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aenasede

Companies, Ibex, Spanish economy 30th November 2022

Spain’s CNMC freezes Aena’s airport tariffs for 2023, despite the company’s request for increases

Intermoney | The Spanish National Markets and Competition Commission (CNMC) has decided to leave tariffs unchanged for Aena’s network of airports in 2023, a move which will be made public shortly, according to Cinco Días. This contrasts with the request for a seven-tenths of a point hike made by the airports’ operator in July, but is in line once again with the opinion of the airlines. The sources cited by Cinco…

Abertis

Companies, Ibex, Spanish economy 29th November 2022

ACS and its Atlantia partners will approve €1 B injection for Abertis

Intermoney | ACS, along with its partners in Atlantia, will tomorrow approve at an EGM a 1 billion euros injection of cash for Abertis. The aim of the move is to provide the concessionary with more ammunition for new investments, according to the daily elEconomista. Meanwhile, the company is also analysing opportunities for refinancing its debt, in the face of rising interest rates. That said, it is still benefiting from…

Meliá

Companies, Ibex, Spanish economy 28th November 2022

Meliá’s goal is to cut debt by half in two-three years, leaving it under €650 M

Bankinter | Meliá’s CEO said in an interview with a local media outlet that one of the group’s big goals is to cut its net financial debt to less than half in a period of two-three years. This would mean trimming it to below 650 million euros from the 1.271 billion currently (excluding leases). To do this, it forecasts that demand will remain strong, at levels close to those of 2019…

Ferrovial2

Companies, Ibex, Spanish economy 28th November 2022

Ferrovial gets the I-66 in the US up and running after $3.600 B investment

Intermoney | Ferrovial (Hold, Target Price 24 euros/share) announced on Wednesday that the consortium which owns the concession, in which the Spanish group has 56%, has started opertations on the I-66 Managed Lanes in the vicinity of Washington DC, in the state of Virginia (US). This project has involved an investment of 3.6 billion dollars, of which 786 million euros correspond to capital contributed by Ferrovial itself, without taking into…

Property sector

Companies, Ibex, Spanish economy 27th November 2022

Leverage remains key for property sector; Colonial (EW, T.P. from 7,5 to 6,2 euros/share);Merlin (OW, T.P. from 11 to 10 euros/share)

MS | Bart Gysens (analyst) has this Thursday published a report reviewing his preferences within the European property market, positioning himself for a transition from an environment of rising rates to one of recession. Leverage is still the determining factor which the team uses to see where the value is and is not. But as we enter 2023, where the macros see a potential recession, thus driving a greater importance…

iberdrolaTC

Companies, European economy, Ibex 26th November 2022

Iberdrola seeks investor for 49% Baltic Eagle offshore wind farm in Germany; would obtain €750 M

Banco Sabadell | According to press reports, Iberdrola has put up for sale a minority stake (49%) in the offshore wind farm Baltic Eagle in Germany (476 MW, with the start of construction expected for 2023, becoming operational in 2024). The wind farm could be valued at 1.5 billion euros (1.1% EV) of which Iberdrola would obtain 750 million. Valuation: The sale of minority holdings to fund renewables expansion is…

Telefonica

Companies, Ibex, Spanish economy 24th November 2022

Telefónica’s hybrid bond with nominal value of € 676,4 M has been accepted by 81% of investors; that of € 1.250 B by 8.9% of investors

Renta 4 | Telefónica has announced the result of its offer to buyback 2 hybrid bonds launched on November 14th. The first one, with a nominal value of 1 billion euros, a coupon of 5.5% and perpetual maturity, purchase price at Par and with 676,4 million euros of nominal value in circulation, has been accepted by investors with an aggregated nominal amount of 547,4 million, or 81% of the total….

Meliá

Companies, Ibex, Spanish economy 23rd November 2022

Meliá’s demand is strong and margins are stable: Buy (T.P. 6,19 euros/share)

Bankinter | We foresee strong demand with stable margins, at levels close to those of 2019, despite the global economic slowdown. Main supports: (i) Higher cost of energy will favour the demand for resorts in the Canary Islands, during the autumn and winter; ii) Events and conference activity is starting up again; iii) Nearly 30% of revenues come from North American clients, where the economy and consumption look more solid….

Repsol

Companies, Ibex, Spanish economy 22nd November 2022

Repsol could hike its investment in renewables in the US with two projects valued at €800 M

Bankinter | Repsol could launch two hefty investments in renewables in the US. Specifically, according to press reports, it would be two projects in Texas for 1.200 MW. The investments are calculated to reach 800 million euros (investments forecast for the whole year are approximately 4 billion euros). Repsol has significant Exploration and Production assets in Pennsylvania, Texas, the Gulf of Mexico and Alaska. But this move would mean positioning…

Merlin Properties

Companies, Ibex, Spanish economy 21st November 2022

Merlin Properties subscribes to a 5-year syndicated loan for € 600 M; this assures the repayment of all debt maturities to 2027

Renta 4 | According to information provided to the Stock Market Regulator, Merlin Properties has subscribed to green corporate financing with various banks. This allows it to add 660 million euros to its disposable liquidity, reaching a total of 2 billion, and means that the repayment of all its debt maturities to 2027 is assured. The financing consists of a syndicated 5-year loan for 600 million euros with 5 lenders (BBVA,…