Link Securities | On 19 July 2024, the credit rating agency Fitch Ratings has published a note in which it has upgraded Enagás’ credit rating to “BBB+” with a “stable” outlook. The rating upgrade is supported by the improvement in business risk as a result of the execution of the company’s asset rotation, the prudent capital structure defined and the strong deleveraging following the sale of the stake in Tallgrass.
Luis Alcaide | There were already warning signs, but the fear has been confirmed in the latest data on Spain’s export trade available for the month of May. In May, the value of exports recorded an increase of 2.3%, which fails to offset the decline of the first months of the year. Thus, in the last twelve months, the value of Spanish exports has fallen by 4.8% over the previous…
Link Securities | According to different sources consulted, the offer of the Czech company Skoda for Talgo meets with the doubts of the majority shareholders of the company, the newspaper elEconomista.es reported yesterday. Pegaso Internacional, the consortium that controls 40.22% of the railway company through the sum of the stakes of the Oriol family, the family office Torreal and the private equity firm Trilantic Capital Partners, is sceptical about the…
Judit Montoriol Garriga (Caixabank Research) | Global international tourism has grown very significantly in recent quarters and is very close to recovering pre-pandemic levels: in Q1 2024 it was only 3% below 2019 levels, according to the UN tourism barometer. The Spanish tourism sector was among the first to recover: among the world’s top 10 destinations, Spain was the second country, after Turkey, to surpass pre-pandemic international tourist numbers. Thus,…
Bankinter | The Independent Authority for Fiscal Responsibility (AIReF) assesses the Government’s Economic Situation Report. It considers the macroeconomic scenario for the years 2024-2027 to be optimistic. AIReF has updated its macroeconomic scenario and projects GDP growth of 2.4% for 2024 (up 0.4pp); 1.9% for 2025; 1.8% for 2026 and 1.6% for 2027 (against 2.4% 2024; 2.2% 2025 and 2% in 2026 and 27 of the Government’s macroeconomic projections announced…
Repsol and EDF Renewables have reached an exclusive agreement to join forces for future offshore wind tenders in Spain and Portugal, given that the Iberian Peninsula offers significant growth opportunities, the two companies said in a statement on Thursday. REP has stressed that renewable generation projects are one of the strategic pillars of the company’s energy transition process. To develop its portfolio of renewable projects, the company has set an…
Industry turnover fell by 1.4% in May compared to the same month in 2023, according to data released on Thursday by the National Statistics Institute (INE). With the decline in May, industry sales return to negative rates after having registered in April its highest increase since October 2022, with a year-on-year rise of 14.2%.Adjusted for seasonal and calendar effects, industry sales fell by 0.5% year-on-year in the fifth month of…
Jefferies | 3% PBT beat vs. consensus in 2Q24, driven by better NII, fees and costs, only offset by a small miss on impairments. The print confirms NII trends are still positive, with 1% quarter-on-quarter growth (while cons was expecting a step down), as margin dynamics still prove supportive (cost of deposits flat in the Q). Costs were 1% lighter than cons. and trending better than the LSD-MSD year-on-year growth…
Bankinter | Acciona Energia (ANE) and Engie are reportedly in the final phase of negotiations to close the transfer of assets that include a portfolio of 680MW in wind and photovoltaic projects, according to press reports. The transaction could be worth up to €500m. The sale transaction has been open for more than six months. Numerous groups, from pure energy companies to investment funds specialising in renewables, have expressed interest…
The Government has raised the ‘spending ceiling’ to a record €199,171 million in 2025 and forecasts a deficit of 2.5%. It includes a transfer from the State to the Social Security to the amount of €22,800 million, which represents an increase of 7%. Minister Montero explained that this figure of €199,171 million is “quite similar” to that recorded in the previous year -only slightly higher–, given that from now on…