In April 2018 both banks and utilities had practically the same PER, around 12.5. Since then there has been an extreme relative movement between them, with electricity companies getting more expensive and banks cheaper, analysts at M&G Valores point out.
Spanish oil company Repsol has temporarily suspended the exchange with Venezuelan State Oil Company PDVSA of its refined products for Venezuelan crude, according to Reuters.
Santander Corporate & Investment | We continue to like Cellnex´s long term history (Objective Price for December 2018 of €27.30/share, based only on the current scope), but the potential value of future corporate transactions will begin to be reflects in its listing. Maintain.
Link Securities | Telefónica has invested 1.0063 billion euros in the 19 March auction of new radioelectric frequencies in Germany, according to information facilitated by Germany´s Federal Networks Agency, while awaiting official confirmation.
Link Securities | The Spanish-German company Siemens Gamesa (SGRE) has signed a framework agreement with Eolien Maritime France (EMF) (constituted by EDF Renewables and Enbridge), through its French subsidiary Siemens Gamesa Renewable Energies SAS.
Renta4 | Cellnex (CLNX) has contracted Goldman Sachs for the acquisition of a holding in the French company TDF. The news limits the posible holding to 60%, in a company in which Brookfield, which holds 45%, has announced the sale of its holding.
Bankinter | Credit Agricole (CA) and Banco Santander (SAN) will merge their securities management and custody activities: CACEIS for CA and Santander Securities Services(S3) for SAN (it will contribute 100% of S3 in Spain and 49.99% of its business in Latin America)
Andrea Iannelli (Fidelity) | Central banks have again become the protagonists in the quarter which has just ended. A generalised movement towards more expansionary positions, with the Federal Reserve in the lead, supported risk tolerance and lifting all kinds of assets, reversing the poor returns registered in 2018.
Renta4 | ACS is studying the possibility of floating its renewable business. The company, through Cobra (subsidiary of industrial services) counts on a portfolio of assets of 2,000 MW between installed and adjudicated projects, which according to this information could secure a valuation of 2 billion euros.
Ángel Pérez Llamazares (Renta 4) | Caution due to risk factors/ catalysts in short medium term. We raise Aena’s stock O.P. to 150.3 euros.