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Spanish economy 13th February 2025

Mapfre exceeds expectations and profit rises to €902 million

Bankinter | Figures for 2024 (versus consensus): Premiums €28,122 million (up 4.5%) versus €27,781 million, Net profit €902 million (up 30%) versus €888 million, Non-Life Combined Ratio 94.4% vs 95.0%, Solvency 202.4% versus 197.6% at the end of 2023. Bankinter analysis team’s opinion: Premiums grow solidly in 2024 (6.6% at constant exchange rates) to €28,122 million, beating expectations. The biggest surprise comes from the margins side. The Non-Life combined ratio…

In Spain 13th February 2025

HBX Group tourism company begins trading with €2.843 billion market capitalization

Cinven and CPPIB remain as the main shareholders, each holding 28% of the capital. Meanwhile, Norges Bank Investment Management (Nbim), Invesco, Fidelity, Santander Asset Management (Santander AM, manager of SANTANDER (SAN)), and Bestinver are some of the main institutional investors that have purchased shares of HBX, a tourism company previously known as Hotelbeds, as part of its IPO. HBX, which is dedicated to selling hotel rooms and apartments to tour…

In Spain 12th February 2025

New squabble between government partners: PSOE wants minimum wage taxed and for Treasury to take 43% of increase, Sumar refuses

In the press conference following yesterday’s cabinet meeting, the dispute was public and notorious. The Vice President of the Government and Minister of Labor, Yolanda Díaz, was busy explaining that the government, in agreement with the unions and disregarding the employers, has decided to raise the minimum wage (SMI) by another €50 per month – to 14 payments of €1,184 per month – a decision that affects 2.4 million workers….

Spanish economy 12th February 2025

Enagás pre-2024: Ebitda could exceed guidance (€730-740m) and BDI to pick up Tallgrass and GSP losses

Renta 4 | Enagás will present its 2024 results probably on Tuesday 18 February 2025 before the open, conference that same day at 8am. P.O. €19.21, overweight. Slight cut expected in revenues, as a result of lower estimated regulated revenues that will not be offset by the higher contribution from Musel and COPEX. Ebitda in turn will be affected by the lower contribution from investees despite the partial compensation of…

Spanish economy 11th February 2025

Naturgy’s green gas injection capacity grows 30% in 2024 thanks to eight operating biomethane plants

Alphavalue/ Divacons | Nedgia, Naturgy’s gas distributor, has increased the green gas injection capacity in its network by more than 30% over the last year. Currently, eight biomethane plants are connected and in operation, with a combined capacity of 226 GWh of green gas, which contributes to avoiding the emission of 40,500 tonnes of CO2 into the atmosphere, as reported yesterday by Naturgy in a press release. In the short…

In Spain 11th February 2025

860,000 unemployed listed as ‘fixed-discontinuous’ employees

Two years ago, the Minister of Labor, Yolanda Díaz, committed to publishing detailed data on the actual situation of inactive fixed-discontinuous workers. She never did. Since the labor reform came into effect, one of its recurring controversies has been the role these fixed-discontinuous workers play in the evolution of the labour market. We are talking about a type of indefinite contract linked to occasional activities, sometimes lasting only a few…

In Spain 11th February 2025

Sabadell CEO insists BBVA’s takeover bid at price offered makes no sensek

Link Securities | César González-Bueno, Sabadell’s CEO, reiterated this Friday during the presentation of Sabadell’s annual results that the takeover bid launched by BBVA at the price that has been offered makes no sense, according to Expansión newspaper. The acquiring bank is offering one newly created share for every 5.0196 Sabadell shares and a cash component of €0.29 (equivalent to the dividend paid at the end of 2024). All in…

In Spain 10th February 2025

Polish company Pesa to launch takeover bid for 100% of Talgo at similar price to €5.0/share offered by Magyar

Renta 4 | According to press reports, Pesa has informed the National Securities Market Commission (CNMV) that during this week it will launch a takeover bid for 100% of Talgo’s shareholding. The offer will be subject to the fulfilment of certain conditions that have not yet been disclosed and opens the possibility for the consortium led by Sidenor to join the operation. Assessment: News that we value positively since it…

In Spain 10th February 2025

€400 million in Spanish exports at risk due to Trump’s announced tariffs on all US steel and aluminum imports

Pablo Pardo (El Mundo) | On Mondays, tariffs. That seems to be the strategy in trade policy of the President of the United States, Donald Trump. This time, a 25% tariff on all imports of steel and aluminum from that country. Spain is the tenth largest exporter of steel to the US, with sales to that country amounting to 290,000 tons in the last 11 months and one week, according…

In Spain 8th February 2025

Rovi issues profit warning: EBITDA to be 10-15% lower than consensus expectations; P.O. lowered to €60.10/share from €73/share

Bankinter: In a Significant Event, Rovi announced that it expects its EBITDA 2024 to be lower, in a range between 10% and 15%, than expected by the market. The company will publish its annual results on 25 February. It maintains its forecasts for the current financial year 2025 (Sales down 10%/0%). Analysis team’s opinion: Negative news. Consensus market estimates indicate sales 2024 of €787m (down 5% year-on-year) which is in…

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