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Telefonica

Spanish economy 9th May 2024

Telefónica’s net income reaches €532m in 1Q24, up 79%

Telefónica today presented its results for the first quarter of 2024, a period in which it reported net incomeof €532 million, 78.9% higher year-on-year. In this first quarter of the implementation of the GPS (Growth, Profitability and Sustainability) plan. Telefónica increases its revenues to €10,140 million (up 0,9% versus 1Q23). The company accelerates EBITDA growth to 1.9%, up to €3,205 million. The Group confirms targets for 2024: revenue growth of…

amadeus logo fachada

Spanish economy 8th May 2024

Amadeus close to pre-pandemic figures: Ebitda reaches €582m and revenue close to €1.5bn

Intermoney | Amadeus (Hold, PO €60) has just released its Q1 results, and will hold a conference call today at 1pm. Last quarter’s figures, which are shown in the attached table, have continued to converge, slowly, to those recorded in 2019, and were slightly above our estimates at the operational level. Air bookings and passengers boarded reached 77% and 109% of pre-pandemic figures at March 24, respectively, compared to IMVe…

benidorm beach

Spanish economy 8th May 2024

New record: 638 Spanish beaches awarded blue flags

The blue flag, which recognises the best beaches every year for the good state of the water, the high level of beach services and the safety of bathers, will fly this summer on 638 Spanish beaches, which keeps Spain as the world leader for the last 30 consecutive years. The Association for Environmental and Consumer Education (Adeac), promoter of the initiative, has published this Tuesday the data for 2024 where…

The Bank of Spain

Spanish economy 8th May 2024

Bank of Spain Governor bids farewell, warning that little more than 20% of Spaniards trust Government

The Governor of the Bank of Spain, Hernández de Cos, whose term of office ends next June, said farewell to Parliament yesterday, noting that just over 20% of citizens have confidence in the government, which means sharing with France the worst figure among the major European economies. In the case of political parties, the figure does not even reach 10%, and here Spain’s negative lead is indisputable. And Parliament itself…

Indra Tecnocom

Spanish economy 8th May 2024

Indra rises 8.8% after posting solid Q1 results and projecting Ebit of €400m for full year

Singular Bank | The Spanish Defence and Technology Consulting company rallied 8.8% today after posting solid 1Q results and projecting Ebit of €400m for the full year, in line with strategic plan forecasts. Net order intake grew 12% year-on-year and backlog reached a new record high of €7.2 billion, bringing the backlog-to-sales ratio to 1.58x. Revenues increased 22%, with double digit growth in the Defence (56%), Mobility (19%) and Minsait…

banco sabadell josep oliu

Spanish economy 7th May 2024

Banco Sabadell rejects BBVA’s takeover offer

Banco Sabadell (SAB) has rejected the offer that BBVA (BBVA) had made last week to merge the two entities, considering that it will generate more value on its own, the bank has informed the National Securities Market Commission (CNMV). Sabadell’s board, which met on Monday to assess the offer, based its decision on the opinion that it could create greater shareholder value by remaining alone. BBVA’s proposal was for a…

iberdrola megachuli

Spanish economy 6th May 2024

Two largest international proxy advisors recommend voting in favour of all items Iberdrola submits to AGM

Alphavalue/DIVACONS | The two largest international proxy advisors, ISS and Glass Lewis, recommend voting in favour of all the items that Iberdrola (IBE) will submit to its General Shareholders’ Meeting, to be held on 17 May. Specifically, both US voting advisors, which have a share of more than 70% in advising large investors, such as fund managers, pension funds and insurance companies, advise the more than 600,000 shareholders of the…

Spain tourism

Spanish economy 6th May 2024

Spain received 16 million tourists (+17%) in 1Q24

Spain received 6.3 million international tourists in March, 21% more than in the same month of 2023. In the first three months of 2024 (1Q2024), the number of tourists visiting Spain increased by 17.7% year-on-year to more than 16.1 million. According to data from the National Statistics Institute (INE), The United Kingdom was the main country of origin, with more than 1.2 million tourists and an increase of 13.3% compared…

Ferrovial

Spanish economy 6th May 2024

Ferrovial plans Nasdaq debut for May 9

In a statement sent to the Spanish Securities and Exchange Commission (CNMV), the company has informed that after completing the regulatory review process, it has filed an acceleration request asking the US Securities and Exchange Commission (SEC) to declare the registration form effective on 8 May 2024. As a result, Ferrovial expects the shares to debut on the Nasdaq on or about 9 May. The ordinary shares will be listed…

Puig

Spanish economy 3rd May 2024

Puig opens on stock exchange this Friday with €24.5/share placement price, discount of 15.6% compared to sector average

Bankinter: Trading starts this Friday at 12.00h. The placement price has been €24.5/share. The group, valued at €14,000 M, has placed 32% of its capital among qualified investors. Preliminarily, based on available information, we estimate that the exit price represents a discount of 15.6% versus the sector average (L’Oreal, Estee Lauder, Shiseido, Coty, Interparfums) in terms of EV/EBITDA 2023 and -34.4% versus the sector leader, L’Oreal. We believe that a…