The Spanish hotel chain announced a single dividend payment for 2018 of 0.183 euros/share (+8.9% vs 2017; in line with what was expected), date ex date 5 July and date of payment 9 July. Yield 2.2%.
Shareholders approved the payment of a gross dividend of 1.175 euros/share charged to 2018, 3.5% more than the previous year.
The latest profit warning from Nucor for Q2 (1.20-1.25% vs consensus 1.48$) seems to confirm the weakening of tendencies in the steel sector in this period.
The new capital requirements regulation (regulation CRR2 and directive CRD V) could improve the capital levels in European banks through its treatment of software intangibles, according to Morgan Stanley analysts. The changes would not come into effect until 2021/2022; depending on what the EBA says in 2020.
Baker McKenzie | There were no flotations in Spain in the first half of 2019, consolidating the progressive decline in these operations since 2017.
Alphavalue | The ECB´s reflationary strategy has caused doubts among investors about the business plans of Spanish banks, in particular Caixabank, articulated in terms of the improvement in the net interest margin over the expected future rise in interest rates (which, incidentally, we do not expect any time soon).
Renta4 | In Spain, the Technical Advisory Committee of the Ibex decided in its ordinary meeting, as expected, to include MasMovil in the index from 24 June, replacing Tecnicas Reunidas.
The German auction of 5G frequencies ended this week. Telefonica’s subsidiary in Germany was awarded a total 90MHz, for a cost of 1.425 Bn€, 22% of the total raised by the auction of 6.55 Bn€, higher than the expected 5 Bn€. Telefonica Deutschland was awarded 2 blocks in the 2GHz band and 7 blocks in the 3.6 GHz band. The assignment of the 2 GHz block will happen on 1 January 2021 and the other on 1 January 2026.
Morgan Stanley | We lower profit estimates for Spanish banks at an average 4.6-5% for 2020-2021 given the sensitivity of these to a further flattening of the rate curve as a result of a more dovish ECB.
Santander AM | Stock markets maintain strong profits this year. The strength of the profit taking as a result of the new tariff increases to China should not hide their good behavior along the year.