The Spanish gas company presented its results for the first nine months. These are the main figures: Total income 884 M€ (-1.3%), EBITDA in book value 767 M€ (+6.9%). Net Annual Profit 333 M€ (+2.3%), Operational Cash Flow 775 M€ (+17) and Net Debt 4.234 Bn€ (vs 3.623 Bn€ in December 2018).
Renta4 | The bank has reached an agreement for the sale of Santander BanCorp Puerto Rico (including the banking business Santander Puerto Rico and the insurance business Santander Insurance Agency) to First Bancorp for 1 billion dollars.
J. P. Morgan | Following a complicated fourth quarter last year, world markets have recovered strongly so far in 2019.
Banc Sabadell | The acquisition of the Arqiva towers in the UK for 2 billion pounds (2.24 billion euros, 19.7% capitalisation and c.39% of NFD for Cellnex) means the integration of c.3,800 installations (+18.4% of Cellnex total) with a tenancy rate of c. 1.4X (vs c. 1.57X for Cellnex) and with contracts of 10 years duration (less than the current portfolio) linked to inflation.
Banc Sabadell | 2019 guidance for Inmobiliaria Colonial: They expect rents of 350 million euros and profit per share of 0.26 euros/share (in both cases in line with BS estimates).
Banc Sabadell | Spanish infrastructure construction group Acciona may have decided not to continue in the bid to compete with Renfe in the liberalisation of high speed trains in Spain.
Alphavalue | Deustche Bank has sold its holding of 4.8% which it maintained as shareholder of reference in Amadeus. The operation has been produced for a total of approximately 139.9 million euros, at 67.02 euros per share, taking into account the current price of the company´s shares.
Caixabank Research | After a September full of announcements, the next ECB meeting (24 October) will be transitional, in one sense at least: 31 October will see the end of Mario Draghi´s mandate, the most charismatic president in the institution´s history.
José Luis M. Campuzano (AEB) | The ECB itself admits that the exceptional monetary expansion measures have favoured a greater financial integration in the zone, although only in prices. On the contrary, a greater real integration of European financial markets remains pending.
Yves Bonzon (Julius Baer) | It is my long-held view that political noise is an exogenous factor that is hard to time. As long as we can remain sufficiently confident that the external shock is not triggering a systemic crisis or a recession, we must stay focused on the fundamentals and resist the temptations of exploiting the irrationality of a whipsawing market. And I still see a wealth of factors favouring a long-term uptrend of equities in a low-growth and low-inflation world.