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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…

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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…

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In Europe 2nd November 2024

Volkswagen to close factories in Germany for first time in history

Bankinter | The German company could close three plants in Germany. Until now everything pointed to the closure of two plants, one dedicated to the production of vehicles and the other to components. Now the unions claim that the measure could be extended to three factories and include the reduction of installed capacity in other European plants. Volkswagen has not confirmed the news. It could provide more details on Wednesday…

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In Europe 31st October 2024

VMEDO2 UK sells stake in Cornerstone, Telefónica to make €110m from deal

Renta 4 | VMEDO2 UK is selling a stake in Cornerstone Telecommunications. VMEDO2 UK, Telefónica’s 50:50 JV with Liberty Global in the country, has agreed to sell an 8.33% stake in mobile towers joint venture Cornerstone Telecommunications to UK-based asset manager Equitix. VMEDO2 will receive at closing approximately £186 million in cash (approximately €221 million), equivalent to a multiple of 21x adjusted EBITDA 2024 R4e and will retain a 25.01%…

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In Europe 30th October 2024

Porsche, BMW and Mercedes most exposed to higher tariffs on cars imported from Europe

Morgan Stanley, Javier Martinez Olcoz and Ross MacDonald study the possible scenarios of a tariff increase on imported cars from Europe and possible tax cuts. European cars have a tariff increase of 2.5% while American cars sold in Europe have a tariff increase of 10%. Tariffs for trucks and vans are 25%.The cars most at risk of a rate increase are SUVs and sedans, but precisely the price elasticity is…

BBVA Italia ed

In Europe 24th October 2024

BBVA: 580,000 customers in Italy in retail segment after entering market in 2021, closing in on 600,000 target by end 2024

Link Securities | The Spanish bank has already attracted 580,000 customers in Italy in the three years it has been operating in the country’s retail segment, on its way to achieving the target of 600,000 customers it had set itself for the whole of 2024, Expansión newspaper reported yesterday. The bank arrived in Italy in 2021 with a digital model and a five-year growth plan that set a target of…

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In Europe 24th October 2024

Telefónica, through ALV-DE, closes deal with Infracapital to acquire Infrafibre Germany

Link Securities | Telefónica (TEF), through its 50/50 joint venture with Allianz (ALV-DE) for the deployment of fibre optics in Germany, has closed a deal with Infracapital, the infrastructure investment arm of British asset manager M&G, for the acquisition of Infrafibre Germany (IFG), which specialises in rural areas, according to Expansión on Wednesday. As part of the deal, which market sources value at just under €100 million, the Telefónica and…

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In Europe 22nd October 2024

Sacyr looking at opportunities in Czechia as part of plan to expand markets selectively

Link Securities | Sacyr (SCYR) is looking to selectively expand the markets in which it operates and has turned its attention to the programme of transport infrastructure concessions through public-private partnership models that the Government of the Czech Republic has launched, according to elEconomista. The Spanish company is analysing the opportunities offered by the country both for the development of new motorways and the future high-speed railway line, with investments…

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In Europe 21st October 2024

Fitch maintains rating at BBB and upgrades Italy’s debt outlook from Stable to Positive

Bankinter : Fitch maintains Italy’s rating and upgrades its debt outlook. The credit rating agency Fitch has maintained the debt rating at BBB and upgraded the outlook to Positive from Stable. Fitch explains this outlook upgrade by recent progress on the fiscal front and the government’s commitment to EU fiscal rules. These elements point to a reduction in medium-term financing risks stemming from the country’s high debt levels. Opinion of…