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Unicaja2

Companies, Ibex, Spanish economy 21st December 2022

Ibex 35: Unicaja becomes sixth bank to join selective index on 27 December

Intermoney | The Ibex 35 Technical Committee (CAT) announced yesterday, after the market’s close, that Unicaja will join the selective index from Tuesday 27 December (the markets are closed on Monday 26). Unicaja will replace Siemens Gamesa after the successful takeover bid launched by the latter’s parent company. At the same time, Unicaja’s entering the Ibex 35 means that Talgo will join the Ibex Medium Cap index, replacing the bank….

SpainConstitucionalCourt

Spanish Politics 20th December 2022

The Constitutional Court upholds the right of minorities to participate in law-making and suspends the government’s express reform

In a scenario of unprecedented institutional crisis, the Constitutional Court agreed yesterday by a slim majority of its members (6 votes to 5) to paralyse the legal reform promoted by the Government parties in Parliament to change the functioning of both the General Council of the Judiciary and the High Court by express means. This reform allowed the Government majority to reduce the 3/5 majority required until now to appoint…

poverty

Spanish economy 19th December 2022

Almost 16 million Spaniards have collaborated financially with non-profit organisations in the last year

Almost 16 million Spaniards (39% of the population) have collaborated financially with a Non-Profit Entity (NPO) during the last 12 months, that is, one million more than in 2020 (37%) have decided to donate to a social cause. This is according to the study ‘Profile of the Donor 2022’, prepared by the Spanish Association of Fundraising (AEFr) in collaboration with Kantar and conducted on a sample of 1,200 interviews that…

Inditex

Companies, Ibex, Spanish economy 17th December 2022

Resilient growth and margins, reasonable valuation, sustained cash generation: Buy Inditex (T.P. 27,5 euros/share)

Bankinter | Inditex’s Q3’22 results (August-October) met expectations. Sales were up 11% vs expected 9%. Despite some deterioration in a difficult context, margins are holding up at levels close to historic highs (M. EBIT 21.3% vs 21.7% in Q3’21). The Q4 kickoff, which includes the Christmas season (on average 30% of annual sales), is good. In the first 5 weeks (from November 1 to December 8) sales grew 12%, gaining…

ArcelorMittal

Companies, Ibex, Spanish economy 17th December 2022

ArcelorMittal presents offer for Iberdrola’s macro renewables portfolio in Spain valued at some €1.2 B

Link Securities | According to financial sources consulted by the daily Cinco Días, Arcelor Mittal has presented an offer, teaming up with the fund Copenhagen Infrastructure Partners, for Iberdrola’s macro renewables portfolio in Spain. This is valued at some 1.2 billion euros. The decision on which offer will be selected by the electricity giant for the so-called Proyecto Romeo is expected to be published next week. Separately, Cinco Dias said Iberdrola…

european banks2

Companies, Ibex, Spanish economy 16th December 2022

Increase in capital requirements for some Spanish banks (BBVA, Sabadell, Caixabank)

Singular Bank | The ECB revises and determines minimum capital requirements for each lender annually so that, in function of its own funds, it has an established guarantee of solvency. In this respect, for 2023, BBVA will have to have a CET1 ratio of 8.72% (vs 8.60% in 2022) and a total capital level of 12.97% (vs 12.76%). In the case of Sabadell, the CET1 will have to be 8.65%, compared…

repsolatardecer

Companies, Ibex, Spanish economy 16th December 2022

Repsol buys 7.700 MW renewables portfolio from Asterion Energies for €560-580 M

Bankinter | Repsol has bought a portfolio of over 7.700 MW of renewable projects from Asterion Energies. The assets are located in Spain (84%), Italy (12%) and France (4%). The Spanish oil and gas company is paying 560 million euros for the portfolio, plus an additional amount of a maximum 20 million euros for contingent payments. Analyst team’s view: Positive news because: (i) it expands its position in renewables. We…

Companies restructuring

Spanish economy 16th December 2022

Insolvency proceedings soar 71.5% in November

Company insolvency proceedings stood at 693 registrations in November, 71.5% more than in the same month of the previous year, according to the advance monthly data published on Thursday by the Association of Registrars. Madrid, with 213 insolvency proceedings, Catalonia, with 125, and the Valencian Community, with 107, accounted for nearly seven out of every ten insolvency proceedings filed in November. The Association of Registrars explained in its statement that…

CesarAntonioMolina

Spanish Politics 15th December 2022

César Antonio Molina, former PSOE minister: “Sánchez is not a socialist, he is an autocrat”.

The digital newspaper El Debate publishes today an interview with Cesar Antonio Molina, Minister of Culture in the PSOE government of José Luis Rodriguez Zapatero. Q -It has come to our attention that several former PSOE ministers and deputies, both from the time of Felipe González and from the time of José Luís Rodríguez Zapatero, have signed a manifesto against the President of the Government, Pedro Sánchez, who is also…

pensioners

Spanish economy 15th December 2022

November inflation (6.8%) confirms the increase (+8.5%) in pensions in 2023: 3,059 euros for the maximum and 966 euros for the minimum.

Pensions will rise by 8.46% in 2023. The INE has published the final CPI figure for November, 6.8%, and the average for the last 12 months is now 8.46%, a figure that was already announced a fortnight ago and which will be used to calculate the revaluation of nine million pensions next year. In this way, the maximum pension will be 42,829.29 euros per year (3,059.2 euros per month in…