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Ibex

aena airport

Companies, Ibex, In Spain, Spanish economy 15th February 2023

Aena passenger numbers exceed pre-virus levels in January for first time (+2% vs 2019)

Bankinter | Aena (AENA) airports recorded 16.9 million passengers in January, which is +2% compared to January 2019 (pre-virus) and compares with -2% in December. Compared to last year, it is up +63%, although it should be borne in mind that, at the beginning of last year, traffic was still affected by the Omicron variant. Analysis: Good news. Passenger traffic continues to improve in January, surpassing pre-virus levels for the…

telefonica

Companies, Ibex, Spanish economy 8th February 2023

Telefónica to collaborate with Saudi operator STC Group to develop business in Middle East and North Africa

Link Securities | Telefónica has signed a strategic partnership agreement with the Saudi Arabian telecommunications operator STC Group to develop joint business in the Middle East and North Africa. With the signing of this agreement, STC Group becomes a member of TEF’s Partners Program, an initiative of alliances with other operators launched by the Spanish company in 2011 and covering more than 65 markets in Europe, Latin America, the Middle…

repsolatardecer

Companies, Ibex, Spanish economy 8th February 2023

Repsol continues to accelerate growth of self-consumption business through Solmatch

Renta 4| Repsol (REP), through Solmatch, has more than 350 installations in Spain. Solmatch is a sustainable energy service focused on distributed or decentralised generation in Spain that was launched by the company in 2020. Repsol has agreements to develop solar communities (collective self-consumption). One of these agreements is with the Lasalle Schools, where the entities have committed to developing a total of 29 self-consumption parks in different schools located…

Iberdrola

Companies, Ibex, Spanish economy 31st January 2023

Iberdrola tops 7,500 employees in US, its main investment destination

Norbolsa | Iberdrola has surpassed 7,500 employees at its US subsidiary Avangrid, while at the same time generating a total of 70,000 jobs in the country through its purchases and investments. As the electricity company explained in a statement, the United States is the main destination for its investments, with more than $21,500 million (€19,723 million) for the three-year period 2023-2025. Regulatory stability and the commitment of the different administrations…

Cellnex

Companies, Ibex, Spanish economy 1st January 2023

Cellnex is undervalued but there will be a better time to enter when rates drop: Equalweight (44 euros/share)

Morgan Stanley |Cellnex’s organic growth story is undervalued by consensus. In the current environment, Cellnex is going to slow down on M&A. This takes away the possibility of accelerating growth and so debt reduction will be slow. That said, we are waiting for a better point of entry when the central banks begin to cut rates. Cellnex, Equalweight, 44 euros. 

Acciona

Companies, European economy, Ibex 31st December 2022

Acciona awarded one of three 7-year handling licences at Düsseldorf airport

Link Securities | Acciona Airport Services, a subsidiary of Acciona, has been awarded one of three handling licences put out for tender at Düsseldorf  airport. The licence has a duration of seven years. Acciona has been operating at Germany’s third largest airport since 2016, according to Europa Press. Acciona will continue to provide all the services the airlines require for their ground operations. These include passenger check-in and boarding, ramp…

ACS

Companies, Ibex, Spanish economy 29th December 2022

Adif awards ACS, Rover and Tecsa €443 M contract for high-speed train works in Valencia

Link Securities | According to the daily laInformacion.com, Adif Alta Velocidad has awarded the joint venture formed by ACS, Rover and Tecsa the contract to execute the works in the plans for the construction of the new access channel to integrate the high-speed railway in Valencia. Also to extend and remodel the Joaquín Sorolla station and increase its parking area.ç The contract is worth 443,4 million euros, VAT included. It…

ArcelorMittal

Companies, Ibex, Relevant News Item 28th December 2022

Arcelor, biggest opportunity for a rerating and biggest “mispricing” (Overweight)

Morgan Stanley | China’s reopening trade and the support for its property market has sparked a strong rally in the steel sector and in underlying commodities, leading the stocks to already discount a recovery in demand during 2023. Now there is an <8% average upside to target prices, so the risk/return is not attractive. The base scenario assumes a recovery in China in Q2’23. However the road will be bumpy,…

acsCM

Companies, Ibex, Spanish economy 27th December 2022

ACS wins two new contracts for transport and mining in Australia worth €317 M

Link Securities | ACS, through its Australian subsidiary Cimic, has added two new contracts to its international portfolio. It has been awarded two transport and mining contracts in Australia for a combined amount of 500 million Australian dollars (some 317 million euros). On Wednesday, its subsidiary firm CPB Contractors was selected by the huge UK mining company Rio Tinto to build the necessary infrastructure to carry out operations in the…

Fluidra

Companies, Ibex, Spanish economy 27th December 2022

Fluidra buys all of Meranus Group for some €30 M

Link Securities | On December 23, 2022 Fluidra Commercial, S.A.U., an indirectly fully controlled subsidiary of Fluidra, reached an agreement to fully acquire the German companies Meranus Haan, Meranus Lauchhammer and Aquacontrol. These firms together form the Meranus Group, a recognized swimming pool equipment distributor in Germany. It is also a manufacturer of swimming pool dosing and control technology. Meranus’ expected revenues for the year ending 31 December 2022 are…