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Companies, Ibex, Relevant News Item 20th June 2022

Grifols’s valuation not attractive at 7x net debt/Ebitda 2022 and weak cash generation; better risk/return with others like Almirall

Morgan Stanley | Grifols (GRF) will hold its Investor Day on June 30. We expect to hear on the following main topics: (i) Estimates on plasma growth (both consensus and ourselves already expect 20-25% growth in 2022, above 2019 levels, and see little chance of increases in the numbers). (ii) Greater visibility on the new launches from Biotest, fibrinogen and IgM which could be delayed. (iii) Leverage (competitive disruption and the smaller contribution…

Meliá

Ibex, Spanish economy 20th June 2022

Meliá forecasts closing 2022 with Ebitda of over €400 M; expects to recover pre-Covid revenues in 2023

Bankinter | Meliá has offered some guidelines for the next few years, for the first time since the pandemic. It will recover pre-Covid revenue levels in 2023, with an improvement in margins of 300 bp from 2024. This clearly beats our estimates. The CEO of Meliá forecasts closing 2022 with EBITDA of over 400 million euros, excluding capital gains. In 2023, the group will recover pre-Covid revenues (1.8 billion euros…

Aena

Ibex, In Spain, Spanish economy 16th June 2022

Eurocontrol’s estimates are in line with those of Aena; sees 2024 air traffic +3% pre-Covid

Intermoney | The latest estimate from the European Organisation for the Safety of Air Navigation (Eurocontrol) flags that air traffic in Spain will recover pre-Covid levels in 2024, a year, in fact, in which they would be 3% higher than in 2019, according to the daily Expansion. This would partly be in contrast with other markets like Italy and the UK (+2%) and particularly Germany, which would remain slightly below…

Fluidra

Ibex, In Spain 13th June 2022

Fluidra will fully control Hungarian firm Kerex after buying 73,2% for €4,5 M

Intermoney | Fluidra has informed the Stock Market Regulator (CNMV) that it will fully control Hungarian firm Kerex after buying 73,2% for 4,5 million euros. The transaction is expected to be closed in September 2022. This is after the usual suspensory conditions in this kind of deal have been met, and provided there is no material adverse change which negatively and significantly affects Kerex between the Signing and the Close…

Inditex

Ibex, Spanish economy 13th June 2022

Inditex: recent progress encourages a recovery of confidence unblocking the stock in the short-term

CdM |Inditex (ITX)’s first quarter results released on Wednesday beat expectations; the net profit figure reflects the provision for the suspension of activity in Russia and the Ukraine. Main figures compared with Bloomberg consensus: Sales 6.742 billion euros (+36.4%) vs 6.237 billion expected. Gross Margin 4.054 billion euros (+36.9%) vs 3.713 billion (e). This means a margin of 60.1% vs 59.9% in Q1 2021 and 59.5% expected. EBITDA 1.917 billion…

repsolatardecer

Companies, Ibex, In Spain 9th June 2022

Repsol will decide this Thursday whether to sell 25% of Repsol Renovables (total worth some €3.500 B)

Norbolsa | This Thursday Repsol’s board will decide on whether it will sell 25% of Repsol Renovables, according to online daily El Confidencial. Possible favourites could be Prédica (a subsidiary of Credit Agricole) and Swiss fund Energy Infrastructure Partners. A valuation of 3.5 billion euros has been suggested for 100% of Repsol’s renewable arm. We recall that a few days ago press reports flagged the possibility that Repsol was studying…

Equinix 770.original

Spanish Small & Mid Caps 21st June 2021

Equinix And Singapore Sovereign Wealth Fund To Build Two Data Centres In Madrid For €230 M

The construction of these facilities is part of an overall plan under which Equinix and GIC will increase their portfolio of xScale data centres with up to 32 new facilities for USD 6.9 billion (EUR 5.783 billion), according to a joint statement. The centres will be divided between Frankfurt (5), Paris (4), Dublin, Osaka, Sao Paulo and Tokyo (3 in each); Madrid and London (2); and Milan, Helsinki, Warsaw and Mexico City, with one data centre in each. Three more data centres will be added to this list and will be announced shortly.

siemens gamesa

Ibex 18th May 2021

What If Siemens Energy Wants To Eat Up Siemens Gamesa?

Bankinter | For weeks, financial circles have been hovering around the idea of the German giant taking full control of the subsidiary. The market is speculating on a possible stock market exclusion of Siemens Gamesa, in which it currently holds a 67% stake, according to Expansion. As said by the same sources, the CEO of Siemens Energy commented that “it is not currently on its agenda”. The remaining 33% of the capital would represent at market prices some 5.833 billion euros.

ACS Euston station

Ibex, Markets, Spanish economy 12th May 2021

ACS Is Awarded The Construction Of A ‘Green’ Railway Station In The UK For €660 M

ACS has been won, in consortium with the British company Mace, a contract valued at €660 M for the construction of a new high-speed train station in Birmingham (United Kingdom), which will not produce any polluting emissions once it comes into operation. Ferrovial is also present in HS2 after it took a 15% stake in the consortium led by France’s Eiffage in April last year, which has been awarded the construction of one of the sections of the line, a contract worth around €2.6 Bn.