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Colonial

Companies, Ibex, Relevant News Item 14th July 2022

Colonial confirms main strategic points: rental income of €510 M in 2025

Intermoney | Colonial (Hold, Target Price 9,5 euros) celebrated its Capital Markets Day (CMD) in Paris on Monday. The socimi confirmed its main strategic points, such as focus on its three markets, maintaining a stable financial structure, asset rotation policy and reinforcing ESG policy. In the face of doubts from some investors, Colonial confirmed the high occupancy levels in its portfolio in service, and in the one where it will be…

grifols blood bags

Companies, Ibex, Spanish economy 13th July 2022

Grifols warns recovery could be threatened; puts the brakes on acquisitions and suspends dividends

Link Securities | The daily elEconomista.es made echo on Monday of a risk report Grifols presented to the US regulator SEC. In the document, the Spanish multinational pharmaceutical company admitted the recovery could be threatened by the pressure from a competition which has increasingly more resources and already offers solutions similar to those of the listed Catalan firm. Grifols warns in the report that its rivals are tough: “Our main competitors…

Enagas

Companies, Ibex, Spanish economy 12th July 2022

Enagás will flag potential growth in hydrogen; but visibility with regard to financing is very limited

Morgan Stanley | Enagas will present its strategic plan 2022-2030 this week. We are not very positive ahead of this presentation as we expect the company will flag the potential growth in hydrogen. This is something which we believe is very long-term and seems already to be reflected in the price at 20 euros/share. Meanwhile the visibility with regard to financing is very limited. In the most optimistic scenario the…

Iberdrola

Companies, Ibex, Spanish economy 11th July 2022

Iberdrola wins 2.122 MW in UK renewable auctions

Norbolsa | Iberdrola (IBE) has won Contracts for Difference (CfD) for 16 renewable energy projects in Scotland, England and Wales via a renewables auction in the UK. The company obtained a contract for the offshore wind farm East Anglia Three for 1.400 MW, five onshore wind projects for a total of 396 MW and ten solar photovoltaic sites for a total of 326 MW. In this way, Scottish Power has ensured…

Repsol

Companies, Ibex, In Spain, Spanish economy 9th July 2022

Repsol production falls 3.2% in Q2’22 (540.000 b/d); but refining margins continue recovery

Renta 4 | On Thursday after the market’s close, Repsol published operating figures for Q2’22, during which the price of Brent (113,9 USD/b) rose 65.1% year-on-year and 11.4% quarter-on-quarter. Meanwhile the price of gas (7,2 USD/Mbtu) was up 157.1% year-on-year and 44% quarter-on-quarter. We recall that in its guidelines for 2022, the Spanish oil and gas group considers levels of 70 USD/b and 3,7 USD/Mtbu, and that the sensitivity to…

Madrid Bourse

Companies, Relevant News Item, Spanish Small & Mid Caps 8th July 2022

The Ibex Medium Caps is coping better with the pressure in Q2’22

Renta 4 | During Q2’22 the stock market indices have had to deal with the consequences of the war in Ukraine, the environment of high inflation, the uptick in IRRs and downward revisions to economic growth. In this context, the IBEX Medium Cap (-1.5% in Q2’22) has offered a relatively better performance out of the three benchmark indices (-4.1% of the IBEX-35 and -6.1% of IBEX Small Caps). Our Selection…

Stainless steel

Companies, European economy, Ibex 7th July 2022

We still prefer carbon steel vs stainless steel; ArcelorMittal (Overweight) and Acerinox (Equalweight)

Morgan Stanley | The steel companies have historically done badly in recessions. Currently, with the risks of recession on the rise, margins at spot price continue to weaken and we have seen an important derating. It is likely that delays in prices support Q2 profits, but we see a significant slowdown from the next quarter. We still prefer carbon steel to stainless steel. ArcelorMittal (OW): we expect the company to generate…

Cellnex

Companies, European economy, Ibex 6th July 2022

Deutsche Telekom’s decision on the sale of its towers could be revealed this week

Renta 4 | According to Bloomberg, the consortium formed by KKR, GIP and Stonepeak would be tabling a more attractive offer for Deutsche Telekom’s towers than that presented by Cellnex and Brookfield. The possibility that Vodafone, via its affiliate Vantage, and even American Tower, have already withdrawn from the process, also appears to be ruled out. The news report says that Deutsche Telekom’s decision could be revealed before the end…

Acciona

Companies, Ibex, Relevant News Item 6th July 2022

Acciona wins contract to build a 15km ring road in Australia with an overall budget of around €700 M

Intermoney | Acciona (Buy, Target Price 210 euros/share) continues to grow in the public works sector in Australia. It has been chosen as one of the contractors to build a 15km ring road in Queensland. The overall budget for the project is around 1 billion Australian dollars (some 700 million euros). Along with a local firm, Acciona has won, provisionally, one of the lots awarded with a investment budget of…

BBVA

Companies, Ibex, Relevant News Item 5th July 2022

BBVA, top pick in Spanish banking sector for the quarter on possible hike in Mexico guidance

Morgan Stanley | A more positive tone or guidance concerning NII should continue providing support for the Spanish banks. We recall that last week we raised our estimates for NII by an average 5% after incorporating 100 bp of rate hikes vs a previous 50 bp. This should offset the impact of an average 15 bp in CET1 due to the rise in bond yields. Asset quality should remain stable. BBVA…