Just a year ago Amadeus was left just outside the EuroStoxx50, the main stock market index in the Eurozone. But this year´s revision has guaranteed, at last, its entry, which will take effect on 24 September. Amadeus will join other Spanish companies which form part of the index such as Santander, BBVA, Iberdrola, Telefonica and Inditex.
Link Securities | The Spanish construction and infrastructure company Ferrovial has won the contract to install two electrical substations in support of the construction of what will be the UK´s first high speed rail line linking London and Birmingham.
Morgan Stanley | For the first time since its flotation (17 years ago), we put the recommendation as Sell (underweight) with an Objective Price which falls from 26 to 21 Euros.
Renta 4 | The ratings agency S&P has maintained the rating of BBVA, but has lowered the Outlook from stable to negative because its exposure to Turkey through Garanti, of which BBVA controls 49.85% and which accounts for 15% of the Group´s profits.
Santander | After the collapse of the Morandi bridge in Genoa, the Italian government has begun the process of terminating ASPI´s concession. The management team could try to negotiate possible solutions to avoid the termination, despite the protection offered by the terms of the contract.
Bankinter | We are revising our recommendation for BBVA to Neutral from Buy because of the deterioration of the situation in Turkey.
Repsol has reached agreement to acquire 40% of Mexican lubricant company Bardahl, which represents its biggest purchase in this business and pushes forward its internationalisation strategy in Downstream.
Banco Santander increased attributable profit in the first half of 2018 to €3,75 2 million, 4 % higher than the same period of last year after a €300 million net charge primarily related to integration costs for Banco Popular. At the time of the Popular acquisition, on June 7 th 2017, the Group said it expected to register € 300 million in integration costs per year until 2019.
Sabadell has just announced the sale of real estate assets to the fund Cerberus for 9.1 billion euros. The assets have been given a net value of 3.9 billion euros, which means Sabadell will have to make provisions for 92 million euros. Cerberus will hold 80% of the joint Enterprise called NewCo, leaving Sabadell with 20%. Specifically, the operation has been structures through the issue of two portfolios of real estate assets commercially named “Challenger” and “Coliseum”.
Naturgy´s adjustments in the value of its conventional electricity generation assets in Spain will rise to 3.7 billions. According to what the group, old Gas Natural Fenosa, told the regulator CNMV, this results from a depreciation of the value of its assets of 4.9 billion euros.