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tsb takeover

Ibex, Markets, Spanish economy 11th December 2020

Banco Sabadell Sounds Out Credit Agricole, BNP And Zurich For TSB Sale

After the failed talks on merger with BBVA, the Catalan lender has noted expressions of interest in its UK subsidiary TSB, due to to be sold in 2021 at a price of over 800 million euros. So the bank may be exploring possibilities with Credit Agricole, BNP Paribas or Zurich Insurance Group and other European firms to reach alliances. Market rumours point to the difficulty of transferring TSB at a reasonable price and also flag Banco Santander as one of the candidates to buy it.

Savings

Ibex, Markets, Spanish economy 10th December 2020

Around One Third Of Spaniards Resorted To Their Savings During The Pandemic

Thirty one per cent of Spanish citizens have had to use their savings during the pandemic. This is at least double that of France (15%), Germany (14%) and the Netherlands (12%). In addition, 19% of Spaniards have had difficulty in meeting their housing costs. In these three above-mentioned countries, the percentage of those who acknowledge this problem is around 10%. This is data from the latest Focus on Spanish Society, a publication edited by Funcas.

Logista

Markets, Spanish economy, Spanish Small & Mid Caps 9th December 2020

Logista, Recognized As A World Leader In Sustainability In The CDP “A List” For The 5th Year In A Row

Logista, a leading distribution company in southern Europe, was recognized as a world leader in sustainability by CDP, an international non-profit organization, by entering its prestigious A List for its fight against climate change. This is the fifth year in a row that Logista achieves this recognition, being the first European distributor to achieve it over such a long period of time.

repsol LNG

Ibex, Markets, Spanish economy 9th December 2020

Repsol Is Expected To Float Its Renewables Subsidiary In Less Than Two Years

Repsol announced the IPO of its renewables area or an alliance with a third party in its Strategic Plan 2021/2025 presented on November 26th. The operation could be carried out in less than two years and it will always maintain control of the shareholders. The company expects to raise at least 1.4 billion euros with the floating, which would mean valuing the division at around 3 billion euros. It would be one of the largest operations of the last decade.

Repsol Strategic Plan

Ibex, Spanish economy 30th November 2020

Repsol’s Will Invest €18.3 Bn Between 2021-25, Of Which 30% Will Go To Decarbonisation

Last week Repsol unveiled its strategic plan for the period 2021-25. The company will decarbonize its asset base and implement a new operating model with new pillars such as the Customer and Low-Carbon Generation Businesses. Furthermore, Repsol aims to substantially increase EBITDA, to more than €8.2 Bn in 2025. The strategic plan will have two differentiated periods. In the first two years, it will focus on ensuring financial strength. From 2022, the point will shift to the acceleration of growth.

hotel TC

Markets, Spanish economy 27th November 2020

Leisure, Tourism And Hotels: What Will Be, Will Be In A Sector Battered By Covid19

Banco Sabadell | The hotel sector is one of the worst off after the irruption of Covid-19. Travel, both leisure and especially business, has almost completely disappeared. This has led to hotel closures and occupancy levels below 20% in some months. The airlines’ perspectives could be a good proxy in order to try to find out what could happen with hotel demand. IATA forecasts that the number of global passengers will be 61% lower in 2020 compared to 2019. Our forecast of a drop in occupancy is -66% in NH Hotels and -67% in Meliá Hotels.  

oliu torres

Ibex, Spanish economy 27th November 2020

Talks Between BBVA And Banco Sabadell About A Potential Merger Terminated Without Agreement

Renta 4 | The reasons for the cease of negotiations would be, on the one hand, the lack of agreement on the exchange equation and the price to be paid, and on the other, the distribution of power. The suggested retirement for Sabadell’s chairman Josep Oliú in exchange for the operation being paid for in cash would not be well received by the ECB, given the risk of BBVA’s chairman Carlos Torres being charged in relation with the Villarejo case. This could then leave the merged group without a chairman. So the ECB would have urged a joint presidency between Torres and Oliú.

BBVA Sabadell 1

Ibex, Markets, Spanish economy 22nd November 2020

BBVA And Sabadell: High Probability Of Agreement; Shareholders To Obtain A Value Generation Near 30%

Santander Corporate & Investment | A possible acquisition of 100% in cash of Banc Sabadell by BBVA would generate significant value for the shareholders of both banks. BBVA and Banco Sabadell confirmed this week that they are holding conversations about a possible merger of both entities. The resulting entity would have a market share of 24% in Spain in loans to customers and c.23% in customer deposits against 30% and 28%, respectively, in the case of the combination of Caixabank and Bankia.

ROVI MODERNA

Spanish economy, Spanish Small & Mid Caps 19th November 2020

ROVI’s Target Price To Rise By 6.5 €/shr To 36 €/shr After Moderna’s Vaccine News

Four months ago, Spanish ROVI reached an agreement with Moderna for the filling and packaging of its vaccine. Since then ROVI’s capitalisation has increased by more than €750 M (up 53%). So far this month alone, the stock price has risen by 27%. With a central scenario of about 550 M of Moderna’s vaccines per year outside the US and Japan, the unit income for ROVI would be 0.75 €/vaccine (3.5% higher than the total price of the vaccine) which means a T.P. rise of +6, 5 €/shr. (+22% vs. before) up to 36 €/acc.