Renta 4 | According to press reports, CAF is the only company to have reached the final phase of the contract for the supply of 40 trains for the renovation of line 1 of Metro de Madrid for a total of around €412 million. The contract includes technical assistance for a period of 10 years. Valuation: Positive news given the amount of the contract which represents around 3.0% of CAF’s…
The number of mortgages taken out on dwellings fell by 18.1% in March compared to the same month in 2023, to 29,653 loans, with an average interest rate higher than that of the previous month, according to data released on Monday by the National Statistics Institute (INE). Specifically, the average interest rate for mortgages on housing reached 3.41% in March, compared to 3.33% in February. With the exception of January…
Alphavalue / Divacons | MorningStar credit rating agency DBRS issued a new report last Friday on BBVA’s takeover bid for Sabadell banks in which it considers it to have “more pros than cons”. From a credit profile point of view, the deal will have a positive impact on Sabadell’s long-term credit ratings, which are positioned two notches below BBVA’s DBRS rating. It explains that the rating of the bank led…
March | Industrial production costs continue to fall in Spain, albeit at a slower pace. April’s data showed a -0.2% monthly fall in industrial production prices, bringing the year-on-year decline in industrial costs to -6.6% from -8.2% previously. With this figure, producer prices have now fallen for more than a year (they entered negative territory in March last year), while in terms of the underlying rate (excluding energy), industrial cost…
The MedCap forum, organised by Bolsas y Mercados Españoles, celebrates its 20th edition between Tuesday 28th and Thursday 30th May. Designed as a meeting point between the main small and mid-cap companies and national and international institutional investors, this year it will be attended by more than a hundred issuers and other market operators. The main objective of MedCap is to boost the liquidity and financing capacity of listed small…
Accuracy | The downward trend in the CDS (5Y Senior Debt) spreads of the main Spanish banks over the last 12 months continues, thanks to the market’s improved perception of the risk of default on debt issued by banks. The ghosts of contagion from the US mid-market banking crisis have been completely banished. Sabadell continues to be the Spanish bank with the highest spread, at 104.8 bps at the end…
Intermoney | Acciona (Buy, PO €200) and Acciona Energía (Buy, PO €29) have published their 3-month trading statements (TS), in which they do not provide P&L data, only operational data. The companies will not hold conference calls. Acciona Energy’s key operating data is shown in the attached table, along with our forecasts for 2024e as a whole. Overall, ANE expects to reach its capacity increase target of 1,700 MW in…
The Government decided yesterday to withdraw its Land Law hours before it was due to be voted on in Congress, given the evidence that neither its government partners (Sumar) nor the parliamentary majority that supports it (Junts, ERC, PNV, Bildu…) were going to vote in favour, which left its possible approval in the hands of the opposition – the PP and Vox. The government thus avoids a second defeat in…
The turnover of Spanish companies suffered a 10.6% drop in March compared to the same month in 2023, its biggest fall since February 2021, according to data provided today by the National Statistics Institute (INE). Although it should be borne in mind that last year Easter fell in March and in 2024 the positive effect of these dates corresponded to April, the truth is that if seasonal and calendar effects…
Renta 4 | According to press reports, Indra has hired Citi and AZ Capital for the Minsait sale process. The valuation of the investment banks carried out in the last weeks presents a very wide range, between €1.3 and €2.1 billion. The management announced at the Investor Day on 6 March its intention to sell a minority or majority stake in its technology subsidiary. The objective is to start the…