At current prices, Telefonica has an attractive YPD: 5.33%
Telefonica’s dividend payment of 0.40 eur per share in cash will be divided into two payments of 0.20 euros / share.
Markets
Mediaset Italia merges with Mediaset España valuing it at 6.28€/share (-9% vs trading)
Renta 4 | Mediaset Spa and Mediaset España have announced their merger through a share exchange under the name of MediaForEurope (MFE), which will be the new parent company, with the intention of creating a pan European platform, which will trade in the Italian and Spanish stock markets, able to unite a combined audience of 107 million viewers.
Fitch upgrades Enagás because of its solid financial structure
The ratings agency Fitch Ratings has upgraded its short term rating for Enagás (ENG) and Enagás Financiaciones S.A.U from “F2” to “F1”’, applying its new short methodology for short term ratings.
ACS: Underweight pending reinvestment of excess capital
Morgan Stanley | ACS (ACS) continues to reduce its risk profile following the purchase of Abertis and its exposure to assets. This is already discounted in the price. in addition it remains without control over the cash flow of its most important assets (Abertis; ACS/Hochtief/Cimic).
AENA increased investment (1 Bn€/year) does not mean short term increase in share price
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).
Mediaset could unite Mediaset España with the parent company to confront Netflix
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.
Spanish and Italian banks will have access to fewer ECB funds with new TLTROs
Banca March | The ECB announced other limitations on liquidity that will make it difficult for peripheral banks to access the new TLTRO III.
Whatever it takes, once again
“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.
Banco Sabadell: there is life beyond TSB, Overweight (O.P. 1.56 eur)
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.
Almirall: recent revaluation (+46%) reduces potential 13.1%
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.