Alphavalue/ Divacons | The bank chaired by Josep Oliu has carried out the 250 redundancies included in its restructuring plan in the first half of 2024. According to its latest financial report, TSB had a workforce of 4,990 employees at the end of June, 436 fewer than at the end of 2023. It was on 8 May, a week after BBVA announced its interest in taking over Sabadell, when TSB…
Link Securities | CAF subsidiary Solaris has announced three hydrogen bus deals for cities in Germany, the Czech Republic and France, with the overall volume awarded exceeding €30 million, Bolsamania.com reported yesterday. In this way, the company continues to consolidate its leadership in the European market as the largest manufacturer of hydrogen buses. In Germany, the operator REVG Kerpen has chosen CAF to supply a total of 26 Solaris Urbino…
Norbolsa | The company has strengthened its presence in Portugal by acquiring six new telecommunications tower sites from NOS, extending its partnership initiated in 2020. Through its subsidiary On Tower Portugal, Cellnex already manages some 6,400 sites across the country. The transaction is pending approval by the Portuguese Competition Authority. Under the agreement, Cellnex and NOS have signed an initial 15-year contract, extendable to successive additional 15-year periods, under which…
Singular Bank: According to the preliminary reading from Destatis, the year-on-year rate of change in Germany’s headline CPI for August came in at 1.9% (vs. 2.3% in July), below the analysts’ consensus estimate (2.1%) and registering its lowest level since March 2021. This is a trend that has been accelerated by the reduction in the cost of energy. On a monthly basis, prices fell by 0.1% in August (vs. 0.3%…
Link Securities | The company continues to consolidate its shareholding position in the German construction company Hochtief, increasing its control position thanks to the purchase of shares in the subsidiary and thus approaching the threshold of 80% of the German company’s capital. Specifically, and as reported yesterday by the newspaper Expansión, ACS already controls 79.1% of the German construction company after the latest financial investments made. In this regard, Expansión…
CdM | The inflation rate in the euro area stood at 2.6% year-on-year in July, one tenth of a percentage point higher than the rise in prices observed in June. Moreover, as confirmed by the EU statistics office, Eurostat, in the EU as a whole the rate has risen to 2.8%, two tenths of a percentage point more than in June. The acceleration in price increases in the euro area…
Link Securities | As part of the conclusions of the European investigation into China’s anti-competitive subsidies, the European Commission (EC) has revised tariffs on Chinese car imports downwards, after gaining a clearer picture of the support enjoyed by China’s car industry, according to Expansión newspaper on Tuesday. In this sense, the EC said yesterday that it considers that Chinese manufacturers enjoy an “unfair” advantage because of the subsidies they receive…
Link Securities | According to Eurostat data, the Eurozone’s trade surplus rose to €22.3 billion in June, exceeding analysts’ consensus forecast of €13.3 billion and also surpassing the €18 billion surplus in the same month last year. Imports decreased by 8.6% year-on-year to €214 billion, mainly due to lower purchases of manufactured goods (-11.0%); transport equipment and machinery (-11.0%); mineral fuels, lubricants and related products (-9.1%); and chemicals (-6.8%). Meanwhile,…
Morgan Stanley | The company has announced the acquisition of Loc Performance (US vehicle supplier) for an EV of $950m. With less than 5% of sales coming from the US, Marie-Ange Riggio (analyst) sees the move as a strategic expansion to add exposure to a larger and more stable market, thus reinforcing the company’s long-term investment thesis, as it would increase production capacity in the US, opening the door to…
Bankinter: E.ON maintains guidance for the year and 2028 targets. Investments in networks will drive medium-term growth. Buy. Key figures compared to consensus: Adjusted EBITDA €4,868m (-14%) versus €4,856m est; Adjusted EBITDA €1,754m (-24%) versus €1,790m est; Net Debt €40,829m versus €37,691m in December 2023. The management team reiterates 2024 guidance and 2028 targets. Opinion of Bankinter’s analysis team: Results meet estimates and the management team reiterates the guidance for…