Bankinter | Grifols could be negotiating a 2 billion euros capital hike (c. 18% of its current capitalisation) with various funds. The objective is to cut its debt which is equivalent to 6.9x EBITDA, according to a daily newspaper. Grifols’ share price took a hit this morning on the IBEX 35, falling as much as 13%. Bankinter analyst team’s view: Negative news. If this rumour is correct, the capital increase…
Bankinter | The UK’s Civil Aviation Authority (CAA) has proposed that the landing fees at Heathrow be cut from 30.19 pounds per passenger to 26.31 pounds in 2026. This would imply a 2.6% annual decline over the next five years. The CAA believes this will allow for a balance between allowing the aiport to invest in infraestructure and maintaining fees at levels which customers can afford. Bankinter analysts team’s opinion:…
Intermoney | Acciona (Buy, Target Price 210 euros) has informed the Stock Market Regulator (CNMV) that it has subscribed to a capital increase carried out by German wind turbine manufacturer Nordex SE. The Spanish company has subscribed to 10% of Nordex’s capital, with exclusion of pre-emptive subscription rights available to the rest of the shareholders. As a result of the above-mentioned operation, Acciona’s share in Nordex has increased from 33.6%…
Renta 4 | Silvia Iranzo tendered her resignation after the cessation of 5 independent Board Members at the AGM held last Thursday. There are now just two independent Board Members, Ignacio Martín and Francisco Javier García Sanz, who could resign very soon. Stock Market Regulator (CNMV) chairman, Rodrigo Buenaventure, described the events at the AGM as “striking and worrying”. He added that the regulator will analyse what took place “rigorously and…
Bankinter | The UK’s Heathrow airport has improved its passengers’ estimate for 2022 to 54,4 million, which would mean a recovery of 67% of 2019 levels. It’s an improvement of 3% on the 52,8 million forecast in April. The company foresees revenues doubling to 2.593 billion pounds and adjusted EBITDA growing 257% to 1.370 billion pounds. That said, it has warned that uncertainty remains high and that there are significant…
Intermoney | The Italian government has decided not to oppose the bid launched for Atlantia by the Benettons and Blackstone, according to the daily Cinco Dias. In theory, the Italian executive could have invoked the special powers it still has over Atlantia and other strategic sectors. However it has declined to do so. The price of the bid is 23 euros in cash, which values the concessionary at some 19…
A&G | The Q1 results season was solid on both sides of the Atlantic. And up to now EPS for 2022 has been revised 3% upwards by S&P500 and 11% by the STOXX 600. The weighting of the raw material sectors, particularly in Europe, helped to drive EPS estimates (ex EPS estimates for raw materials they rose only 2% YTD in Europe). We are beginnning to see signs of a…
Link Securities| Indra has signed a contract with Airways New Zealand, the country’s air navegation services’ provider, to modernise the airborne radar netwtork with state of the art technology, according to Europa Press on Tuesday. Separately, Indra said in a statement that this move will reinforce the security of the country’s air traffic, allowing for an increase in capacity as well as a reduction in emissions. As part of the agreement,…
Morgan Stanley | We run over the main themes which are affecting the banking sector at the moment. In terms of balance sheets, the sector has on average 420 bp of excess capital, lending support to dividends. The sector in Europe has greater cash yield (div + buybacks). Exposure to Russia has been decreasing proactively, on average 12% down vs figures pre-Q1 2022. Net interest income has the support of…
Banc Sabadell | The Government is looking for the “quickest” formula to increase tax pressure on the big electricity companies. The most feasible and fast option would be to implement a surcharge on corporate tax via a decree law, with which the the energy firms’ ‘windfall profits’ from the rise in prices would be additionally taxed. Given the technical complexity of this, it is being considered whether to include it…