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Ibex

iag 1440x808 1

Ibex 10th March 2026

IAG remains top pick: solid results, FY26 outlook and comparatively lower exposure to jet crack volatility than peers

Morgan Stanley | Analysis by Axel Stasse (analyst) shows that flag carriers are more exposed to rising aviation fuel prices than low-cost airlines. The main European low-cost carriers have directly hedged their exposure to jet fuel, which protects them from recent volatility. In contrast, flag carriers hedge mainly with Brent/diesel and add exposure to jet fuel closer to the flight, leaving them more exposed to crack spread volatility. Deutsche Lufthansa’s…

Repsol gasolina

Ibex, In Spain 5th March 2026

Government plans to intervene in Repsol, Moeve and BP prices if necessary in light of impact of Persian Gulf conflict

Banco Sabadell | In an interview with TVE yesterday, the Minister of Economy, Carlos Cuerpo, stated that the government will be monitoring fuel prices due to the potential impact of rising oil and gas prices in light of the conflict in the Persian Gulf, as price increases are passed on very quickly and decreases very slowly. Carlos Cuerpo referred to the war in Ukraine, saying that they would be prepared…

bancos españoles nuevo

Companies, Ibex 23rd February 2026

Spanish banks: return on equity (RoTE) equal to or greater than 20% for most from 2027 onwards

Deutsche Bank | Spanish banks continued to demonstrate stronger-than-expected net interest margin resilience in 2025, navigating a challenging rate environment thanks to proactive liquidity management and a faster-than-expected recovery in loan growth. This strong performance, coupled with solid diversification of fee income and continued cost control, positions the sector for sustained profitability. We expect net interest margin to resume an upward trend in 2026, supported by broadly stable net interest…

redeia fachada

Companies, Ibex 16th February 2026

CNMC asks Red Eléctrica to submit grid access capacity map before 20 February

Link Securities | The National Commission on Markets and Competition (CNMC) has given Red Eléctrica (REE), a subsidiary of Redeia (RED), until Friday 20 February to submit the so-called ‘map of electricity transmission network access capacity’, according to Expansión newspaper. In other words, the high-voltage network operator in Spain must detail which nodes are available to connect new electricity consumers, such as data centres. The CNMC is thus putting pressure…

aena

Companies, Ibex 7th January 2026

Aena to propose raising airport charges between 3% and 5% annually for 2027-2031

Alphavalue/ Divacons | The airport operator will propose increases in airport charges paid by airlines of less than 6% until 2031, according to its president Maurici Lucena in Expansión. The company is in talks with airlines and the final fees will have to be approved by the Spanish government in September. The fee increase would help finance a €13 billion investment plan to expand airports that are approaching their capacity…

electricity

Ibex 22nd December 2025

Redeia and Endesa: Council of State questions CNMC on network remuneration methodology

Banco Sabadell | According to press reports, the Council of State has issued a legal ruling questioning the legal validity of the circular on network remuneration methodology, particularly the Totex model, as linking remuneration to future demand introduces a market risk that is incompatible with the regulated nature of the activity, while imposing limits on investment could encroach on the Ministry’s powers. However, with regard to the circular on the…

Naturgy edificio 640x420

Ibex 18th December 2025

Blackrock sells 7.1% of Naturgy stake, becoming fourth largest shareholder

Alphavalue / Divacons | Blackrock adjusted its stake in Naturgy to 12.6% after selling 7.1% held through Global Infrastructure Partners (GIP), according to the latest update of the National Securities Market and (CNMV) records published yesterday. This makes the investment fund the fourth largest shareholder, behind Criteria (23.96%), CVC (18.58%) and the Australian fund IFM (15.16%). Meanwhile, CriteriaCaixa strengthened its position as Naturgy’s main shareholder by increasing its stake to…

bbva sabadell

Companies, Ibex 25th September 2025

BBVA admits second takeover bid for Sabadell could compromise capital distribution plan

Alphavalue/DIVACONS | BBVA (BBVA) admits that a second takeover bid for Banco Sabadell (SAB) could compromise its capital distribution plan, according to Expansión. The bank notes the ‘negative impacts’ that a possible second takeover bid for Banco Sabadell, which would be financed with ‘available resources’, would have on its solvency. Meanwhile, Zurich Insurance Group (Add, Target Price CHF 635) notified the National Securities Market Commission (CNMV) that it owns 4.947%…

telefonica edificio

Companies, Ibex, Relevant News Item 19th September 2025

Telefónica given regulatory approval for sale of Telefónica Uruguay for €373 million

Renta 4 | The regulatory authorities in Uruguay have approved the acquisition of Telefónica Uruguay by Millicom. Telefónica Hispanoamérica S.A., a wholly owned subsidiary of Telefónica, reached an agreement in June with Millicom Spain S.L. to sell its 100% stake in Telefónica Uruguay. The agreed price was $440 million (approximately €373 million). Assessment: This news was expected given that Millicom was not present in Uruguay. This transaction confirms the divestment…

Acciona energia guapa

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….