Market Consensus takes a clear punt on 9 Spanish stocks
José A. Santos (Patrivalor) | The stock market value of the 60 Spanish companies analysed totalled 557.375 billion euros at end-September 2016, down 5.5% from end-2015.
Ibex
Santander Strategy Update: Resilience Priced In At Current levels
UBS | Santander updated the main targets of its 15-18E business plan. The new 11% Group ROTE18E figure (previous 13%) is largely aligned with our existing forecasts, to which we make modest changes.
Inditex Is Pricey But It Still Has Years Of Upside
The Gallegan fashion retailer never fails to amaze us with its growth capacity, which is also healthy. As of now, it is not just the leading Spanish company in stock market terms but also one of the three or four in the Eurostoxx 50 worth over 100 billion euros.
Banco Santander Reaffirms Its Key Shareholder Targets For 2018
The Eurozone’s second largest lender confirms plans to increase Earnings Per Share (EPS) in 2016 and 2017, reaching double digits by 2018, and grow Dividend Per Share (DPS) and Tangible Net Asset Value (TNAV) Per Share every year.
Telefonica’s Blown It With Telxius IPO
These are not good times for IPOs. Telefónica has been obliged to cancel the IPO of its infrastructure affiliate Telxius, with the agreement of the placement banks. With the stock market listing, Telefonica had hoped to reduce its hefty debt pile of over 52 billion euros. But market pressure has forced it to backtrack. Telefónica’s shares opened down 4% on Friday. So far this year, the shares have still lost over 8%.
Spanish Companies Continue Their Drastic Deleveraging
If a slowdown started in the Spanish economy for 2017, this would find Spain’s private companies in a healthy situation with regard to their debt: at end-2015, this was below the eurozone average (106.4% of GDP).
Bankia’s CEO Goirigolzarri still doesn’t convince the markets
When the former CEO of BBVA, José Ignacio Goirigolzarri (62) arrived at Bankia in 2012, the most critical year for the bank (19.2 billion euros of losses), everyone celebrated his appointment. They saw it as a guarantee that Bankia would succeed in getting back on its feet within the expected timeframe, not only in terms of its business but also terms of its stock market valuation.
Caixa Bank BPI – Clarity Gained, Capital Action Taken
UBS | Once CaixaBank gained further clarity around BPI’s deal’s viability, it announced a placement of its own treasury shares near Thursday’s market close. This sale amounts to the 585m shares (9.9% of capital) which CaixaBank received as a result of the asset swap (involving BEA/Inbursa stakes) with Criteria in December last year.
Banco Popular announces lay offs, branch closures to get itself out of a jam
Banco Popular has had no other option but to take drastic measures to get itself out of a jam. The huge amount of impaired property assets on its balance sheet has forced the bank to make two capital hikes worth 5 billion euros, restructure the organisation, which includes the appointment of a new CEO and announce that it will lay off 3,000 employees and close 300 branches.
Inditex Posts Record-Beating 8% Rise In Profits; Creates Nearly 10,000 Jobs
First half results from Inditex have once again been record-beating. The company owned by Amancio Ortega, the world’s richest man in 2016 according to Forbes, posted an 8% rise in net profit to 1.256 billion euros in the first half of its 2016-2017 fiscal year (this runs from February 1 to July 31) from a year earlier.