Repsol could cancel definitively the swap agreement with Venezuela
Spanish oil company Repsol has temporarily suspended the exchange with Venezuelan State Oil Company PDVSA of its refined products for Venezuelan crude, according to Reuters.
Ibex
Cellnex: potential value of future transactions begins to be reflected in share price
Santander Corporate & Investment | We continue to like Cellnex´s long term history (Objective Price for December 2018 of €27.30/share, based only on the current scope), but the potential value of future corporate transactions will begin to be reflects in its listing. Maintain.
Telefonica invests in the different frequencies auctioned in Germany
Link Securities | Telefónica has invested 1.0063 billion euros in the 19 March auction of new radioelectric frequencies in Germany, according to information facilitated by Germany´s Federal Networks Agency, while awaiting official confirmation.
Siemens Gamesa wins two maritime wind farm projects in France for 1 GW
Link Securities | The Spanish-German company Siemens Gamesa (SGRE) has signed a framework agreement with Eolien Maritime France (EMF) (constituted by EDF Renewables and Enbridge), through its French subsidiary Siemens Gamesa Renewable Energies SAS.
Cellnex: valuation of TDF around 18x its EV/EBITDA
Renta4 | Cellnex (CLNX) has contracted Goldman Sachs for the acquisition of a holding in the French company TDF. The news limits the posible holding to 60%, in a company in which Brookfield, which holds 45%, has announced the sale of its holding.
Santander and Crédit Agricole create a global competitor in securities custody
Bankinter | Credit Agricole (CA) and Banco Santander (SAN) will merge their securities management and custody activities: CACEIS for CA and Santander Securities Services(S3) for SAN (it will contribute 100% of S3 in Spain and 49.99% of its business in Latin America)
ACS studies floating its renewable business, basically solar power
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.
Aena: Caution facing risk/catalyst factors in short/medium term
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.
Merlin could create a Socimi in Portugal or list on the Lisbon stock market
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.
Mapfre: 85% of improvement in post tax profits should come from Brazil and US
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.