Intermoney | Aena (Buy, PO €205) yesterday announced its monthly traffic data for October. Passenger numbers in Spain rose 6% year-on-year last month to 28.2 million. Both Barajas and El Prat grew by more than 5%, a figure that was not out of line with the rest of the relevant airports, outperforming for example Valencia (up 4%) and Ibiza (down 1%). The national total in October was 14% higher than…
Link Securities | The company announced yesterday the closing of the sale of 175 MW of hydroelectric power in Spain to Elawan Energy, a subsidiary of ORIX Corporation, after complying with the foreign investment condition to which the transaction was subject. Acciona Energy received €293 million for the sale, generating a capital gain of €180 million euros. The 175 MW object of the transaction corresponds to 100% of the Acciona…
The National Commission on Markets and Competition (CNMC) has moved BBVA’s takeover bid for Sabadell to Phase 2. The agency will continue analyzing the operation while extending the analysis period by another three months to allow new stakeholders to voice their opinions. The government will now have the authority to demand additional conditions based on the general interest or even veto the merger. This decision comes despite BBVA offering a…
Merlin and Colonial led the losses on the Ibex yesterday, losing €590 million in the stock market, due to the Executive’s plans to eliminate the tax exemption for REITs. The PSOE proposal would involve raising the Corporate Tax from 1% to 25%. According to analysts at Jefferies: PSOE and Sumar have reached an agreement to reduce or remove tax benefits for REITs. If approved, this proposal could reduce FFOs for…
Link Securities | JPMorgan Chase has emerged with a stake of more than 3% in Bankinter, as reflected in the records of the National Securities Market Commission (CNMV). Specifically, the US bank holds a 3.019% stake in the bank, of which 1.947% is a direct holding and another 1.072% through financial instruments.financial instruments. The bank thus surpasses Fidelity, which holds 2.83%, and is slightly below Lazard, with 3.032% of the…
Pablo Hernández de Cos, the former governor of the Bank of Spain, has been elected as the managing director of the Bank for International Settlements (BIS). He will succeed the Mexican Agustín Carstens and will take office on July 1, 2025, with a five-year mandate.The BIS, the international institution responsible for coordinating and establishing global regulatory standards for banking and finance, is the author of the regulatory frameworks known as…
Bankinter: BBVA’s (BBVA) takeover bid limits Banco Sabadell’s (SAB) potential until the outcome is known, in 1Q2025? Bankinter’s analysis team’s opinion: Sabadell surprises positively in results, with excess capital and an interesting shareholder remuneration plan (€2.9bn in 2024/2025 via dividends and share buybacks). We revise our Target Price to €2.25/share (vs. €2.20/share b.y.), but we maintain our recommendation to Neutral because BBVA’s takeover bid limits Sabadell’s potential until we know…
On Friday, Fitch maintained Spain’s long-term rating at A- and upgraded its outlook to positive (from stable). This decision is based on the improvement of structural factors that have increased GDP growth potential, with a labor market showing positive trends, improved competitiveness, and the absence of macro-financial imbalances. Fitch projects a real GDP growth of 2.9% for Spain in 2024 and an average growth of 2.2% in 2025-2026, compared to…
Alphavalue / Divacons | The US Securities and Exchange Commission launched an investigation into the Cantabrian bank in relation to the unauthorised use of the Whatsapp application among its investment bankers, according to Expansión yesterday. In other news, Banco Santander has reduced its stake in Quasar, the company it created in 2017 to dispose of Banco Popular’s real estate assets after taking over the bank, to below 10%. According to…
Link Securities | Telefónica informed the Nattional Securities Market Commission (CNMV) that its subsidiary, S.A.U. has reached an agreement with Vodafone ONO, S.A.U. (Vodafone España) for the establishment of a joint venture company, whose main corporate purpose is the commercialisation of a fibre-to-the-home (FTTH) network for the benefit of its partners, Telefónica España and Vodafone España, so that they can in turn provide retail and wholesale broadband access services. The…