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indra

In Europe 5th February 2025

Indra becomes most integrated European space company with control of Hisdesat and Hispasat: global Tier 1 status targeted by 2027/30

Renta 4 | The acquisition of Hispasat gives Indra a 43% stake in Hisdesat (military segment) which, together with the 7% it already owns, gives it control of Hisdesat and allows it to consolidate it. Indra will announce the degree of consolidation in its 4Q24 results presentation (Thursday 27 February). Hispasat and Hisdesat significantly boost Indra’s presence in upstream activities, with a potential market of around €36 million and EBITDA…

Banco Santander Fachada 720x320 1

In Europe 4th February 2025

Santander appeals to CJEU against ECB’s decision to deduct deferred tax assets generated in Brazil from CET1 funds

Link Securities | The president of Banco Santander (SAN), Ana Botín, has assured that the bank’s British subsidiary (Santander UK) is not for sale and has reiterated that the UK is a key market for the Spanish bank, according to Bolsamanía. “The UK is not for sale. We love the UK and it will remain a key market. We review our strategy every year. The UK is profitable, it gives…

Germany

In Europe 3rd February 2025

German election: a CDU-SPD coalition still baseline with ‘fatter’ tail risks at the margin

Annalisa Piazza (MFS Investment Management) | Following the eventful discussions and a non-binding motion on immigration approved by the Bundestag last week, the focus ahead of the February 23rd election is now shifting more towards immigration rather than the economy (and its structural problems). Given that Friedrich Merz made it clear that the CDU would not form a coalition government with AfD, a CDU-SPD coalition remains the most likely outcome…

Euro coins

In Europe 31st January 2025

Money supply slows down in euro area in December

Banca March | Money supply in the euro area slows down in December, with M3 increasing by +3.5% year-on-year compared to +3.9% previously. However, credit data were more positive, as loans to companies and households rebounded: specifically, loans to households grew at a pace of 1.1% (two tenths of a point higher than the previous month), pushed up by loans granted for house purchases (up 1.1%) and those related to…

heathrow arrivals

In Europe 30th January 2025

Ferrovial: British government supports third runway at Heathrow to compete with other major hubs and invites proposals

Link Securities | The United Kingdom Chancellor, Rachel Reeves, gave a speech yesterday in Oxford in which she emphasised the importance of political and economic stability and the stability of public finances; she proposed reforms to promote trade and the construction of all kinds of projects, and wants to incentivise public and private investment, according to Expansión. The most important announcement concerns the third runway at London Heathrow Airport, the…

Talgo diferente

In Europe 30th January 2025

Polish railway manufacturer controlled by PFR determined to take joint control of Talgo

Link Securities | Pesa, the Polish railway manufacturer controlled by Polish Development Fund (PFR), equivalent to the Spanish ICO, is determined to take joint control of the Spanish company Talgo (TLGO), respecting the conditions imposed by the Spanish government in terms of respecting the Spanish nature of the train manufacturer and protecting the local industrial fabric, according to the newspaper Expansión. Thus, the Polish state investor is willing to agree…

ArcelorMittal

In Europe 29th January 2025

ArcelorMittal, among best-positioned companies to take advantage of improving business environment

Morgan Stanley | Alain Gabriel summarises the various changes in the European market environment that we could see during the year. Starting with the review of import quotas, which expire in June 2026, and whose review ends on 31 March 2025. Alain believes there is potential for a reduction in quotas, implementation of quotas on an individual level and/or tariff increases. An anti-dumping investigation of HRCs from Egypt, India, Japan…

Ferrovial construcción

European economy 29th January 2025

Ferrovial completes sale of 50% stake in AGS for €535 million

Intermoney | Ferrovial (FER) (Hold, PO €35) announced on Tuesday after the market closed that it has completed the sale of its 50% stake in AGS, which groups a number of airports in the UK, to AviAlliance UK Limited for £450 million, around €535 million. Macquarie, owner of the other 50%, has also sold this position for the same amount. Ferrovial confirms that in its Q1 25 results it will…

Aena nuevo

In Europe 28th January 2025

Aena calls Ryanair’s elimination of 12 routes and 800,000 seats at regional airports by summer 2025 “blackmail”

Norbolsa | Aena’s conflict with Ryanair over airport charges continues. The airline has reduced regional flights in Spain and is demanding incentives to expand. Aena, backed by the government, rejects its demands, accusing it of blackmail, while the airline defends its low-fare model as key to tourism and connectivity. Last week, Aena president Maurici Lucena and the Irish airline’s CEO Eddie Wilson clashed in a debate organised by Hotusa. Lucena…

IAG nuevita

In Europe 27th January 2025

As UK equities bottom out, IAG stands out as stock with upside potential

Morgan Stanley’s Bruna Sarika, our UK macroeconomist, estimates GDP growth of 0.9% for the UK (consensus is 1.3%) and expects five rate cuts this year. Marina Zavolock, despite the country’s macroeconomic challenges, believes that UK equities have bottomed and sees several stocks with local exposure with upside potential: Barratt Redrow, Tesco, British Land, Severn Trent, National Grid, and Barclays and with global exposure: Experian, IAG, and Reckitt; plus Next.