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Spanish economy 24th October 2022

Budget 23: Expansive And Electoral (What The Government Knows How To Do)

Fernando González Urbaneja | No surprise, the Budgets 2023 presented give everything the government has to offer; coherent with what has been presented so far in the legislature; no more (and no less). Expansionary and electoral budgets. As always, and even more so, since the aim is to win the elections themselves. And this is done with optimism, with generous distribution of benefits, without concern for deficit and debt. No…

Spanish economy 24th October 2022

Telefónica And KKR Pay €365 Million For Entel’s Network In Chile

On Net Fibra, the subsidiary created in Chile by Telefónica and US fund KKR on the basis of the network built by Telefónica’s subsidiary, has acquired a fibre-to-the-home (FTTH) network from Entel, Telefónica’s main rival in Chile, for some EUR 365 million, according to Expansión newspaper. The transaction, which is pending approval by competition authorities, is an important reinforcement for On Net Fibra’s business in Chile. The network sold by…

Companies, Ibex, Spanish economy 23rd October 2022

After Good Results, Bankinter EP+4-6%, T.P. 7,30-7,70 Eur/Shr, Equalweight

Morgan Stanley | We are revising upwards our EPS estimates for Bankinter by between 4-6% after the good results (Q3) released on Thursday. This translates into a rise in our Target Price to 7,70 euros/share. + NII rose 16% QoQ, beating consensus estimates by 9%. +Now we expect the NII to grow 15% in 2022 and 25% in 2023 (13% above consenus). +Our new TP implies an upside of 24% from…

Companies, Ibex, Spanish economy 22nd October 2022

Aena Chairman Tells Congress It Expects Profits Of “Several 100 Million” Euros

Link Securities |Yesterday in Congress, Aena chairman Maurici Lucena talked about the company’s budget. He flagged that Aena expects to generate several hundred million euros in profits which “will benefit all Spaniards”, due to the State’s 5% stake in the group, according to Expansión today. Lucena appeared in Congress to explain Aena’s budgets for 2023, although he did not provide any more details. That said, in the budget for 2022 Aena…

Spanish economy, Spanish Politics 20th October 2022

Sánchez And His Disorderly Housing Policy

Fernando González Urbaneja | Disordered thinking is one of the characteristics of the Prime Minister. It is not necessarily a mistake, since this disorder makes it easier for him to adapt to reality, to change his criteria in accordance with the Marxian principle that these are my principles but if I have to change them…. The liberality with which Sánchez handles facts, data and statistics is astonishing. For example, he…

Companies, Ibex, Spanish economy 19th October 2022

Ferrovial offers a defensive profile, given its exposure to the dollar, unquestionable quality of its assets

Intermoney | Results for 9mths 2022e – EBITDA will rise 17% (IMVe). Ferrovial will announce its third quarter results on Thursday 27 October after the market’s close, followed by a conference call. The day before Heathrow and Budimex will have released their figures. In our estimates, we expect the strong progression in Motorways to be confirmed, partly offset by a decline in Construction, phenomena already noted in June. All in all, EBITDA…

Spanish economy 18th October 2022

Iberdrola To Sell 49% Of Its Largest Offshore Wind Farm For 2 Billion Euros

Iberdrola will sell a stake of up to 49% of East Anglia Three, its largest offshore wind farm in the world, located in the southern North Sea off the coast of the United Kingdom. According to elEconomista.es, the electricity company has just started the process, through which it intends to incorporate an international fund in the project’s capital. The infrastructure, which has just begun construction, will have an installed capacity…

Spanish economy, Spanish Politics 18th October 2022

The Minister of Social Security Presents A Bus That Will Travel Around Spain Looking For Beneficiaries Of The Ingreso Minimo Vital While The Trade Unions Accuse Him Of “Incompetence”

Social Security is still on the warpath. After many threats, CSIF, UGT and CCOO have today announced mobilisations for November amongst Social Security staff, in protest at “the failure and incompetence in management” of the current minister, José Luis Escrivá. He has not been able to redirect the progressive deterioration of management, according to the unions in a joint statement. “There are fewer staff. It is not managed effectively or…

Companies, Ibex, Spanish economy 17th October 2022

BBVA: Upside in NII and margins, stable capital situation; Turkey risks already in the price

Morgan Stanley |We have carried out a survey amongst our sectorial analysts to find out their estimates with regard to consensus expectations for each sector. Also to identify where they are most confident in terms of results. The survey flags a solid Q3, with 50% of sectors beating forecasts vs 13% seen as falling behind. That said, looking ahead at FY’23, my analysts predict a clear downside risk to consensus…

Spanish economy, Spanish Politics 17th October 2022

The Government Will Raise All Pensions By 8.5%: 860 Euros A Year For Minimum Pensions And 3,350 Euros A Year For Maximum Pensions

Fedea, the foundation of the former savings banks, has drawn up a report highly critical of the Government’s proposed increase in pensions (8.5% for all pensions). According to FEDEA, “In the debate on the revaluation of pensions, two issues are being mixed up that should be dealt with separately. On the one hand, the sustainability of pensions, which is a structural problem that has not yet been resolved, and, on…

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