Renta 4 | Iberdrola would have reached an agreement with Axa for the development of four offshore wind farms in France, with a total of 1.750MW. Via the agreement, the French firm would have a minority stake in the event the projects are awarded to Iberdrola in the auctions expected to take place in 2023. The implementation is planned for 2030. Valuation: This is a repeat of the strategy of…
Bankinter | Indra has bought Selex’s air traffic control business in the US. With this acquisition, the Spanish company, already one of the leaders in European air traffic control business, has now positioned itself in the US market. No details are yet known on the price of the transaction, but it is expected it will be completed in Q1 2023, once the relevant regulatory approval has been obtained. Analysts team’s…
Intermoney | Acciona (Buy, T.P. 245 euros/share) and its partner in the Ghella consortium have handed over to the Norwegian authorities the biggest railway tunnel in the Nordic countries. The 1 billion euros contract for the project was awarded in 2015. The works included the design and construction of the twin tunnels for high speed railway lines of the Follo Line project, the biggest transport initiative developed in Norway up…
Banco Sabadell | The Q3’22 results show a very strong recovery in activity with capacity in line with expectations (81% vs ~80% estimated). However, the big surprise comes in the shape of the strong trend in prices (RASK 8,57 vs 7,79 BS(e) and 7,08), the highest level in the history of IAG. On the costs side, there is a surprise with fuel (32% of costs) which is -6% vs revised…
Renta 4 |According to press reports, Iberdrola’s US subsidiary Avangrid is preparing a plan via which the group is looking at divesting in some renewable assets (total or partial) to strengthen the balance sheet ahead of its investment plan over the next few years. This amounts to 14.6 billion usd until 2025, including the purchase of PNM (6.5 billion usd) if the courts allow that to materialise. The divestments could…
Renta 4 | ACS, in agreement with Atlantia, have decided to write-off 1 billion euros of Abertis’ debt, allowing its own funds to increase by 40% and providing it with some support to tackle new investments. Valuation: News with no impact. We do not rule out that they continue to make moves which allow Abertis to obtain funds or assets which increases its position in the motorways business. Reiterate HOLD….
Intermoney | While the market was open on Wednesday, Acciona Energía (Buy, Target Price 41 euros/share) announced that it will build a biomass plant with capacity of 49,9MW in the municipality of Logrosán (Cáceres). The company was an awardee in the third auction for the grant of the economic regime for renewable energies tendered by the Ministry for Ecological Transition and the Demographic challenge. This guarantees a sale price for the…
Intermoney | Results 9M 2022e on 7 November – EBITDA +26%, still reflecting the impact of costs in construction. Sacyr will announce its results on Monday 7 November before the market opening, with a conference call at 1300. We expect the company will have continued with the growth seen in past quarters. However, this will have relaxed vs H1’22 due to the impact of the rise in costs and more demanding…
The Corner | Caixabank posted an 18.8% rise in third quarter net attributable profit, beating consensus forecasts, and driven by a strong rise in revenues, including commissions. Net interest income was up 5% quarter-on-quarter at 1.687 billion euros. Morgan Stanley analysts noted that despite a slight uptick in costs, operating profit before provisions (Ppop) beat estimates by 8%, underpinned by a 25% drop in provisions, which was below expectations. “Overall, Álvaro…
The Corner | BBVA said net attributable profit rose 46% to 4.842 billion euros in the nine months to September from a year earlier, boosted by a strong performance in its main market Mexico. Group net interest income rose 29% to 13.811 billion euros year-on-year, while costs increased by 12.8%, as the hike in interest rates offset inflation. In Mexico, net attributable profit rose 47.5% in the nine-month period to 2.964…