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energy sector

Spanish economy 31st May 2024

Government considering letting “supertax” on energy companies disappear

Banc Sabadell: According to the press, the vice-president and minister for energy transition, Teresa Ribera, has expressed her willingness to let the 1.2% tax on energy sales disappear after Brussels’ request that the interventionist measures adopted during the energy crisis be abandoned. Initially, the government had considered using the general budget to include tax breaks linked to investment, but the decision to withdraw the draft public accounts left the extension…

precios inflacion tickets

Spanish economy 30th May 2024

Spain’s CPI rises 3/10 of a percentage point in May to 3.6% due to electricity, underlying up to 3%

CdM | The Consumer Price Index (CPI) rose by 0.3% in May compared to the previous month and raised its year-on-year rate by three tenths to 3.6%, thus registering its highest level since April 2023, according to data released on Thursday by the National Statistics Institute (INE). Annual CPI rate The agency explained that the rise in the CPI to 3.6% is due to the increase in electricity prices, following…

telefonica vivo

Spanish economy 30th May 2024

Telefónica Brasil negotiating to buy Brazilian operator Desktop

Telefónica Brasil, a subsidiary of TEF, confirmed on Wednesday that it is “in talks” to buy Brazilian operator Desktop, although at the moment there is no definitive decision or formalisation of a deal. The company has assured that it is constantly analysing market opportunities and investments aligned with its strategy and has committed to keep its shareholders duly informed of any move. For its part, Desktop has reiterated that at…

separatists leaders

In Spain 30th May 2024

Amnesty negotiated by Sánchez with prosecuted Catalan pro-independence supporters to obtain their votes and become president to be approved today

Today, the Congress of Deputies is expected to approve the amnesty that Pedro Sánchez had branded as “unconstitutional” but which he finally negotiated with Carles Puigdemont to obtain in exchange the seven votes of Junts that he needed to be able to go to the presidential investiture after losing the elections on 23 July 2023. It is very possible that any of the judges who are forced to apply it…

Rovi 300x154 1

Spanish economy 29th May 2024

Laboratorios Rovi could sell third-party manufacturing business for between €3.1 and €3.7 billion

Banco Sabadell: According to press reports, Laboratorios Rovi (ROVI) could obtain between €3,100 million and €3,700 million (73% capitalisation and EV of ROVI’s total; there is no data on what it represents in terms of the group’s EBITDA today) for its third-party manufacturing business (CDMO). The valuation would be based on the application of a multiple between 12x and 14x EV/EBITDA to the €261 million of EBITDA that the division…

Sanchez

In Spain 29th May 2024

PSOE supports PP bill to avoid losing another vote in Congress

The strict application of Pedro Sánchez’s “resistance manual” generates ridiculous situations such as the one experienced yesterday in the Congress of Deputies, when the PSOE parliamentary group – in view of its solitude in rejecting the PP’s proposal to tighten congressional control over the government’s foreign policy – chose to vote in favour of the proposal as well. Some of the government’s allies in the investiture, such as ERC, had…

Berkeley

Spanish economy 29th May 2024

Berkeley asks ICSID for arbitration in $1bn claim against Spain for not being able to exploit its uranium mine in Salamanca

Berkeley Energia, the company that is trying to move forward with a uranium extraction project in Salamanca, has filed a request for international arbitration against the Spanish government with the ICSID, which depends on the World Bank, in which it demands compensation of $1 billion (around €920 million at the current exchange rate) for blocking its plans. It could become the largest arbitration against Spain. According to Berkeley, the decisions…

CAF factory

Spanish economy 29th May 2024

CAF’s bid, only one in final phase of Metro de Madrid’s €412m contract to renew Line 1

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…

Spanish banks and housing market

Spanish economy 28th May 2024

Mortgage signings fall 18% in March, average is now €137,000 at 23 years and 3.41%

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…

bbva sabadell

Spanish economy 28th May 2024

Merger with BBVA has “more pros than cons” for Sabadell’s long-term credit ratings, says DBRS

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…