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Meliá

Ibex, Spanish economy 20th June 2022

Meliá forecasts closing 2022 with Ebitda of over €400 M; expects to recover pre-Covid revenues in 2023

Bankinter | Meliá has offered some guidelines for the next few years, for the first time since the pandemic. It will recover pre-Covid revenue levels in 2023, with an improvement in margins of 300 bp from 2024. This clearly beats our estimates. The CEO of Meliá forecasts closing 2022 with EBITDA of over 400 million euros, excluding capital gains. In 2023, the group will recover pre-Covid revenues (1.8 billion euros…

Indra Tecnocom

Spanish economy 17th June 2022

Joseph Oughourlian buys 4.2% de Indra one week ahead of its AGM

Intermoney | Joseph Oughourlian (CEO de Amber Capital) has bought 4.2% of Indra (IDR) one week before the group’s AGM. In our view, the move is aimed at obtaining “independent” support to grant executive powers to the current chairman Marc Mutra. He has the backing of SEPI (25%, with authorisation to reach 28%). Valuation: we believe Indra’s potential could be undermined if with SEPI’s increase the handover of executive powers to…

Ezentis transformation

Spanish economy 17th June 2022

Ezentis Asks SEPI For An Express Bailout Of 70 Million Euros To Avoid Default, And Its Shares Plunge 20%

Ezentis, formerly Avanzit and Radiotrónica, is once again facing serious financial problems that threaten its viability. The company has asked the Sociedad Estatal de Participaciones Industriales (SEPI) for help on the verge of the end of the public business rescue fund. The energy and telecommunications infrastructure installation company has confirmed to the CNMV that it has requested 70 million euros in public money. The aim is to recover the group’s…

Belarra

Spanish economy 17th June 2022

Taxes and occurrences

Fernando González Urbaneja | Taxes are the price of civilisation. They are mandatory, obligatory, because if they were not, potential taxpayers would avoid them with personal excuses. Tax theory rejects taxes that are aimed at specific activities. The doctrine says that good taxes are generalist, easy to understand, easy to collect and equitable. And the fiscal disorder comes when it becomes complicated, when exceptions, allowances, tax reliefs and other types…

Sabadell sells toxic assets

Spanish economy 17th June 2022

Bank Of America Becomes Sabadell’s Largest Shareholder With The Unveiling Of A 6.3% Stake

As reported today by Europa Press, Bank of America Corporation has unveiled a 6.3% stake in Banco Sabadell. This makes it the largest significant shareholder of the bank, ahead of BlackRock and David Martinez, according to National Securities Market Commission (CNMV) records. Specifically, Bank of America has notified its control of 6.323% of the bank’s shares, both through voting rights, with 1.681%, and financial instruments, with 4.642%. This movement took…

Abertis

In Spain, Spanish economy 16th June 2022

Abertis (ACS) could be interested in acquiring 66.6% of the Chicago Skyway motorway; deal could be worth around €2.5 billion

Renta 4 | According to press reports, Abertis would be interested in getting its hands on 66.6% of the Chicago Skyway toll road, held by Canadian pension funds CPPIB and Omers. The deal could be worth around 2.5 billion euros. The concession is 12,6 kms and connects the I-94 and I-90 motorways with an elevated section. Valuation: We still need confirmation of the transaction from the Spanish concessionary. However, depending on…

Aena

Ibex, In Spain, Spanish economy 16th June 2022

Eurocontrol’s estimates are in line with those of Aena; sees 2024 air traffic +3% pre-Covid

Intermoney | The latest estimate from the European Organisation for the Safety of Air Navigation (Eurocontrol) flags that air traffic in Spain will recover pre-Covid levels in 2024, a year, in fact, in which they would be 3% higher than in 2019, according to the daily Expansion. This would partly be in contrast with other markets like Italy and the UK (+2%) and particularly Germany, which would remain slightly below…

abertis

Spanish economy 15th June 2022

S&P raises Abertis outlook to stable vs negative; considers the protective governing structure Atlantia, ACS and Hochtief is not in danger

Santander Corporate & Investment | S&P has raised its outlook for Abertis (BBB-e, BBB n) to negative from stable, as well as that of its French subsidiary SANEF (Baa2 e, BBB- e, BBB n). The ratings agency has taken this decision in light of the group’s solid results, with traffic levels already close to those prior to the pandemic in Europe and Latin America. S&P believes the group will be…

spanish airports

Spanish economy 15th June 2022

Collapse At Airports As A Symptom

Fernando González Urbaneja | Airports are returning to their pre-covid activity and bursting at the seams. This is not an exceptional occurrence; it is happening in many other public services, for example, in health consultations and the ensuing events (tests, operations, etc.). It was foreseeable, the pandemic reduced staff numbers and accumulated tasks. In the case of health care, it produced delays, both voluntary and forced, which are now returning…

Siro

Spanish economy 14th June 2022

Galletas Siro: When Viability Demands Government-Sponsored Wage Cuts

Unions are proposing wage rises in line with inflation (above 8% in Spain), spurred on by a Labour Minister in a constant election campaign. Meanwhile, Industry Minister, Reyes Maroto, has just pushed through an agreement that allows a historic company, Galletas Siro, which lost 47 million last year and stopped paying its employees’ salaries last May, to avoid bankruptcy. After the improvements in the original adjustment plan, the agreement includes…