Intermoney | The Spanish infrastructure firm has won a contract to extend a motorway in the US. According to the daily Cinco Dias, Ferrovial (Hold, TP 24€), via its US subsidiary Webber, has been awarded the contract to extend a 13km stretch of the I-95 motorway, on its way through North Carolina (US). The contract is involves an investment of 283 million euros. This stretch of will have eight lanes,…
Intermoney |In line with information provided by Aena to the Stock Market Regulator (CNMV), and picked up by various media outlets, the airports operator (Hold, TP 140 euros/share) has won an auction to manage 11 airports in Brazil. The duration of the contract is 30 years and the value is 780 million euros, which includes both the price of the concession itself and an obligatory payment to the regulator. The…
Renta 4 | . Repsol and Australian oil and gas company Santos will invest 2.555 billion euros in the Pikka project in North Slope Alaska. This field is biggest discovery of oil in the US in thirty years. The Spanish firm’s board has given the green light to the investment, which could increase to 2.952 billion with additional developments on the project. Repsol will have 49% and Santos 51% of Pikka. Each…
The Spanish telecos operator is progressing with its strategy of divestments in Latin America, with its Peruvian network currently in focus. According to today’s Expansion, citing market sources, Telefónica is on track to sell a majority stake in PangeaCo to US risk capital firm KKR. No financial details of the operation were provided. PangeaCo is the company which manages Telefónica’s fibre optic business in Peru. In the opinion of Bankinter:…
Morgan Stanley | Overview of Q2: 80% of the banks have exceeded in terms of PBT, clocking up the 6th consecutive quarter with a positive surprise. And the main driver of the outperformance in revenues has been the NII, whose strength has arrived ahead of schedule (growing 11%/5% YoY/QoQ). The NII should remain strong in 2023, as we are factoring in a further 50bp rise in interest rates, and with…
Alphavalue | BBVA (Add, Target Price 6,41 euros/share): Credit rating agency Fitch has warned that the political instability in Turkey steps up the risk of an intervention in the banking system by Erdogan’s government. Fitch has cut the rating of the Spanish bank’s Turkish subsidiary Garanti BBVA to the category of junk bonds.
In a historic move in the Spanish airline sector, the IAG group has now become the second largest shareholder in Air Europa, according to today’s Cinco Dias. In an announcement to Spanish Stock Market Regulator (CNMV) this morning, the holding which controls Iberia announced it has taken up the option on a 20% stake in Air Europa, the newspaper said. This option on the stake is part of an agreement…
Intermoney | According to today’s Cinco Dias, Acciona (Buy, TP 245 euros/share) has decided to lend 286 million euros to Nordex, its German wind turbine manufacturer subsidiary. The reason for the loan is so that Nordex can repay the green bond for a similar amount which matures next February. This instrument was issued in 2018, with a 5-year maturity and a coupon of 6.5%. The newspaper reports that at the…
Link Securities | According to figures made available to Europa Press by the company, the airlines in AENA’s airport network expect to have operated 24.835 flights over this August long-weekend. This represents just 5.5% less than in the same period of 2019, the year before the start of the pandemic. Saturday was seen as the day with the biggest number of operations, with a total of 6.311 flights scheduled, followed…
Link Securities | Siemens Gamesa said in a statement that it has finalised a new agreement with Acen Corporation for the supply of 14 SG 5.0-145 turbine units to the Philippines. The deal comes in the wake of the first renewable energies’ auction in that country. This order comes after the same client last year signed up for the country’s biggest wind energy project, the 160 MW wind farm Pagudpud…