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European economy

iag 1440x808 1

European economy 23rd June 2025

IAG estimates Capex of €6 billion and operating profit of €1.4 billion in Strategic Plan

Banc Sabadell | IAG (IAG) presented its strategic plan, ‘Flight Plan 2030’, for Iberia (25% of IAG’s capacity in 2024), with which it hopes to consolidate its position as leader in its main markets. We highlight the main messages: Capacity growth of 3/5% over the next few years, without specifying a period, with LatAm as the main market with expected growth of 5%.In the medium term (no specific period given),…

iberia IAG

European economy 19th June 2025

Iberia (IAG) plans to invest €6 billion by mid-2030s, 70% in aircraft

Renta 4 | Yesterday was Iberia Day, attended by senior executives from IAG and Iberia, who gave presentations. Iberia is a success story of a restructuring process that began in 2012 and focused on three pillars: comprehensive transformation, leadership position in attractive markets and cost efficiency. Iberia remains well positioned to continue gaining market share in its main markets (Europe-Latin America, Spain-North America, domestic market and Spain-Europe). Management continues to…

TSB Sabadell

European economy 18th June 2025

Banco Sabadell considering selling UK franchise TSB, possible capital gains of €2000 million

Bankinter | Banco Sabadell (SAB) is considering selling its UK franchise (TSB). Sabadell has received several non-binding offers for 100% of TSB’s capital. Among the potential buyers are the main British banks (Barclays, Natwest and HSBC), as well as Santander UK. The preliminary price offered by TSB is unknown, but the press speculates that it is in the range of €2 billion to €2.35 billion. Bankinter analysis team’s view: Neutral…

telefonica edificio

European economy 10th June 2025

Telefónica hires financial advisor to assess potential acquisitions in Europe

Bankinter | Telefónica is hiring a financial advisor to evaluate possible acquisitions in Europe. One of the companies being considered is Vodafone Spain. Bankinter analysis team’s view: The operation could be interesting to reduce the competitive intensity in Spain, where the market would be dominated by three operators instead of four, but its execution would be complex and would take time. Telefónica would have to assess well the synergies and…

Alemania PIB

European economy 6th June 2025

German government approves €46 billion tax relief package

Bankinter | The German government has approved a tax relief package worth €46 billion (11% of GDP), which will need to be ratified by parliament. The stimulus includes a corporate tax cut of 1% a year from 2028 (to 25% from the current 30%) and deductions for the purchase of new machinery and other equipment. The Houses could pass it by the end of the summer. Bankinter analysis team’s view:…

ArcelorMittal

European economy 4th June 2025

Tariff effect could subtract ~10% from ArcelorMittal’s 2025 Ebitda and cut expected recovery this year

Banc Sabadell: Trump will impose an additional 25% tariff on steel imports which would leave the tariff burden on these products at 50%. Assessment: Negative news given that we understand that although at first the company stated that the impact of the tariffs could be positive, the fall in the dollar, together with the fall in demand linked to the uncertainty, would be weighing on the business. Thus, despite its…

inflacion precios 1

European economy 30th May 2025

ECB’s expectations for average Eurozone inflation over next 12 months rise in April to 3.1% from 2.9% in March

Link Securities | According to the monthly report published by the ECB, average inflation expectations in the Eurozone for the next 12 months rose in April for the second consecutive month to 3.1% and from 2.9% in March, standing at its highest level since February 2024. Inflation expectations for the next three years remained unchanged in April at 2.5%, while inflation expectations for the next five years stood at 2.1%…

Caixabank

European economy 27th May 2025

Caixabank considering takeover bid for Portuguese Novo Banco

Link Securities | Caixabank (CABK) is considering a takeover bid for Portuguese bank Novo Banco. There are other interested entities, such as the French group BPCE and the Portuguese Caixa Geral de Depósitos, as reported on Friday by elEconomista. Novo Banco was created in August 2014 after the Bank of Portugal intervened to rescue Banco Espírito Santo (BES), which at the time was one of the country’s largest and most…

caf cartel fachada

European economy 26th May 2025

CAF to invest €50m in French factories over next 5 years to triple capacity in country

Renta 4 | CAF has announced its intention to invest in France. Specifically, the company will invest €50 million in its factories in France over the next five years with the aim of tripling its capacity in the country. With this investment, CAF will reinforce its presence in the French market through its two plants in Reichshoffen and Bagneres-de-Bigorre. Assessment: Positive news as it fits within the company’s organic strategy…