The joint venture formed by Leandlease and Turner (subsidiary of ACS) has been awarded a project to extend the Jacob K. Javits convention centre (New York) for a total of 1.5 billion dollars (approx. 1.4 billion euros).
UK macro data continues to surprise positively, but the same is no longer true of bank volumes. Mortgage loan growth slowed “slightly” in 4Q16, while corporate loan balances contracted, “as a combination of higher stamp duty and Brexit -related fears” served to delay investment decisions and dampen loan demand, say Citi’s analysts.
Intermoney | For 2017, the forecasts for private consumption indicate that Spain’s advertising market will continue to grow. We reiterate our Buy recommendation for Artresmedia and maintain our Target Price of 13,0 euros/share with a potential upside of 24%.
CaraxAlphavalue has revived the idea of investing in Telefonica, one of the most international profiles in the telecom sector with nearly 75% of the business outside its home market and a reference point in the Spanish- and Portuguese-speaking markets. Indeed, if this global position allowed to deliver modest organic growth in the early 2010s despite a sluggish European market, it has caused a devaluation of Telefonica’s market cap since 2015 with the collapse of almost all the South American currencies vs the euro.
Fernando Rodríguez | Analysts who study banking stocks every day do not seem to pay much attention to the factors which condition the systemic banks. In general, they feel that whether a bank is systemic or not should not influence its stock market performance or its dividend policy. It should not be the only criteria for investing in a bank.
The 2014 -15 oil price crash led to sharp pullbacks in upstream capex, leading to the “conventional wisdom” (as held by the IEA, EIA, and OPEC Secretariat) that a supply gap will open up by the end of the decade due to limited greenfield projects and accelerating decline rates… but Citi’s analysts disagree with this consensus.
Sopra Steria and Indra Sistemas are small market caps (respectively €2.2bn and €1.7bn) compared to their peers Atos and Capgemini with market caps of €10.0bn and more. Both stocks trade at reasonable 2017 P/Es (respectively 13.4x and 13.6x) and analysts see significant upsides for both stocks. Indra is clearly more of a high risk- high return proposition while Sopra may have to cope with Brexit-induced uncertainties
The last meetings of the Federal Reserve and the Bank of England have fuelled sharp moves in the major currencies. The euro has extended its year highs against the dollar (it’s over 1,08 against the greenback) and on Thursday it appreciated over 1.3% against the pound (the exchange rate is at 0,86). Is near a new “currency war”?
Cellnex signs up for two new projects in France worth €854 mn, in line with its strategy for boosting its international expansion. It will now become the second biggest independent towers operator in France.
José Luis M. Campuzano (Spanish Banking Association) | Without doubt, banks can benefit in the medium and long-term from those companies which the term “fintech” encompasses. And competition in the short-term, particularly in the segments of payments and loans, is a small price to pay considering the synergies and the revitalising effect for the banks of being digitally closer to the client.