Link Securities | The president of Banco Santander (SAN), Ana Botín, said on Tuesday that the United Kingdom is a key market for the group and ‘will remain so’ in the future, after it was published a few days ago that the bank would be rethinking its continuity in the country, according to the Europa Press agency. During her participation in a round table at the Davos Economic Forum, Botín…
Bankinter: Car sales increased by 5.1% in December. As a result, the annual accumulated figure rose slightly (0.8%) to 10.6 million units. Analysis team’s opinion: Sales show a weak evolution in the annual accumulated figure. Financing costs remain high, growth in Europe remains timid and doubts persist as to the type of vehicle to be purchased. The breakdown of the data shows that electric vehicle sales fell 10.2% in December,…
CdM: The annual inflation rate in the euro area was 2.4% in December 2024, up from 2.2% in November. A year earlier, the rate was 2.9%. Annual inflation in the European Union was 2.7% in December 2024, compared with 2.5% in November. A year earlier, the rate was 3.4%. These figures are published by Eurostat, the statistical office of the European Union. The lowest annual rates were recorded in Ireland…
Bankinter | Banco Santander (SAN) is reviewing the strategic positioning of its UK franchise. According to the British press, Santander could sell its subsidiary and points to Barclays as a possible interested party. Opinion of Bankinter’s analysis team: Positive impact. It is normal for Banco Santander to explore alternatives to improve the profitability and/or risk profile of its UK franchise, but we see a corporate transaction as unlikely. Santander UK…
Link Securities | According to the first estimate of the data, released yesterday by Eurostat, the Eurozone economy generated a trade surplus in goods with the rest of the world of €16.4bn in November, compared to a surplus of €18.2bn generated in the same month in 2023 and up from €8.6bn in October. The FactSet consensus of analysts expected a lower reading of €9.0 billion. Eurozone exports of goods to…
Alphavalue / Divacons | The hotel chain expects to close 2024 with a revenue increase of close to 10% and an increase in recurring EBITDA of between 15% and 20%. This was announced yesterday by its new CEO, Gonzalo Aguilar. At a meeting with the press in Madrid, the executive stressed that the company is moving towards an “Asset light” model, based on management and franchising, balanced with ownership, with…
Juan Pedro Marín Arrese | The markets have been battering the UK gilts since Rachel Reeves delivered a disappointing budget in October. A sizeable increase in taxes but proving unable to fill the gap inherited from the last Conservative government did not seem like the best recipe to address the looming stagflation. Fears that ongoing deterioration might force the Chancellor to tap into taxpayers’ money again in a couple of…
Link Securities | Virgin Group, Richard Branson’s group, is analysing models from Talgo and three other companies (Alstom, Siemens and Hitachi) to incorporate a dozen trains to start operating on the cross-Channel rail link, the Eurotunnel, Expansión newspaper reports today. The British company is leading a project that foresees an investment of €1.2 billion. The British regulator has yet to decide how much space there is for new operators. Virgin…
Banc Sabadell: Airbus published last week that it delivered 123 aircraft during the month of December (versus 84 in November ’24 and 112 in December ’23), bringing total deliveries in 2024 to 766 (versus 735 in 2023, up 4%), practically meeting the target of delivering 770 aircraft this year (the company considers plus/minus 20 aircraft to be within the guidance range). In addition, a total of 99 new orders and…
Norbolsa | Cellnex (CLNX) has hired JP Morgan as an advisor to explore the potential sale of its stake in the telecommunications group’s subsidiary in Switzerland. It currently holds a 72% stake which, according to press reports, could have a market value of around €1.1 billion. This would imply valuing 100% of the subsidiary at €1.5 billion. This divestment would be the fourth in a row after sales in Austria,…