Banco Popular posted losses of 137 million euros in the first quarter, compared with profits of 93.79 million a year earlier. The losses were higher than forecast, and were the result of provisions totalling 496 million euros, up 69.9% year-on-year.
Repsol made net profit of 689 million euros in the first quarter of 2017, up 59% from a year earlier, fuelled by plans implemented to increase the company’s resilience and flexibility against the current backdrop of low prices. Its downstream business was the main driver of its strong first quarter performance.
On May 2, Fitch confirmed its BBB+ rating with a stable outlook for Abertis, citing as reasons the company’s recent acquisition of 100% of Sanef and the fact it has less debt than its competitors.
Caixabank reported net attributable profit of €403 million in the first quarter of 2017, up 47.9% year on year. During the quarter, the Caixabank Group effectively has become the leading bank in the Iberian financial sector, with a business volume of €565,987 million and 15.8 million customers. Following the integration of BPI, the Bank has gained a further 2 million customers, €34,037 million in customer funds and €23,328 million in loans and advances to customers, gross.
Banco Santander delivered an attributable profit of €1,867 million during the first quarter of 2017, +14% compared to Q1 2016. Excluding currency movements, profit before tax increased by 17% to €3,311 million . The underlying business performance was strong, with positive trends in all markets and particularly good growth in Latin America, Spain and Santander Consumer Finance.
Particularly affected by the Brexit vote, due to its UK exposure, Sabadell’s share price has moved sideways and accumulated underperformance vis-à-vis the broader sector until the US election. As reported by Carax-Alphavalue, the latter’s outcome was “rapidly digested”, freeing the stock’s upside potential which has regained a large portion of the lost ground.
Eight months ago Carax-Alphavalue held the view that Gamesa was fully priced ahead of it falling into the Siemens bag. This opinion proved correct only for the following two months. Another six months on and the Spanish wind-turbine manufacturer is looking decidedly expensive at €21.5, even though they have upgraded their target price on the back of a strong 2016 delivery.
Indra’s digital transformation unit Minsait is giving a new boost to the construction of solutions with great innovative content in the realm of smart cities through its participation in the European R&D program Smart Cyber Physical Systems Engineering (CPSE) Labs.
The merger of Gamesa with Siemens’ wind energy business will be effective from the beginning of April and within the next twelve working days the companies will pay an extraordinary gross dividend of 3,59 euros per share.