Bankinter | Cellnex has sold 1.100 telecommunication towers in the UK to Wireless Infrastructure Group (WIG) for 170 million euros. The EBITDA generated by the afore-mentioned towers would be around 8 million euros. So the sale price represents 21x EBITDA. Bankinter’s analyst team view: Good news for Cellnex. This sale is not for strategic or economic reasons. It was the commitment agreed with the UK regulator in order to approve…
Link Securities | Iberdrola, via its susidiary Avangrid, Acciona, Ferrovial and EDPR will compete for some of the five areas which will be up for auction in California to install offshore floating wind turbines. This will be the first offshore wind energy auction on the west coast of the US, as well as the first the country will carry out to support the potential development of offshore floating wind energy on…
Santander | Grifols could be facing a possible claim of 54-274 million euros, according to the newspaper El Economista. On Friday, it emerged that the Spanish blood plasma manufacturer would be facing a class action on the part of 54.000 donors in the state of Illinois, in the United States. The plaintiffs are arguing that Grifols has not complied with the state’s Biometric Privacy Law, since they have demanded that donors…
Renta 4 | Iberdrola, via its US subsidiary Avangrid, has requested a one month suspension on the project Park City Wind in Martha’s Vineyard. This is due to the impact on the viability of the park of the global energy crisis, the hikes in interest rates and the increase in raw materials’ costs, according to the press. The project was assigned in 2015, with a planned investment of 3.5 billion…
Morgan Stanley | We are revising upwards our EPS estimates for Bankinter by between 4-6% after the good results (Q3) released on Thursday. This translates into a rise in our Target Price to 7,70 euros/share. + NII rose 16% QoQ, beating consensus estimates by 9%. +Now we expect the NII to grow 15% in 2022 and 25% in 2023 (13% above consenus). +Our new TP implies an upside of 24% from…
Link Securities | Siemens Gamesa has signed two agreements with Hai Long Offshore Wind Project to supply wind turbines for three offshore wind projects in Taiwan, totalling 1.044 MW. This is the manufacturer’s biggest contract for this technology in the country, according to Europa Press. The agreements are specifically for the Hai Long 2A (300 MW), Hai Long 2B (232 MW) and Hai Long 3 (512 MW) projects and will use…
Link Securities |Yesterday in Congress, Aena chairman Maurici Lucena talked about the company’s budget. He flagged that Aena expects to generate several hundred million euros in profits which “will benefit all Spaniards”, due to the State’s 5% stake in the group, according to Expansión today. Lucena appeared in Congress to explain Aena’s budgets for 2023, although he did not provide any more details. That said, in the budget for 2022 Aena…
Renta 4 | Grifols would be facing a class action on the part of 54.000 donors in the state of Illinois, in the United States. The plaintiffs are arguing that Grifols has not complied with the state’s Biometric Privacy Law, since they have demanded that donors provide their fingerprints, not destroy this information and exceed the specific objective for which it was registered. According to the plaintiffs this violated their…
Bankinter | According to the Russian media, Inditex will transfer its assets there to partners in a “friendly” country in Soutb East Asia or the Persian Gulf. The solution would include Massimo Dutti, Oysho and Zara Home leaving the Russian market completely. Meanwhile other brands, particularly Zara, would operate under other names and with new collections from spring of 2023. It could take six months to a year to finalise…
Link Securities | Telefónica is considering revising its current strategic plan via which it created Telefónica Tech and Infra (amongst other decisions). Sources familiar with the operation confirmed this to news agency Europa Press on Monday, after it had been advanced earlier by El Confidencial.com. Telefónica wants to adapt the plan to the macroeconomic context of high inflation. The Spanish telco has hired McKisey&Company to carry out an analysis, the…