Intermoney| Sacyr (SCYR) announced on Monday, after market close, that it has completed the sale of 45% of the Irish N6 motorway concession to Bestiver Infra. The transaction amounts to €45 million in EV, or €29 million in equity; Sacyr states that the multiple of the transaction exceeds 2x times invested capital. The deal had been announced last May. The N6, which was inaugurated in 2009 and expires in 2037,…
Link Securities | Eurozone exports of goods to the rest of the world fell by 2.7% year-on-year-year in July to €227.8 billion, Eurostat reported on Friday. Imports from the rest of the world to the eurozone fell by 18.2% to €221.3 billion. As a result, the eurozone recorded a trade surplus in goods in July of €6.5 billion, compared with a deficit of €36.3 billion in July 2022. For its…
Bankinter: Ebglyss (lebrikizumab) receives positive opinion from the European Medical Agency’s advisory committee. The Target Price is raised from €9.50/share to €10/share . The positive opinion of the committee has to be reviewed by the European Commission, which issues the marketing authorisation. This step could take 2-3 months and, if ratified, the commercial launch of Ebglyss will be almost immediate. The drug is a treatment for moderate to severe atopic…
Banco Sabadell: European lawmakers have voted to increase Europe’s renewable energy mix target for 2030 to 42.5% from 30%. The agreement was reached after concessions were made to France and some European countries over nuclear power. The law incorporates that national authorities should only allow up to two years to approve renewable projects, considering them to be in the public interest and simplifying administrative procedures. Assessment: Although the news is…
CdM| The market had given a 70% probability that the ECB would raise +25 bps at yesterday’s meeting, and it happened. The Governing Council of the European Central Bank (ECB) decided to raise interest rates by 25 basis points, so that the reference rate for its refinancing operations will stand at 4.50%, while the deposit rate will reach 4% and the lending rate will be 4.75%. With this tenth consecutive…
Link Securities | Talgo (TLGO) has informed the CNMV (National Securities Market Commission) that it has signed the necessary financing to carry out the project to manufacture 56 trains for the railway operator Deutsche Bahn. In this way, it fulfils the condition precedent established in the contract signed between the operator and Talgo, and can thus begin the execution of the project. The contract covers the manufacture of 56 Talgo…
Peter Goves (MFS Investment) | Although the ECB didn’t quite explicitly say “we are at peak”, the change in guidance effectively points in that direction in our view. We likely have rates on hold ahead of us now as opposed to ongoing hikes in our view. In other words, unless there is a decisive change in prevailing data trends, we think the ECB is more or less done. The focus…
Renta 4| CAF has been awarded three contracts, two in Italy and one in Germany, for more than €150 million. Bologna has awarded Solaris the supply of 127 12-meter hydrogen buses. The contract provides for an extension for an additional 140 vehicles (34 units will be delivered in 2024 and the rest between 2025 and 2026). Venice has awarded Solaris the supply of 90 hydrogen buses (75 units of 12…
CdM| German ZEW index data for September shows us slightly better than expected investor and analyst sentiment (-11.4 vs. -15 expected and -12.3 previous), but the ZEW indicator is still in negative territory and current conditions are deteriorating all the time, which also goes hand in hand with expectations themselves. ZEW economists are now even more pessimistic about current economic conditions in Germany than they were in August. However, on…
Intermoney | Ferrovial (FER), through its listed subsidiary Budimex, has been awarded the construction of a high-speed railway line in Latvia, as part of the Rail Baltica project. The contract, which involves an investment of €3.7 billion, is a consortium between Budimex (30%) and two other companies, France’s Eiffage and Italy’s Rizzani. It is Latvia’s largest international contract for the construction of the high-speed main line included in the high-speed…