Banco Sabadell: From the declarations in Bloomberg of IAG’s CEO, Luis Gallego, we highlight: They expect a better summer, although there are still difficulties such as air traffic control in France. In any case, they see very strong demand in Q2 and Q3, with less visibility for Q4. Premium traffic is offsetting the weakness of corporate traffic, which remains at 70% of 2019 levels. On consolidation opportunities, apart from the…
Banc Sabadell | According to Reuters, Airbus (AIR) is reportedly the favourite (over Boeing) to win IndiGo’s 500 A320 aircraft order, making it the industry’s largest order by volume (versus one for 470 aircraft placed by Air India a few months ago). On the other hand, both Airbus and Boeing are reportedly also competing to sell 25 aircraft (AIR’s A330neo or Boeing’s 787) to the same airline. No statement has…
Renta 4| Park Air is a leader in ground-to-air radio systems for civil and military air traffic management. Its customers include air navigation service providers, airports, systems integrators and government military organisations. Park Air has annual sales of around €20 million, achieved negative EBIT in 2022, more than 120 employees and a partner and distribution network that enables it to supply systems in more than 100 countries. The acquisition would…
CdM: Price rises ease in the euro area. In May, inflation fell nine tenths of a percentage point from the previous month, bringing the Consumer Price Index (CPI) to 6.1%, according to Eurostat, the EU’s statistical office. This is the lowest level since February 2022, coinciding with the Russian invasion of Ukraine. Excluding the impact of energy, food, alcohol and tobacco, core inflation achieved two consecutive months of moderation, standing…
Banca March| The European Central Bank (ECB) continues to see “vulnerability” in the markets given the new interest rate scenario, which in its opinion poses higher financing costs for companies and households that could trigger a liquidity crisis, given the need for massive asset sales in a hypothetical panic scenario. This vulnerability would be concentrated above all in real estate funds and in the debt market, this being one of…
Banca March | The IMF forecasts that the UK economy will avoid recession in 2023. Specifically, the body now expects growth for the current year of 0.4%, compared with the slight decline previously expected (-0.3%). The managing director of the Fund, Kristalina Georgieva, thus announced yesterday that the British economy values the evolution of the country’s economic situation particularly favourably compared with other G7 countries. The revision is mainly due…
Bankinter: The Irish Data Protection Commission imposes a €1.2 billion fine on the technology company for transferring European citizens’ data to the US in breach of EU legislation. Analysis team’s opinion: Bad news, but already expected. It is a significant amount. The largest fine imposed so far. It compares with the €746m the EU fined Amazon in 2021 and is about 4% of Meta’s estimated PBT for the whole of…
Link Securities| According to Eurostat on Monday, in March and compared to February, construction output in the Eurozone, in seasonally adjusted data, fell by 2.4%. In February, construction output had risen by 1.7% in the Eurozone, whereas in March, building construction fell by 2.4% and civil engineering construction by 2.3%. On a year-on-year basis, construction output decreased by 1.5% in the Eurozone, which compares negatively with the 2.1% increase recorded…
Santander | E.ON is reportedly considering the sale of npower, one of the largest electricity traders serving industrial users in the United Kingdom. According to the article that reports this, Centrica and ScottishPower have announced in recent months their intention to exit from marketing to large corporate customers due to high price volatility and low margins. Assessment: E.ON acquired npower from innogy in 2019 and subsequently transferred npower’s residential and…
Bankinter : German industrial producer prices decelerated sharply in April to +4.1% year-on-year vs +4.3% expected and +6.7% previously (revised from +7.5%). In the month, +0.3% vs -0.5% expected and -1.4% previously (revised from -2.6%). Assessment: Industrial production prices have come out better than expected. After peaking in August 2022 (+45.8% year-on-year) and maintaining this pace in September, the level of prices has now accumulated seven consecutive months of slowdown…