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Acerinox

In Europe 19th November 2024

Acerinox receives final Austrian antitrust approval for Haynes acquisition, completing all necessary clearances

Morgan Stanley | Acerinox confirmed on Friday that Austrian authorities have issued an antitrust clearance for the Haynes acquisition, reinforcing the possibility that the deal will close in 4Q24. While the deal will generate revenues immediately, given the planned $200m investment in Haynes (plus acquisition costs), it will not have a significant impact on FCF until 2028. While this should likely delay the prospect of excess shareholder returns, Ioannis Masvoulas…

Portuguese real estate has recovered remarkablyrecovery.

European economy 18th November 2024

European ratings: Moody’s maintains Portugal’s outlook at A3 stable and Fitch and S&P maintain Ireland’s at AA

Bankinter | Moody’s maintains Portugal’s rating and outlook at A3 “Stable”. For our analysts this is good news for the Portuguese economy. “The financial rating agency considers that this rating is a reflection of a competitive and diversified economy”. Moody’s forecasts GDP growth of +1.6% in 2024 and +2.2% in 2025. However, it continues to point to challenges such as the high public debt ratio, although it acknowledges that it…

alemania reichstang

European economy 15th November 2024

Germany’s October ZEW index surprises on downside with 7.4 points vs. 13.1 previously, while EU index declines to 12.5 from 20.1 previously

Link Securities | The ZEW institute published yesterday that its index measuring sentiment about Germany’s economy among major investors and analysts declined in November to 7.4 points from 13.1 points in October, also below the 13.3 points expected by FactSet’s consensus of analysts. This was negatively influenced by Donald Trump’s victory in the US presidential election and the collapse of the German coalition government. The index measuring their perception of…

iberdrola renovables

In Europe 12th November 2024

Iberdrola among utilities driven by 7-10% CAGR in distribution in Northern Europe and 15-20% in transmission in Germany and UK

Morgan Stanley: Our analyst Rob Pulleyn thinks it is too early to move away from the utilities theme, as he believes the market is not fully discounting the outlook: the market does not yet seem to have digested the shift in regulated utilities from “low growth dividend” companies to “quality growth” companies. In more detail, Pulleyn estimates an average CAGR of 6% in EPS by 2024-27 (versus 3% consensus) in…

IAG

European economy 11th November 2024

IAG clashes with UK tax authority over £700 million

London is claiming VAT from the airline group on the redemption of points for flights in the loyalty program. The holding company has already paid £103 million, although it disagrees and does not rule out going to court.IAG, the parent company of Iberia, British Airways, and Vueling, is clashing with the British tax authority (HMRC) over the VAT of IAG Loyalty, its loyalty subsidiary that allows the redemption of points…

bank of EnglandTC

European economy 9th November 2024

Central banks: BoE cuts rates 25 b.p. to 4.75%, Riksbank by 50 b.p. to 2.75%, Norges Bank sticks on 4.50% b.p.

Bankinter : The BoE has cut the policy rate by -25bp, as expected, to 4.75%, but sends a slightly more cautious message about the next moves. Analysis team’s view: Our central scenario pointed to a cut at this meeting. We do not expect any further moves for the rest of the year, especially given the expected pick-up in inflation in the last three months of the year and the level…

InmoColonial

European economy 8th November 2024

Colonial looking at merger with French subsidiary Société Foncière Lyonnaise

Link Securities | The Boards of Directors of Colonial (COL) and its 98.24% owned subsidiary, Société Foncière Lyonnaise (SFL), have agreed to initiate a detailed analysis for their potential merger, whereby COL would absorb SFL. The potential merger would be in line with the group’s strategy of simplifying its structure, one of the key points of which was the takeover bid launched by COL for all SFL shares in August…

arcelormittal 655x368 1

In Europe 6th November 2024

Preview ArcelorMittal 3Q24 Results: 8% deterioration in net income expected to reach €470 million

Renta 4 : The company announced that it was changing the way it publishes results as of 2024. The main changes are: 1) New “sustainable solutions” division, whose results come from the Europe division (which is revised), 2) inclusion of the contribution of the net results of the JVs, mainly India, Calvert (USA), China and others, which were previously in the results of investees and 3) ACIS (Eastern Europe, South…

ryanair aviones

European economy 5th November 2024

Ryanair profit down 18% as fares fall 10%; outlook for next quarter more positive

Norbolsa | Results for its first half year ending in September and covering the entire summer season show an 18% fall in profit after tax and a 10% drop in fares. On the other hand, the comments for the next quarter are somewhat more positive, pointing out that the fall in tariffs is moderating and will probably be below 5%. In any case, Boeing’s lower aircraft deliveries mean it is…

euros recurso

European economy 3rd November 2024

M3 money supply in euro area rises 3.2% in September, up from 2.9% previously

Money supply in the EurozoneLink Securities | The ECB reported on Friday that the M3 money supply in the Eurozone increased by 3.2% in the month of September at an annual rate, to €16,549 billion. The growth rate exceeded the 2.9% growth rate it had reached in September, which was the reading expected by FactSet consensus analysts. The ECB also published that bank lending to households in the Eurozone increased…