Top Stories

In Spain

2019 European Parliament elections potentially a threat to EU unity like Brexit or the Italian budget saga

Spanish economy 2nd November 2022

Sánchez asks for the rules to be changed so that he can receive EU funds without fulfilling commitments to Brussels

Pedro Sánchez has managed to get the European Parliament to introduce a last-minute amendment to the regulation that establishes the conditions for granting funds to member states. The amendment, which according to sources in the European Parliament “makes it possible to continue receiving NextGenerationEU funds even if the government fails to fulfil its commitments to Brussels”, corrects the text drafted by the European Commission, according to the Spanish daily El…

Iberdrola Avangrid

Companies, Ibex, Spanish economy 2nd November 2022

Iberdrola could divest some €2 B in renewables (total or partial) in the US given its high investment level

Renta 4 |According to press reports, Iberdrola’s US subsidiary Avangrid is preparing a plan via which the group is looking at divesting in some renewable assets (total or partial) to strengthen the balance sheet ahead of its investment plan over the next few years. This amounts to 14.6 billion usd until 2025, including the purchase of PNM (6.5 billion usd) if the courts allow that to materialise. The divestments could…

ACS

Companies, Ibex, Spanish economy 1st November 2022

ACS recapitalises Abertis with €1B to enable it to acquire new funds or assets

Renta 4 | ACS, in agreement with Atlantia, have decided to write-off 1 billion euros of Abertis’ debt, allowing its own funds to increase by 40% and providing it with some support to tackle new investments. Valuation: News with no impact. We do not rule out that they continue to make moves which allow Abertis to obtain funds or assets which increases its position in the motorways business. Reiterate HOLD….

Okupas

Spanish economy 31st October 2022

Spain Has Had Almost 9,000 ‘Squats’ This Year, Almost Half In Catalonia

In Spain, almost 9,000 ‘squats’ were reported in properties between January and June this year, almost half of them in Catalonia, according to the latest data provided by the Ministry of the Interior and collected by Europa Press. Specifically, the total number of complaints for occupation of property registered by the State Security Forces and Corps amounted to 8,857 in this period. Of these, 3,770, 42%, took place in Catalonia,…

renewables

Spanish economy 31st October 2022

Electricity Companies Call On The Government To Fix The Chaos It Has Generated In The Awarding Of Renewable Energy Licences

The monumental bureaucratic bottleneck that currently exists in Spain in the processing of permits for the installation of renewable energy plants threatens to destroy hundreds of projects if the government does not intervene in the coming weeks. According to various reports handled by the major electricity companies and reported by the newspaper Expansión, the paralysis is already affecting between 2,500 and 3,000 projects, totalling between 80,000 and 100,000 megawatts (MW)…

Acciona

Companies, Ibex, Spanish economy 30th October 2022

Acciona Energía will build biomass plant in Cáceres with capacity of 50 MW

Intermoney | While the market was open on Wednesday, Acciona Energía (Buy, Target Price 41 euros/share) announced that it will build a biomass plant with capacity of 49,9MW in the municipality of Logrosán (Cáceres). The company was an awardee in the third auction for the grant of the economic regime for renewable energies tendered by the Ministry for Ecological Transition and the Demographic challenge. This guarantees a sale price for the…

Sacyr

Companies, Ibex, Spanish economy 29th October 2022

Sacyr’s risk profile is lower than the market assumes: Buy (T.P. 3,6 euros/share)

Intermoney | Results 9M 2022e on 7 November – EBITDA +26%, still reflecting the impact of costs in construction. Sacyr will announce its results on Monday 7 November before the market opening, with a conference call at 1300. We expect the company will have continued with the growth seen in past quarters. However, this will have relaxed vs H1’22 due to the impact of the rise in costs and more demanding…

Spain CPI

Spanish economy 28th October 2022

Inflation slows yr-on-yr in October to 7.3% on lower electricity, gas prices

The Corner|Consumer prices rose 7.3% in October from a year earlier, slower than the 8.9% increase in September, according to preliminary data from the National Statistics Institute (INE) on Friday. This is the lowest reading since January, when the CPI rate stood at 6.1%. A fall in electricity prices compared to the same period last year and more moderate gas prices were factors behind the slowdown in October, INE said….

CaixaBank

Companies, Ibex, Spanish economy 28th October 2022

Caixabank Q3 net profit beats consensus at 884 million euros, up 18.8%

The Corner | Caixabank posted an 18.8% rise in third quarter net attributable profit, beating consensus forecasts, and driven by a strong rise in revenues, including commissions. Net interest income was up 5% quarter-on-quarter at 1.687 billion euros. Morgan Stanley analysts noted that despite a slight uptick in costs, operating profit before provisions (Ppop) beat estimates by 8%, underpinned by a 25% drop in provisions, which was below expectations. “Overall, Álvaro…

BBVA

Companies, Ibex, Spanish economy 28th October 2022

BBVA 9mths profit up 46% yr-on-yr; Mexico shines

The Corner | BBVA said net attributable profit rose 46% to 4.842 billion euros in the nine months to September from a year earlier, boosted by a strong performance in its main market Mexico. Group net interest income rose 29% to 13.811 billion euros year-on-year, while costs increased by 12.8%, as the hike in interest rates offset inflation. In Mexico, net attributable profit rose 47.5% in the nine-month period to 2.964…