Acerinox net debt in Q2 could increase by € 100 million
Morgan Stanley | We reduced our estimates of EBITDA FY19 for Acerinox by 7%, by reducing our estimates between 2Q-4T as a result of the loss in the revaluation of inventories.
Markets
Acciona, Amadeus and Iberdrola, the Ibex companies that most increased their treasury shares in 2018
BME | The market value of the treasury shares plus the amortizations made by these companies during the year reached 6,621 million euros in December, 9.9% more than in 2017.
Lagarde expected to continue ECB’s super-accommodative ways
David F. Lafferty (Natixis) | Christine Lagarde’s appointment was somewhat of surprise where few economists predicted her to take the helm of the ECB. This gives some indication of how complex the negotiations were for the new EC governing positions.
Mapfre completes the purchase from Santander of 50.01% of a new insurance broker
Mapfre (MAP) said this week that the acquisition, which had already been announced in January, of 50.1% of a new insurance broker from Banco Santander through its subsidiary Mapfre España has been completed, pending the corresponding authorisations. The broker will commercialise insurance for cars, multi-risk trade, multi-risk SMEs and civil responsability exclusively for Santander´s network in Spain.
IBEX end of year forecasts: top down 9,030 points; bottom-up 10,782 points
Sabadell revised all the forecasts and objective prices for the companies they cover and highlight their favourite shares in their portfolios (model, 5 value portfolio, high yield and SME portfolio). Although they do not change their recommendations, they significantly revise the valuation of Cellnex (+15%), Sacyr (+15%), Iberdrola (+13%), FCC (-7%), Unicaja (-7%), Caixabank (-8%), Liberbank (-13%), Bankia (-14%) and Arcelor (-22%).
Sustainable investing: How to avoid greenwashing?
Masja Zandbergen (Robeco) | With the rise and rise of new sustainable funds, the question of how to avoid greenwashing becomes more prevalent, and there is a lot of attention in the media for this. SRI labels are popping up and the EU is in the process of defining an ecolabel. Whereas in the past a fund would simply be labeled (Socially) Responsible or not, the market is now distinguishing between different ways of implementing sustainability.
The British stock market has risen 28.1% in value since Brexit, compared to 32.7% for global shares
David Brett (Schroders) | It could be said that the main barometer for Brexit if the value of sterling. Since the withdrawal referendum, the British currency has fallen more than 14% compared to the dollar and 13% compared to the euro.
Ferrovial’s Motorway division accounts for 72% of O.P.
Banc Sabadell | Despite Ferrovial´s excellent performance this year (+26% in absolute terms and +17% vs IBEX) our Objective Price still suggests potential (c.+10%) and the share remains one of our main bets in the sector.
Sacyr ends Panama canal contract with 4.6 Bn€ in payments pending arbitration until 2020
After fulfilling three years’ maintenance of the third set of locks, Sacyr and its partners in the consortium GUPC (of which the Spanish constructor controls 41.6%) have ended their contractual relationship with the Panama Canal Authority
Norway’s sovereign wealth fund holds 3.024% in Telefonica
Bankinter | Norway´s sovereign wealth fund informed the Spanish markets regulator (CNMV) that it now holds 3.024% in Telefonica (TEF). This is an increase of more than 1% since it last informed the regulator of its holding in the Spanish telecommunications company last February.