts in short medium term. We raise Aena’s stock O.P. to 150.3 euros.
Bankinter | The company announced in its shareholders´ general assembly yesterday that it would be considering creating a Socimi in Portigal that would be consituted before the end of the year.
Banc Sabadell | We analyse the strategic plan for 2018-19, concluding that its target of average ROE 19-20 of 20% is achievable, given that it would imply post tax profits of around 940 million euros and we forecast that it could best this.
Sabadell | The funds Lone Star and Apollo have demonstrated interest in acquiring 100% of Ferrovial’s services subsidiary. Goldman Sachs distributed the indicative document (teaser) several weeks ago.
Renta 4 | Spanish oil company Repsol published its operational data for Q119. In the first quarter of the year, the price of Brent Crude (63.1$/b) fell -5% yoy and -8% compared to Q418 because of the strong reduction in crude prices since their highs at the beginning of October (-42% until the end of December, although with a subsequent recovery of +28% from the beginning of 2019 until the end of March).
Alphavalue | During the last decade, Banco Santander has successfully diversified constructing a portfolio of low risk/high growth activities. Although it should guarantee the longevity of the group, it has not translated into profits for smaller shareholders.
Bankinter | Iberdrola is preparing a bond issuance in Brazil. The Spanish company’s aim is to secure financing for its Brazilian subsidiary’s new investments. Among these investments, the adjudication of network projects valued at €1.380 billion stands out.
Fitch downgraded Red Eléctrica (REE, A- from A, and elevates the perspective to stable from negative) after the firm’s acquisition of Hispasat. The credit rating agency says that the 2018-2022 strategic plan announced by the group in February “does not support a capital structure consistent with the ‘A’ rating level in the medium term.”
Renta4 | IAG has published the March air traffic data, which show a beginning to the year similar to the company’s capacity (supply) target for Q119, with demand growing slightly more than supply, and in line with the target for the year of 5.9%.