Intermoney | Aena (Hold, Target Price 140 euros/share) plans soon to put the management of its duty free shops out to tender, the daily Cinco Dias reports. This tender is considered to be the largest of these characteristics in the airports industry, with 85 sale points and a global area of 55.000 m2, including Spain’s main airports. Aena’s current main tenant is Dufry, with whom the airports’ operator has been involved,…
Link Securities | On Monday, Iberia (IAG) chairman Javier Sánchez-Prieto warned about the implementation of asymmetric sustainable policies in Europe, which could be a drag on Spain’s tourism business, the daily Expansion reported. Specifically this could mean the loss of up to 11 million tourists and 450,000 jobs, according to Deloitte. Imposing taxes on flights within the European Union (EU) would be prejudicial for those companies which operate in the…
Renta 4 | On Monday afternoon, after the Spanish market closed, Grifols announced that Víctor Grifols had retired as non-executive chairman, after 50 years in the company, including more than 30 as CEO. In his place, the Spanish manufacturer of blood plasma-based products has appointed Steven F. Mayer as new executive chairman. Mayer has been a member of Grifols’ board for over 10 years. He also has extensive experience in…
Intermoney | The figures from consultancy firm Cushman & Wakefield (C&W) indicate that investment in property in Spain during the first 9 months of this year stood at 12.718 billion euros. This is already more than that for the whole of 2021, which stood at 11.926 billion, according to the daily Expansión. The data to September also beats the total figure for both 2017 and 2018. It is worth highlighting that…
Bankinter | Lula da Silva’s victory in the first round of Brazil’s presidential elections does not significantly alter Banco Santander’s risk profile, at least for the time being. Lula, Brazil’s president between 2003 and 2010, has obtained 48.4% of the votes vs current president Bolsonaro with 43.2%. The second round of voting takes place on 30 October. Bankinter analyst team’s view: Brazil is the main source of Santander’s results with…
Alphavalue/DIVACONS | The chairman of Caixabank, José Ignacio Goirigolzarri, flagged on Thursday that the financial sector must obtain a level of profitability which is higher than the cost of capital, a challenge with which the normalisation of interest rates will help. That said, he believes this hike “will not be sufficient” to achieve this. So the banking sector will have to redouble the transformation efforts made during the last few…
Intermoney | ACS is participating in the two consortia which will bid for the contract to build a tram line in Calgary (Canada). The investment required will be 3.7 billion euros, according to the daily Expansion. One of the offers includes ACS’ US afffiliate Flatiron, while Dragados is participating in the other bid, along with Acciona and other Canadian contractors. It is foreseen that the best provisional offer will be…
Bankinter | PharmaMar has abandoned Genómica, which will be liquidated. Its fully-owned subsidiary’s main business is molecular diagnostics, mainly via the development and commercialisation of detection kits. In 2021, this affiliate clocked up sales of 5.2 million euros (2.2% of the total), NAP of -3.2 million (vs +92.9 million for the group) and free cash flow of -3.2 million (+44.1 million euros for the group). Bankinter analyst team’s view: Positive news….
Link Securities | ACS’ Australian subsidiary, Cimic, has been selected by the government of Victoria as part of the preferred consortium to supply a significant construction works package for the railway project at Melbourne (Australia)’s airport, according to the digital portal Invertia.com CPB Contractors, which belongs to Cimic, is the specific company which has been selected. And its travel companions are a consortium including John Holland Group and partners Alliance,…
Banc Sabadell | Siemens Gamesa CEO has assured that 10-15% of the projects with profitability problems (they would be registering losses) related to the new 5.X platform will extend to 2024. This compares with the previous estimate which put these projects’ definitive exit from the portfolio in 2023. We recall that the projects in the company’s portfolio with profitability problems linked to the 5.X platform account for some 2 billion…