Fernando González Urbaneja | The sequence of events is relevant to the outcome and has to do with the electoral confrontation. Behind and at the bottom of this debate or storm there is no doctrine or theory, there are no documents with well-founded proposals, it is just a matter of brushstrokes with ideological pretensions of little flight and quite a lot of trickery.The opposition party, with Núñez Feijóo at the…
Bankinter | PharmaMar has abandoned Genómica, which will be liquidated. Its fully-owned subsidiary’s main business is molecular diagnostics, mainly via the development and commercialisation of detection kits. In 2021, this affiliate clocked up sales of 5.2 million euros (2.2% of the total), NAP of -3.2 million (vs +92.9 million for the group) and free cash flow of -3.2 million (+44.1 million euros for the group). Bankinter analyst team’s view: Positive news….
J.P. Marín-Arrese | The Socialist-run regional governments in Spain face dire prospects in the coming elections next year. High inflation, low growth and rising unemployment weigh heavy on voters’ sentiments against the left-wing coalition governing Spain. So they resort to promising tax cuts as the best recipe to cushion their dwindling support. The Valencia Chairman, Mr Puig, has announced a cut in personal income tax, mirroring the national Opposition leader’s…
Oriol Aspachs (Caixabank Research) | We already have indications that the economy is losing steam. On the one hand, the Purchasing Managers’ Indices (PMIs) for both the services and manufacturing sectors show a clear downward trend…Household consumption, the main pillar of the economy (it represents around 55% of GDP), is also weakening.
Banc Sabadell | Siemens Gamesa CEO has assured that 10-15% of the projects with profitability problems (they would be registering losses) related to the new 5.X platform will extend to 2024. This compares with the previous estimate which put these projects’ definitive exit from the portfolio in 2023. We recall that the projects in the company’s portfolio with profitability problems linked to the 5.X platform account for some 2 billion…
The president of the Generalitat Valenciana, Ximo Puig, plans to save 150 million euros (3.6% of tax revenue) for 1.34 million Valencian taxpayers (97.4% of the total) with a retroactive reduction in personal income tax, an increase in the minimum exemptions and a 10% rise in all regional tax deductions. The reduction is more ambitious than the PP’s deflations, very focused on reducing wealth, and contrasts with the Treasury’s refusal,…
Intermoney | Acciona Energía (ANE) (Buy, Target Price 41 euros/share) has signed a 10-year Power Purchase Agreement (PPA) with Australian electricity distributor ZEN Energy. The Spanish company said on Monday, while the market was open, that it will supply 200 GWh/year of 100% renewable energy from its Waubra wind farm. Located in the state of Victoria, the wind farm produces energy equivalent to the demand from over 138.000 homes. Through this…
J.P. Marín-Arrese | The ruling coalition in Spain faces a dim prospect in the coming elections next year. According to the polls, the main Opposition party, bolstered by its new leadership, is poised to snatch a comfortable victory. It seems even close to securing an overall majority, counting on a helping hand from the extreme right and some minor partners. To ward off the danger of a crushing defeat, the…
According to the newspaper El Economista, the more than 14 months that have passed since the government approved its Recovery Plan, backed by European Next Generation aid, is now sufficient time to make an initial assessment of the management of the aid. There is an absence of official statistics on the funds that reached their final recipients. However, a comparison of EU statistics and the most recent statistics from the…
Renta 4 | According to the press, Iberdrola (IBE) would have hired Barclays for the sale of a 49% stake of 1.200 MW of renewable projects, 80% of which are solar and the remaining 20% wind (200 MW already in operation). This move would be aimed at incorporating a strategic partner in the business and obtaining financing to continue developing its investments, without putting pressure on its balance sheet. (The company…