Spanish Small & Mid Caps


Logista, Recognized As A World Leader In Sustainability In The CDP “A List” For The 5th Year In A Row

Logista, a leading distribution company in southern Europe, was recognized as a world leader in sustainability by CDP, an international non-profit organization, by entering its prestigious A List for its fight against climate change. This is the fifth year in a row that Logista achieves this recognition, being the first European distributor to achieve it over such a long period of time.


ROVI’s Target Price To Rise By 6.5 €/shr To 36 €/shr After Moderna’s Vaccine News

Four months ago, Spanish ROVI reached an agreement with Moderna for the filling and packaging of its vaccine. Since then ROVI’s capitalisation has increased by more than €750 M (up 53%). So far this month alone, the stock price has risen by 27%. With a central scenario of about 550 M of Moderna’s vaccines per year outside the US and Japan, the unit income for ROVI would be 0.75 €/vaccine (3.5% higher than the total price of the vaccine) which means a T.P. rise of +6, 5 €/shr. (+22% vs. before) up to 36 €/acc. 


Air Europa Rescue Puts IAG’s Purchase On Hold

Renta 4 | After the government approved the rescue of Air Europa last week, with an injection of 475 million euros, several media outlets are claiming the executive intends to establish a series of conditions for the operation. In our opinion, these would complicate the acquisition of the airline by IAG. The conditions would include the appointment of two directors, authorisation to approve strategic operations, dismiss and even agree the appointment of the CEO. IAG will be awaiting an official communication.

Renfe CAF

Europe Selects The Consortium Led By CAF For The Development Of A Hydrogen Train Prototype

The Fuel Cells and Hydrogen Joint Undertaking (FCH JU) of the European Commission has selected the project FCH2RAIL to start negotiations for an EU grant agreement valued at 10 million EUR. FCH2RAIL would be technically led by CAF and would benefit from the European funding under the H2020 Program to work on the development of a railway vehicle prototype powered by hydrogen.

Air Europa

Air Europa Becomes First Spanish Company To Be Rescued By The State Amid The Health Crisis

The airline had requested help a few months ago and today the Spanish cabinet has authorised its rescue, the first one involving a private company in Spain during the coronavirus crisis. The State will inject 475 million euros to avoid Air Europa’s bankruptcy via a specific fund created to save companies with solvency problems, particularly affected by Covid-19. This aid will mean a support of 240 million euros via a participative loan and another 235 million through an ordinary credit.

Sacyr Africa

Sacyr Divests Its Construction Business In Africa To Focus On Concessions In Its Key Markets

Sacyr’s selling its construction subsidiaries in Angola, Mozambique and Cape Verde is part of firm’s strategy to reduce the risk of building in non-strategic markets and to focus on concessions in its key markets. This activity already accounts for nearly 80% of the group’s EBITDA. According to analysts at Alphavalue, Sacyr, with a capitalization of just around €800 M, has been “the most resilient” company in the concessions’ sector during the confinement thanks to the type of contracs it has signed.

CAF consolidates its position in France with the rehabilitation of 43 trains for Paris

CAF Favourite To Take Over Alstom’s Assets

Spain’s CAF is amongst the investors interested in buying the only factory Alstom has put up for sale in France to meet the conditions imposed by the European Commission on the purchase of the Canadian firm Bombardier. In fact, CAF is the favourite to take over Alstom’s assets. The French unions have positioned themselves in favour of CAF due to the size of the company and their commitment to retaining the entire workforce. That said, CAF will have to compete with Skoda for the factory. 


Novavax Will Manufacture Its COVID-19 Vaccine In Spain

US biotech company Novavax has signed an agreement to carry out the industrial production of its vaccine for Europe in Spain, once it becomes available, with Spanish pharmaceutical Zendal (through its subsidiary Biofabri). The Spanish Agency of Medicines and Health Products (AEMPS), dependent on the Ministry of Health, has affirmed that this fact is an “important” boost for Spain’s pharmaceutical industry.

Urbas mining

Urbas Or How To Move From Real Estate To Mining To Guarantee A Recurrent Cash Flow

Urbas, which specialies in real estate development, construction and land management announced the acquisition of a feldspar deposit in the Galicia region. This jump to a business so far removed from its original activity is due to the firm’s need to diversify in order to offset the debt levels related to its real estate investments. This feldspar deposit is considered as one of the most important in Europe, with reserves estimated at some €600 M, in line with the current value of the mineral. 

Abengoa Abenewco

The New Abengoa Puts 24 Subsidiaries Up For Sale; Considers Requesting State Aid To Stay Afloat

This operation will serve as compensation for the creditors and suppliers who will assume the removal and capitalization of Abengoa debt. The companies up for sale should be transferred within a year. Most of them are projects which have had the “for sale” sign on them for a while, and their valuation has deteriorated. In 2019, the 10 main assets had a net book value of €1.557 Bn and a negative impact compared to 2018 of €118 M. This is in line with the restructuring agreement approved on August 6.