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Companies, Ibex, Spanish economy 28th September 2022

Acciona Energía signs 10-year PPA with ZEN Energy to supply 200 GWh/yr of renewable energy

Intermoney | Acciona Energía (ANE) (Buy, Target Price 41 euros/share) has signed a 10-year Power Purchase Agreement (PPA) with Australian electricity distributor ZEN Energy. The Spanish company said on Monday, while the market was open, that it will supply 200 GWh/year of 100% renewable energy from its Waubra wind farm. Located in the state of Victoria, the wind farm produces energy equivalent to the demand from over 138.000 homes. Through this…

Companies, Ibex, Relevant News Item 27th September 2022

Siemens Gamesa calls on European governments to declare renewables strategic industry

Link Securities | Siemens Gamesa has asked the European governments to declare the renewables industry as one with strategic importance. This is to enable the development of the necessary technology and capacities which the European Green Deal requires. And, in this way, maintain leadership for Europe, under threat from the current crisis caused by Russia’s invasion of the Ukraine, according to the daily NegociosTV. Siemens Gamesa has prepared a “white…

Companies, Ibex, Relevant News Item 27th September 2022

S&P cuts Grifols rating, while Fitch, Moody’s leave unchanged; the company reaffirms business plan

Bankinter | S&P has cut Grifols debt rating, while Moody’s and Fitch leave theirs unchanged. The board issues a statement reaffirming business plan. The updated ratings are: S&P B+ (previous BB-); Moody’s B1; Fitch BB-. S&P highlights that the process of debt reduction could go slower than forecast amid difficult market conditions. It has maintained its outlook at Neutral. Both Moody’s and Fitch flag Grifols’ market positioning, its integrated business model,…

Companies, Ibex, Spanish economy 26th September 2022

Iberdrola could be in process of selling a 49% stake in 1.200 MW of renewable projects

Renta 4 | According to the press, Iberdrola (IBE) would have hired Barclays for the sale of a 49% stake of 1.200 MW of renewable projects, 80% of which are solar and the remaining 20% wind (200 MW already in operation). This move would be aimed at incorporating a strategic partner in the business and obtaining financing to continue developing its investments, without putting pressure on its balance sheet. (The company…

Companies, Ibex, Spanish economy 26th September 2022

BBVA once again opens door to corporate deals: “It would have to be a big bank, with a large market share”

Alphavalue/DIVACONS | The CEO of BBVA (Buy, Target Price 4,30 euros/share), Onur Genç, commented on Wednesday that the Spanish bank is open to exploring potential acquisitions of financial entities. In regard to this, he highlighted the following: “It would have to be a big bank, with a large market share”. Asked about the business in Turkey, which has recently been accounted for under a criterion of hyperinflation, Genç argued that…

Companies, Ibex, Spanish economy 25th September 2022

Sabadell, in the process of selling its payments arm: Worldline, Nexi, Fiserv interested parties

Renta 4 | Banco Sabadell (SAB) has announced it is in the process of analysing a possible strategic agreement with an industrial partner, specialising in the payments business. According to Reuters, citing three sources speaking on condition of anonymity, the Spanish lender has received indicative bids from France’s Worldline, Italy’s Nexi and US firm Fiserv for its payments arm. The deal is valued at up to 400 million euros, the…

Companies, Ibex, Spanish economy 24th September 2022

A good summer season and optimism looking ahead to year-end: Buy Meliá (T. P. 7,81 euros)

Bankinter | Meliá (MEL) has flagged that the occupancy rates this summer have remained slightly below those of 2019 – an extraordinary year for Spanish tourism. However, there has been a hike in tariffs of “two high digits”, so revenues could beat those registered in the summer of 2019. The company has also expressed optimism with respect to the final quarter of the year. The booking figures reflect a continuing…

Companies, Ibex, Spanish economy 22nd September 2022

Electricity companies ask for extraordinary tax on profits, not revenues

Banc Sabadell | The Royal Decree on energy has been approved and the electricity companies are still asking that in Spain profits are taxed and not revenues. Yesterday the Cabinet approved the Decree which includes: Cut in VAT on gas from 21% to 5% up to December (which could be extended until 2023). Application of the “Iberian exception” to co-generation plants (600 installations) Service mechanism for rapid demand response, allowing industries…

Companies, European economy, Ibex 22nd September 2022

Iberdrola, Acciona Energía, amongst favourites to play European energies theme

Morgan Stanley | Despite Gazprom cutting the gas supply via Nord Stream 1, Martijn Rats (our Commodities strategist) believes that rationing will not be necessary this winter. However he warns that Europe could enter winter 2022-24 with inventory levels which are too low. In response to this, the European Union has suggested introducing different measures: Limit the price of electricity for the “fixed cost” energy generators, 2. Limit the price…

Companies, Ibex, Relevant News Item 21st September 2022

ACS reaches agreement with Texas Transport Department to renovate a bridge for an investment of €1B

Intermoney | ACS (ACS) (Buy, Target Price 40 euros/share) would have reached an agreement with the Texas Transport Department (TxDOT) related to the contract to renovate a bridge in Corpus Christi, according to the daily Cinco Dias. The investment required is 1 billion euros. The initial contract had been signed in 2015, but since then various problems with the design have appeared which have delayed the work being carried out. Faced with…

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