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Companies, Ibex 18th September 2025

UBS raises recommendation for Inditex to “buy” from “neutral” and ups target price from €48 to €52

Alphavalue / Divacons | Shares in the Spanish fashion company rose 0.75% yesterday after UBS raised its recommendation to ‘buy’ from “neutral” and raised its target price from €48 to €52 thanks to a business model ‘based on local sourcing and the integration of physical and online sales’. Our analysts give Inditex upside potential of almost 10%. Meanwhile, José María Castellano, former CEO and vice-chairman of Inditex, passed away yesterday…

Companies, Markets, Relevant News Item 15th September 2025

Digi begins preparations with Rothschild for IPO of Spanish business, valued at €2.5 billion

Link Securities | The Spanish subsidiary of the Romanian operator plans to go public to accelerate its growth. It currently covers more than 12 million households, and its goal is to reach 20 million in three years. To finance this growth, the telecommunications group intends to place a minority stake on the stock market and has hired Rothschild for this purpose. DIGI is valued at €2.5 billion. The IPO is…

Companies, Ibex 10th September 2025

Preview of Solaria’s H1 2025 results: profit up 60% to €67 million, only partially affected by amortisation and financial expenses

Intermoney | Solaria (Buy, PO €13) will announce its 1H25 half-year results on Tuesday 30 September, holding a conference call after the market closes. The main figures from our estimates are shown in the attached table and should reflect: 1) a year-on-year decline in production of 7%, as the company has the same installed capacity and following a mediocre first half in terms of weather; and 2) the impact of…

Companies, Ibex 9th September 2025

Casa Grande de Cartagena, Del Pino family’s family office, puts 3.4 million Ferrovial shares up for sale

Alphavalur/DIVACONS | Casa Grande de Cartagena, the Del Pino family’s family office, has put up for sale some 3.4 million Ferrovial (FER) shares for a total amount of €158.5 million, which constitutes about 0.4% of the construction company’s capitalisation, at a market price of €46.61 million. Expansión newspaper reports that María del Pino is one of the largest shareholders with almost 50% of the family office, and declares an 8.2%…

Companies, Ibex 5th September 2025

Inditex underperforming Ibex by 41% since December, worst performance in group’s history

Renta 4 | On Thursday, it will present its quarterly results in an important technical situation. Since April last year, it has been forming a demand and support zone at €41, with a filter down to €39.60, where it presents the closing of a significant bullish gap. Technical indicators are reversing from exceeded levels, which favours a recovery process in the coming months, although the price would have to confirm…

Companies, Ibex 3rd September 2025

Redeia: poised for upside after EPS downgrades due to disappointing regulatory proposal; recommendation raised to Overweight

Morgan Stanley | Our analyst Arthur Sitbon changes Redeia’s recommendation to OW, seeing the shares poised for a rebound after discounting regulatory and blackout risks. He notes that its underperformance has been partly due to negative EPS revisions following a disappointing regulatory proposal, which now sets a floor for expectations, although he does not expect major changes in his base case scenario. He identifies an earnings inflection point in 2025,…

Companies, Markets 3rd September 2025

eDreams reiterates goal of more than 1 million new PRIME members in 2026, but cuts free cash flow forecast

Singular Bank | The company reported first-quarter results for fiscal year 2026 in line with expectations, confirming its targets for the year in terms of PRIME member growth and Cash EBITDA generation, although with a decline in free cash flow due to higher taxes and refinancing costs. The PRIME base increased by 205,000 members to 7.5 million, at the high end of the guidance, and the revenue margin grew by…

Companies, Markets 3rd September 2025

Telefónica considers delisting from NYSE with aim of saving costs and simplifying business

Bankinter | The company could delist from the New York Stock Exchange (NYSE). According to the media, the measure will be announced in the new strategic plan scheduled for November and is in line with the objective of saving costs and simplifying the business. The reporting and regulatory compliance requirements of the NYSE are high, and Telefónica believes that the return does not offset the costs. Analysis team’s view: We…

Companies, Ibex 2nd September 2025

Citigroup ups stake in Amadeus to 4.02%

Alphavalue / Divacons | Citigroup increased its total stake in Amadeus IT Group’s share capital to 4.02%, according to a notification sent to the Spanish National Securities Market Commission (CNMV). CitiGroup’s current position breaks down into 1.593% in direct and indirect voting rights and 2.427% in financial instruments. In other news, Bank of America downgraded its recommendation for Amadeus, believing that it will perform ‘worse than the market’ due to…

Companies, Ibex 2nd September 2025

Supply and demand for Puig Brands stable within tedious range since May

Renta 4 | By the lows of last April, it had accumulated a 49% drop from its IPO highs. Since May, supply and demand have stabilised in a tedious range, with support at €15.7 and resistance at €17.45. Although this range could break downwards, we would be paying particular attention to the upper end, which is the transition zone of the main downtrend and a tactical turning point upwards. The…

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