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Spanish economy 20th December 2023

ACS formally begins process of selling services subsidiary Clece, valued at up to €700 M

Link Securities| ACS (ACS) has formally started the sale process of its services subsidiary Clece. The banks that the group has hired to lead the divestment, Bank of America (BofA) and Société Générale, distributed the sale booklet (infomemo) among potential buyers last week, according to market sources and as reported by the digital newspaper elEconomista.es. Among the recipients are both funds and industrial groups specialising in service activities. The transaction…

In Spain 19th December 2023

Spain scores worst on child poverty in the European Union

Some of the world’s richest countries experienced sharp increases in child poverty between 2014 and 2021, according to data published by UNICEF’s research office Innocenti. Spain’s rate remains stable, but stands at 28%, which leaves our country in 36th place out of 39 (only above the United Kingdom, Turkey and Colombia) in the overall league table of high-income countries – European Union (EU) and Organisation for Economic Co-operation and Development…

Spanish economy 19th December 2023

Moody’s confirms Endesa’s long-term credit rating at “Baa1”; short-term remains at “P-2”

Link Securities| Moody’s affirmed Enel’s long-term credit rating at “Baa1”, while maintaining Enel’s short-term rating at “P-2”. The rating agency said the rating confirmation mainly reflects Enel’s prospects of restoring its financial profile to a level in line with the current “Baa1” rating. The rating continues to reflect the Enel group’s large scale and geographic diversification, as well as the group’s business model, which will continue to be predominantly driven…

Spanish economy 18th December 2023

Inditex’s solid results point to +14% year-on-year growth

Morgan Stanley| Inditex (ITX) reported very solid Q3 results with a slight beat in EBIT driven by a strong performance in gross margins, which rose 150bps year-on-year and beat consensus estimates by 70bps. Moreover, all this has led the company to raise margin guidance for FY23. On the other hand, sales came in line with consensus, with +12% cc growth, and current trading activity (1 November to 11 December) points…

In Spain 18th December 2023

The Minimum Wage and public contracts

Fernando González Urbaneja| The SMI (Minimum Wage) is one of the assets of the Sánchez government that the vice-president of Sumar chalks up as a win. It is a minor but very visual asset, raising the SMI sounds good, especially to all those who do not have to pay it. Because raising the SMI is a free power of the government, since it is a wage cost for companies that…

Spanish economy 18th December 2023

Solaria acquires 500 MW of photovoltaic modules for €0.093/W, a price at historic lows

Renta 4| Solaria (SLR), through a CNMV (National Securities Market Commission) filing, has announced the acquisition of 500MW of photovoltaic modules at a price of €0.09.3 per watt from a Tier 1 manufacturer, which represents a 62% decrease compared to last year’s prices. Assessment: Positive. After 2 years of inflation, the main materials that make up the photovoltaic parks have resumed the downward trend in costs. The price paid by…

Spanish economy 15th December 2023

Ten Spanish banks examined by EBA register worst capital ratio in Europe: 12.64% in 2Q23

Alphavalue / Divacons| Spanish banks had the worst capital ratio in Europe in the annual transparency exercise conducted by the European Banking Authority (EBA) for the second time in a row, behind even their Greek peers. Specifically, the ten Spanish banks that took part in this EBA exercise recorded a CET fully-loaded capital ratio of 12.64% in 2Q23, the cut-off date for this year. This figure increased by +34 basis…

Spanish economy 15th December 2023

CPI falls to 3.2% in November

The Consumer Price Index fell by 0.3% in November, according to the National Statistics Institute (INE), reaching a year-on-year rate of 3.2%. Core inflation also fell in November, reaching 4.5%, its lowest level since April 2022. The Consumer Price Index (CPI) fell by three tenths in November, reducing its year-on-year rate to 3.2%, according to data published by the National Statistics Institute (INE). One of the main reasons for this…

Spanish economy 15th December 2023

Elecnor, Applus, Amrest and CAF join list of companies whose shares are subject to Tobin Tax

Link Securities| Elecnor (ENO), Applus (APPS), Amrest (EAT) and CAF have joined the list of companies whose shares will be subject to payment of the tax on financial transactions – known as the “Tobin tax” – in 2024, which includes Ferrovial (FER), Siemens Gamesa, Pharmamar (PHM), Linea Directa (LDA) and Mediaset, according to the business and economics daily Expansión. The Tax Agency has published the list of the 52 companies…

Spanish economy 14th December 2023

Council of Ministers approves State’s non-financial expenditure ceiling for 2024 at €199.12 billion, 0.5% up on 2023

Bankinter| The Council of Ministers on Tuesday approved the non-financial state spending ceiling for 2024 at €199.12 billion (0.5% higher than in 2023). The spending ceiling includes an advance of €9,905 million from the NGEU funds. Excluding European funds, this would amount to €189.215 billion (up 9.3% year-on-year). In addition, the joint general government deficit of 3% in 2024, 2.7% in 2025 and 2.5% in 2026 was approved. Assessment: The…

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