S&P maintains BBB+ rating for Iberdrola
S&P Global confirmed the long-term credit rating “BBB +”, with a “stable” outlook for Iberdrola, backed by “solid” operating performance in 2018 and in 1Q2019.
Markets
Markets: There will be opportunities throughout the year…
Renta4 | Markets have advanced much in little time, with advances of 20% in Europe and 25% in the US in the last four months. This strong performance has been produced in an environment of clearly accommodative central banks, although the market “seeks” even more, discounting interest rate cuts both in the US (probability 50%) and in the Eurozone although to a lesser degree (probability 20%). At the same time, dissension is emerging in the heart of the ECB about the deposit rate
Bankinter Q119: credit portfolio continues to increase profitability
Renta4 | Q119 results are below our estimates across the whole account: -3% in interest margins; -4% in gross profits; -2% in net margin for lower operational costs than expected and -4% in net profits. Compared to the consensus, slightly below in interest margins and gross profits (-1% in both cases), and 1% above in net margins and net profits.
Iberdrola upgrades its guidance for the year following good results
Bankinter | Good results for Iberdrola in Q1 2019, beating market estimates. The principal figures compared to the Bloomberg consensus are: income 12.599 billion euros (+12%) vs 2.494 billion euros; EBITDA 2.599 billion euros (+12% vs 2.494 billion euros; EBIT 1,632 billion euros (+185) vs 1.533 billion euros; Net Annual Profit 964 M€ (+15%) vs 871 M€; funds generated by operations 2.037 billion euros (+8.5%); Net debt 35.559 billion euros (vs 34.217 billion euros in December 2018).
Caixabank has a MREL ratio of 20.2% at consolidated level
Link Securities | CaixaBank has announced that the Bank of Spain has notified it formally of its minimum level of eligible assets (MREL), as has been determined by the Single Resolution Unit (JUR, in Spanish).
Santander: Maintain Viscofan; growth insufficient for revaluation
Viscofan has published sales data for Q119. Sales income grew 7% compared to Q118. This figure has not surprised us, although we recognise that without more details it is difficult to evaluate fully Viscofan´s income performance in Q119, analysts at Santander point out.
Only 20% of Inditex profits come from outside Europe
Morgan Stanley | Spanish group Inditex has published for the first time numbers by region and data which show that it is extending the useful life of its assets, increasing the capitalisation of its IT spending and reducing provisions.
European PER at its lowest level since 2012
Fidelity | It is not common to experience the oscillations in sentiment we have seen in recent months. Markets surged optimistically during most of 2018, but this ended in the last quarter of the year. This year has returned to optimism, although not at the levels we saw at different stages on 2018.
JD Digits buys 16.7% of Telefonica-China Unicom’s JV
Renta 4 | JD Digits has invested through an increase in capital in Smart Steps Digital Technology Company, the JV created by Telefónica (TEF) and China Unicom to offer Big Data services to corporate Chinese clients.
Deutsche AM, one of the investors of reference in Santander (exposure +1,03%)
Bankinter | The investment funds managed by Deutsche Bank Asset Management (DWS) have increased their exposure to Banco Santander (SAN). It is good news as it demonstrates the interest of international investors in the Spanish bank at its actual prices.