Banc Sabadell | According to the press, Maurici Lucena (President of AENA) has commented that during the period of the next Airport Regulatory Document (DORA, 2022-26) the company will invest 1 billion euros per year (5 billion euros in the entire period).
Renta4 | According to Bloomberg the Italian parent company is considering various options for Mediaset España (TL5), among them combining its business to confront the competition from platforms like Netflix.
Banca March | The ECB announced other limitations on liquidity that will make it difficult for peripheral banks to access the new TLTRO III.
“There is no probability of deflation, there is very low probability of recession, there are no threats of de-anchoring of inflation expectations,” Mario Draghi said on Thursday. The governor of the European Central Bank announced once again – as he did in March – that it will delay the rate hike at least until 2020 and kept all options open, especially in case economic prospects deteriorate. ECB’s decision is in line with those of other central banks in the world. The Fed has just opened the door to a rate cut, something that Australia and India have already done.
Nuria Álvarez (Renta 4) | Banco Sabadell´s Q119 results showed how the increase in volumes had allowed it to moderate the deterioration in the margin of interests. We come to an objective price of 1.56€/share. Overweight.
I. Isardo (Link Securities) | Almirall (ALM) is a vertically integrated international pharmaceutical group which focuses on the purchase, production, storage, commercialisation and mediation in the sale of specialities and pharmaceutical products and of all types of raw materials used in the production of specialities and pharmaceutical products.
Santander Corporate & Investment | A year after we renewed our coverage of Mapfre (MAP), our opinion remains unchanged. Despite foreseeing a notable operational improvement in 2021, we think that 2019 will probably be a complicated year.
Repsol (REP) has communicated the timetable foreseen for the capital increase approved by its last Shareholder General Assembly within the framework of the “Repsol Flexible Dividend” Programme
Renta 4 | Arcelor Mittal (MTS) has announced that it will reduce its production in Europe (50% of the total in Q119) due to demand conditions in the market. We are downgrading our forecasts, which already imply a significant fall in EBITDA in 2019 compared to 2018 (R4e -18%).