Morgan Stanley : After a tough start to the year, the sector has had a good summer and is now +9%YTD. That said, after +2%Y growth in Q1, mobile service revenues have slowed in Q2 to 0%Y. This slowdown was mainly driven by the trend in the UK where the deceleration was more pronounced, with revenues declining from 5% in Q1 to 1% in Q2. In Germany, growth also decelerated…
Only four companies on the Spanish stock exchange have held their meetings exclusively by telematic means this year. And the major Spanish listed companies agree on the need to reform the current regulations in Spain to facilitate this procedure and allow each company to freely choose how to hold its General Shareholders’ Meeting. The experts point out that in Spain the regulation of general meetings lacks the necessary flexibility to…
Jefferies | ITX confirmed that it firmly belongs to the small group of consumer stocks still delivering handsomely for shareholders. Suspicion around the sustainability of sales delivery likely has been key to ITX’s derating versus relevant peers (we estimate by >25% in the past 18 months). And yet the group’s competitive moat is becoming wider, and relative revision momentum stronger. PT upped to €54 as we expect the valuation gap…
Taking advantage of the visit of the Spanish Prime Minister, Pedro Sánchez, to Beijing, China’s Envision announced on Tuesday an investment of $1 billion (just over €906 million) for the construction of a hydrogen electrolyzer factory in Spain, strengthening the country’s position in this market through the development of the first industrial park for green hydrogen and net zero technologies in Europe. Construction of the facilities is expected to begin…
Aurelio Medel (5 Días) | The declaration of Talgo as a “strategic company within a key sector for the economic security, territorial cohesion and industrial development of Spain” is a trap for the company and constitutes a dangerous precedent for other companies, which can fall under the same qualification only with arguments contained in a report declared secret. The course of Talgo’s stock shows how the pompous label of strategic…
Alphavalue/DIVACONS | Goldman Sachs has reduced its stake in Telefónica to 5.533%, down 2.5 percentage points from the 8.081% it previously held in the company chaired by José María Álvarez-Pallete, according to filings with the National Securities Market (CNMV). Telefónica: Buy, Target Price 6.23 euros/share.
Link Securities | The Senate on Monday approved a PNV motion, which recognises the strategic character of Spanish railway manufacturer Talgo (TLGO) for the European railway sector as a whole, according to Expansión newspaper. The political parties in the Senate supported the veto to the Hungarian Ganz-Mavag because of its links with Russia, and the newspaper indicates that the pressure of the Basque parties opens again the option of a…
Bankinter | Laboratorios Rovi (ROVI) is negotiating with the CVC fund the sale of its third-party manufacturing business. The valuation of 100% of this business could exceed €3,000 million. Antin, Cinven, KKR and Permira have dropped out of the bidding. Opinion of Bankinter’s analysis team: Positive news that opens the possibility for Rovi to value its assets, the first glimpses of which we saw in March. Sales of the manufacturing…
Link Securities | The possible transfer of the Spanish satellite group Hispasat to Indra (IDR) by Redeia (RED) could become the largest transaction so far carried out by state-owned companies, which in turn are listed on the stock exchange, according to Expansión newspaper on Monday. This means that, according to legislation (Ley de Sociedades de Capital and other regulations), it could be considered a related-party transaction. This opens the door…
Norbolsa | On Friday the company reported results below expectations for the first half of the year, with sales 2% below expectations, net profit falling 26% and an operating margin of 14.4% vs. 15.3% previously. The company justified this, among other reasons, by higher IPO costs and higher employee bonuses. It is worth highlighting the poor performance of its make-up division, affected by the Asian markets. The company maintains its…