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Ibex, Markets, Spanish economy 22nd November 2020

BBVA And Sabadell: High Probability Of Agreement; Shareholders To Obtain A Value Generation Near 30%

Santander Corporate & Investment | A possible acquisition of 100% in cash of Banc Sabadell by BBVA would generate significant value for the shareholders of both banks. BBVA and Banco Sabadell confirmed this week that they are holding conversations about a possible merger of both entities. The resulting entity would have a market share of 24% in Spain in loans to customers and c.23% in customer deposits against 30% and 28%, respectively, in the case of the combination of Caixabank and Bankia.

Spanish economy 20th November 2020

Endesa Will Invest More Than €30 M In The Largest LNG Supply Center For Gas-Powered Ships In Spain

Endesa has launched a project for the development of bunkering activities for maritime transport in its port terminal of the Bay of Algeciras (Cadiz). This will have a storage capacity of around 4,080 cubic meters and an annual managed energy volume of 1,100 GWh. With this capacity, the terminal would become the main LNG bunkering port station in Spain. The country multiplied by more than three its LNG bunkering operations in 2019, with a total of 195 that supplied a total of 81,704 cubic meters of LNG.

Spanish economy 20th November 2020

Spain Receives A Second Tranche Of €4 Bn From The European Fund To Pay Furloughs And Self-Employed

With this second payment, Spain has already received 10 billion euros via the SURE instrument out of the total €21.3 Bn Pedro Sánchez’s government requested and was later approved by the European institutions. The Community Executive has disbursed in this second round a total of €14 Bn to nine European countries. In addition to Spain, Italy (6.5 Bn), Greece (2 Bn), Croatia (510 M), Lithuania (300 M), Cyprus (250 M), Slovenia (200 M) and Malta and Latvia (120 M each) have received tranches from this fund.

Spanish economy 19th November 2020

Brussels Gives Green Light To Spain’s 2021 Budget, But With Some Quibbles

In the specific case of Spain, and with macroeconomic forecasts that are more pessimistic than the Spain’s government’s, Brussels called for a periodic review of the effectiveness of the measures implemented, without jeopardizing the medium-term sustainability of public accounts. Furthermore, the EC forecasts that debt will soar to 120.3% of GDP this year and to 122% in 2021. This compares with the Spanish government’s estimate in its budgets of 118.8% and 117.4% respectively.

Spanish economy, Spanish Small & Mid Caps 19th November 2020

ROVI’s Target Price To Rise By 6.5 €/shr To 36 €/shr After Moderna’s Vaccine News

Four months ago, Spanish ROVI reached an agreement with Moderna for the filling and packaging of its vaccine. Since then ROVI’s capitalisation has increased by more than €750 M (up 53%). So far this month alone, the stock price has risen by 27%. With a central scenario of about 550 M of Moderna’s vaccines per year outside the US and Japan, the unit income for ROVI would be 0.75 €/vaccine (3.5% higher than the total price of the vaccine) which means a T.P. rise of +6, 5 €/shr. (+22% vs. before) up to 36 €/acc.

Spanish economy 19th November 2020

Next Generation EU: A Golden Opportunity For The Spanish Economy

Javier García Arenas (Caixabank Research) | The NGEU European Recovery Fund has a significant budget and could have a major macroeconomic impact on the Spanish economy. The overview of the Recovery Plan presented by Spain reflects the country’s willingness to accelerate investment and outlines a number of relevant areas of action. The specific projects involved and the governance mechanisms for their selection and monitoring are not yet known.

Spanish economy 18th November 2020

The Spanish Government Expands The Anti-Take Over Bid Shield Iniciated Due To The Pandemic

The Government has approved the extension of the regulations on foreign investment with the aim of making it more difficult for foreign investors to take control of strategic Spanish companies that have fallen significantly on the stock market as a result of the Covid-19. The new issue of the measure, which was already in force, is to extend to EU investors plus the United Kingdom, Switzerland and Norway, the restrictions approved in March for non-EU investors.

Ibex, Markets, Spanish economy 17th November 2020

Santander Considers Cutting 4,000 Jobs While Hiking Capital To Execute Its Dividend Of 0.1 €/Share

The rights related to the bonus capital hike with which Santander will pay its next dividend, a final dividend of 0.1 euros/share charged against 2019 results, began to trade on the stock exchange this week. There are two options available to shareholders: 1) Sale of rights received free of charge, at the price at which they are trading on the market when they are sold. The trading period will be extended – officially- until 30 November. 2) Collection of the dividend in shares, receiving one free share for every 23 old ones.

Ibex, Markets, Spanish economy 17th November 2020

BBVA, Banco Sabadell In Talks Over Possible Merger

The combination of the two banks would give rise to the second Spanish lender by global business, behind Santander, with almost €1 billion in assets. The confirmation of these contacts came hours after BBVA announced the sale of its US subsidiary to the financial services group PNC for €9.7 billion and capital gains of 580 million. This could mean that BBVA would not need a capital increase to execute an operation involving a smaller rival.

Ibex, Markets, Spanish economy 17th November 2020

ACS, Acciona And Ferrovial Compete For €2.15 Bn Australian Railway Project

he three main Spanish infrastructure groups with a presence in Australia, ACS, Acciona and Ferrovial are in the final push for a new multi-million dollar project in the oceanic country. The companies are part of two of the three consortiums which have entered the bidding phase to execute the main works of the Inland Rail. This is the largest railway project in the country for 100 years. It consists of a high productivity freight corridor between Melbourne and Brisbane.

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