In Spain

Puig

Puig Brands claims 31% loss of value since IPO due to evolution of sector, not business operations

Link Securities | Marc Puig, president and CEO of Puig Brands, attributed the 31% loss of its share price since its IPO on 3 May 2024 to market doubts about the evolution of the sector, and not to the operation of the business, Expansión reports today. He believes this is due to the market’s assumption that the sector will be affected by increased uncertainty, something that was not foreseen last…


escriva

Bank of Spain no longer sees any problem with Spanish pension system

A significant shift – highlighted by several Spanish media outlets – in the view that the Bank of Spain has held until now regarding the scale of the challenges facing the Spanish economy. In the first report with former minister José Luis Escrivá as governor of the Bank, the entity’s constant concerns about the sustainability of the pension system have disappeared. As the newspaper El Mundo explains, “After the warning…


Spanish economy general

Spain to grow 2.6% in 2025 after public debt (103.5% of GDP) increases 3.3%

The Bank of Spain (BoE) published yesterday that the debt of all public administrations in Spain rose in March to €1.667 trillion. Compared to February, Spanish public debt grew by 1.3%, which represents an increase of €21.263 billion. In the last 12 months, Spanish public debt has grown in absolute terms by 3.3%, equivalent to €52.729 billion. This figure contrasts with the 2.6% growth expected for Spanish GDP by the…


catalana occidente nueva 2

CNMV admits Inocsa’s takeover bid for 100% of Grupo Catalana Occidente shares to be processed

Link Securities | The National Securities Market Commission (CNMV) has adopted on 16 May 2025 the resolution to admit for processing the voluntary takeover bid for 100% of the shares of Grupo Catalana Occidente (GCO), considering that the prospectus and other documents presented, after the complementary documentation registered on 7/05/2025, are in accordance with the provisions of the regulation. The admission of the aforementioned application for processing does not imply…


Spain home market

House sales increase 40.6% year-on-year in March, totalling 62,808 transactions

According to figures from the National Institute of Statistics (INE), the sale of homes increased in March by 40.6% year-on-year, totalling 62,808 transactions. This represents the highest figure for this month since 2007, when over 74,000 sales were recorded. The sale of homes has now seen nine consecutive months of year-on-year increases. The year-on-year increase in home sales in March was a consequence of the rebound in transactions involving both…


aena barajas3CM

Aena passenger numbers accelerate to 6.3% in April, 5.2% increase accumulated so far this year

Bankinter | Passenger numbers accelerate to 6.3% in April (year-on-year) compared to 4.2% previously, supported by the ‘Easter effect’. Aena airports recorded 27.2 million passengers in April. This represents an increase of 6.3% year-on-year, compared to 4.2% in the previous month. This brings the cumulative increase for the year to date to 5.2%, compared to 4.7% previously. Bankinter analysis team’s opinion: Good news for Aena. Airport traffic continues to break…


Talgo new

Basque consortium postpones entry into Talgo by one month to unblock financing of €116 million fine imposed by Renfe

Renta 4 | According to press reports, the Basque consortium formed by Sidenor, the Basque government and the BBK and Vital foundations has not formalised its entry into Talgo’s capital within the deadline set, opening a one-month extension to close the deal. The main problem is obtaining financing to structure the operation since Renfe imposed a €116 million fine on Talgo for delays in the delivery of AVRIL trains. The…


Companies restructuring

‘Creditors’ contests grow by 12% up to April

According to the monitoring of insolvency proceedings published in the Official State Gazette (BOE) carried out by Iberinform, the business fabric registered a year-on-year decrease of -3.5% in business insolvencies in April. For the year as a whole, they accumulate an increase of 12% compared to the same period in 2024. A creditors’ contest is a judicial procedure designed to manage and administer the assets of a company that cannot…


IPC carburantes

Spain’s final April CPI confirmed at 2.2% year-on-year, 1/10 less than March, underlying rate at 2.4%

Bankinter | The final CPI for April confirms 2.2% year-on-year, one tenth below the previous month. The underlying rate confirms the rise to 2.4% year-on-year from 2.0% previously. In month-on-month terms, the general rate rose 0.6% (versus 0.1% previously) and the underlying rate rose 1.0% (versus 0.4% previously). Analysis team opinion: Moderate fuel and electricity prices contributed to the moderation of the overall CPI in April. However, the core rate…


ferrovial carretera

Ferrovial revenues up 10% in Q1 2025 to over €2.05 billion for Construction

Intermoney | Ferrovial (Hold, PO 39) announced its results for March 25 yesterday after the close of the New York market, holding a conference call today at 3 p.m. The main figures from the results, together with our estimates, are shown in the attached table. Overall, EBITDA rose by 22% to €309 million in Q1 2025, compared to Intermoney’s estimate of 24%, confirming the improvements in margins in construction, combined…