Link Securities | Iridium, a concessions subsidiary of ACS, via its US arm ACS Infrastructure Development, Inc., has reached an agreement to buy 44.5% of US firm Blueridge Transportation Group (BTG). The latter is the concessionary company for a 17 km segment of the SH-288 highway in Houston, Texas, which includes on the central reservation two toll lanes in each direction. After this acquisition, ACS’ stake in the BTG will…
Intermoney | According to today’s Expansion, ACS (Buy, T.P. 40 euros/share) is beefing up its works portfolio in the US, after signing two new contracts in California with a budget of 800 million euros. Through Flatiron, one of its main subsidiaries in the US along with Turner and Dragados, the Spanish firm has teamed up with local group Myers & Sons to reformulate the current motorway Interestatal 105 (I-105) in…
Renta 4 | ACERINOX. Possible new production halt in Algeciras plant due to energy prices. 1-. Acerinox has informed workers’ representatives at its Algeciras plant that it will begin to implement the ERTE (Temporary Employment Regulation) agreed on in March from September 11, for a maximum period of 15 days. This move is the result of high energy prices. 2-. The aim is to cut production of steel lines, hot rolled and…
Morgan Stanley | ARCELORMITTAL, OVERWEIGHT. The Spanish firm’s JV “Nippon Steel India” has agreed to buy various assets in India (ports, energy and infrastructure assets) from Essar Group. The net cost is $2.4 billion and the aim of the move is to optimise logistics and the supply chain of raw materials and finished steel products for domestic sales within India, as well as for export. We acknowledge the strategic benefits…
Spain’s estimated annual Consumer Prices Index (CPI) stood at 10.4% in August, according to an advance of the data from the National Statistics Institute (INE). If this figure is confirmed, it would mean a decline of four-tenths of a percentage point from the 10.8% recorded in July. INE said the trend in inflation in August is mainly due to the fall in fuel prices, which rose a year earlier. And…
Link Securities | According to Europa Press yesterday, ACCIONA has won a new contract to upgrade a train line in Perth, in western Australia. It includes eliminating six level crossings and building five new stations for 701 million Australian dollars (some 485 million euros). The Spanish firm will carry out these works as part of a consortium formed along with US company Aecon, Canada’s WSP and the Australian firm BMB…
Alphavalue | BBVA (Buy, Target Price 6,24 euros +) plans to hire 400 people in Spain this year with a technological profile. The Spanish bank revealed it foresees the incorporation of 2,000 employees into its workforce with this kind of profile in 2022. As analysts at Link explain: “As the group announced yesterday, almost 1,000 engineers have joined BBVA in H1 2022, a figure which the bank expects to double…
Spanish property firm Colonial has 2.557 billion euros in liquidity, which can be earmarked for acquisitions amongst other things, according to the daily Cinco Dias, citing the company’s recent H1 accounts presentation. Colonial has 467 million euros in cash and 2.090 billion in credit lines which have not yet been used, Cinco Dias said. The newspaper flagged that the Ibex 35-listed Socimi’s management has been saying since last year that…
Renta 4 |Spain overnight stays in July almost at levels of same month 2019 1-. The number of visitors to Spain in July was almost (-2%) on a par with that of the same month in 2019, although prices are very much higher (+21%). 2-. The figures are significantly better than in 2021 (+61%), confirming the trend of recovery of 2019 levels versus previous quarters: Q1’22 (-22%) and Q2’22 (-6%)….
Renta 4 | 1. Saudi Arabia’s Energy Minister, prince Salmán bin Abdulaziz, has hinted that Saudi could cut its oil production. This decision has been based on the extreme volatility and the lack of liquidity of oil futures which are leading to a decorrelation in the price with the fundamentals of supply and demand. For that reason, OPEC+ could see itself obliged to reduce output. 2. Saudi Arabia is the…