Bankinter | ACS has won a contract to build a factory for electric car batteries for Ascende Elements, with a budget close to $1 billion. This contract is the second one that ACS’ US subsidiary Turner has won this year in the electric batteries market. Bankinter analyst team’s view: This is positive news for ACS which continues to show how strong its business is and the growth capacity of its…
Hans-Jörg Naumer (Allianz GI) | “Will there be a year-end rally?”. Once again it’s time to ask the usual question of whether the stock markets will rise over the next few weeks or not. It’s understandable. Although the markets are extremely efficient according to the economic theory, there are, however, some seasonal patterns like the famous year-end rise. If we revise the data since 1965, in general terms, the months…
Alphavalue/ Divacons | The Catalan lender has received binding offers from France’s Worldline and Italy’s NEXI for its payment business which it put up for sale in September. The offers are between 300 and 350 million euros, with that from Worldline (part of our model portfolio) seeming to be the highest. Sabadell is said to be looking for 400 million euros.
Renta 4 | Repsol has 2.000 Mw of renewable projects under construction, of which approximately 59% are located in Spain, 35% in the US and 6% in Chile. The company wants to hike its renewable energy generation to 7.500 Mw to 2025. The Spanish oil and gas firm is developing a new photovoltaic energy plant in Villena, with an installed capacity of 300 Mw. Whatsmore, the company is continuing to…
Bankinter |Iberdrola’s Strategic Plan contemplates investments of 47 billion euros in 2023-2025, while maintaining generous shareholder retribution in this period (11 billion euros in dividends for shareholders and minorities). This will mean that the group’s Net Debt will go from 45 billion euros at end-2022 to 57.5 billion in 2025. The restructuring of the debt envisages a reduction of the listed debt from 55% currently to 52% in 2025. The…
Morgan Stanley | The Spanish Banking Association (AEB) has reached an agreement with trade unions to raise salaries by 4.5% in 2023. This figure compares with the 5% increase in costs which analysts had in their models for 2023-2024. It also compares with the estimates for a 25% growth in NII in Spain in 2023. Although this agreement only applies to Santander, BBVA, Sabadell and Bankinter, Álvaro Serrano believes that a…
Bankinter | The big hotel chains are confident that the tourist boom will last until, at least, the end of the year. That said, many of them are already seeing a reduction in the demand growth curve which anticipates a cooling in consumption in the medium-term. Meliá in particular expects to exceed 2019 figures this Christmas, also anticipating a revival in the urban hotel business at end-year or the start…
Renta 4 | In line with information in the el Economista daily, BBVA would have prevailed over minority shareholders (MERLIN Properties and SANJOSE) in the arbitrage over the sale rights in Distrito Castellana Norte (DCN) project. The Arbitrator, D. Miguel Virgós, has communicated his decision to the parties involved. This means the Spanish bank, chaired by D. Carlos Torres, will be able to sell its 75.54% stake in the project,…
Renta 4|Acciona Energía has announced the expansion of the MacIntyre wind energy complex which is currently under construction in Queensland, Australia. It will reach a total installed capacity of 2000 MW. The MacIntyre complex is divided into two wind farms, where Acciona Energia owns 70% of 923 MW, while 103 MW belong to Queensland state-owned company CleanCo. Valuation: Positive news. This is the most important project to date of all…
Bankinter | The European Commission (EC) has authorised the entry of Vauban Infrastructure Partners and Crédit Agricole in Telefónica’s rural fibre optic affiliate. The company, called Bluevia, will have the 3.5 million premises which has the group’s fibre optic and will roll out an additional 1.5 million fibre optic connections in the next two years. Bluevia will also signs provision of services contracts with Telefónica. The consortium formed by Vauban and CA…