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…
Intermoney | Results for 9mths 2022e – EBITDA will rise 17% (IMVe). Ferrovial will announce its third quarter results on Thursday 27 October after the market’s close, followed by a conference call. The day before Heathrow and Budimex will have released their figures. In our estimates, we expect the strong progression in Motorways to be confirmed, partly offset by a decline in Construction, phenomena already noted in June. All in all, EBITDA…
Morgan Stanley |We have carried out a survey amongst our sectorial analysts to find out their estimates with regard to consensus expectations for each sector. Also to identify where they are most confident in terms of results. The survey flags a solid Q3, with 50% of sectors beating forecasts vs 13% seen as falling behind. That said, looking ahead at FY’23, my analysts predict a clear downside risk to consensus…
Renta 4 | Repsol has bought 27% of Acteco, which specialises in the pickup, management and recycling of waste in Spain, specifically plastics. With the acquisition of this stake, the oil and gas company has guaranteed the supply of waste which will be used in the manufacturing of low emission products. Repsol continues to bet on the circular economy. No financial details of the transaction have been revealed. With Repsol…
Link Securities | Meliá Hotels is accelerating the sale of its properties and increasing its bet on management contracts and franchises, the daily Cinco Dias said today. Meliá, with a portfolio of 330 hotels and a further 48 signed for the next few years, was dragged down in financial terms during the pandemic by having to maintain its own hotels without any activity going on. So last Tuesday, the hotel chain…