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SalvadorIlla

Spanish Politics 12th May 2024

Socialists win elections in Catalonia, pro-independence parties fail to add up… A difficult victory to manage

Salvador Illa, the candidate of the Socialist Party of Catalonia (PSC), with 27.9% of the vote and 42 seats, has won the elections in Catalonia. Carles Puigdemont and Junts obtained 21.5% of the votes and 35 seats, but their great partner in the “procés”, Esquerra Republicana de Catalunya (ERC), which until now had been in charge of the government of the Generalitat, has suffered a debacle and has been left…

industria 1

Spanish economy 11th May 2024

Industrial production in Spain falls by 1.2% year-on-year in March, compared with an increase of +1.3% previously

Link Securities | The National Statistics Institute (INE) published yesterday that industrial production in Spain fell by 0.7% in March compared to February, in seasonally and calendar adjusted figures. In the month, all sectors presented negative growth rates in their production, although the largest decreases were seen in Capital Goods and Energy (both with a variation of -1.6%). In year-on-year terms, industrial production in Spain fell by 1.2% in March…

property market

Spanish economy 10th May 2024

Home sales down 13.7% in March; average price per square metre rises by 4.2%

Link Securities | According to data from the General Council of Notaries, released on Thursday by Expansión, the number of home sales and purchases fell by 13.7% in March in year-on-year terms, to 56,559 units, while the granting of mortgage loans for the purchase of housing fell by 4.5%. By type of housing, sales of flats fell by 13.9% year-on-year to 43,761 units, while single-family homes fell by 13.2% to…

spain foreign policy

Spanish economy 10th May 2024

The Spanish economy surprises the most optimistic

Oriol Aspachs (Caixabank Research) | Everything pointed to the Spanish economy’s growth rate continuing to be vigorous, as we have been pointing out in the pages of the CaixaBank Research Monthly Report over the last few months. Job creation shows no signs of slowing down and, in fact, accelerated in Q1 of the year. Business activity indicators have picked up, both in the services sector and in industry. Industrial production…

Iberdrola guapa

Spanish economy 10th May 2024

Iberdrola can continue operating “comfortably” with “BBB+” rating after implementation of new 2024-26 strategic plan, says S&P Global

LLink Securities | S&P Global expects Iberdrola to continue operating “comfortably” within the financial margins of its “‘BBB+” credit rating with the implementation of its new 2024-2026 strategic plan, which it presented to the market last March, according to Europa Press. In a report, the rating agency estimates that the energy company will operate with a funds from operations (FFO) to net debt ratio of 19%-20%, above the 17% in…

BBVA Sabadell

Spanish economy 9th May 2024

BBVA launches hostile takeover bid for Banco Sabadell

BBVA maintains the same conditions that it offered to the board of Sabadell (SAB) and that the latter rejected, so now “the ball is in the court” of the shareholders of Sabadell (SAB), who will determine whether the operation goes ahead or not. BBVA shares received the news with declines of 5% while those of Sabadell (SAB) rose 4%. As Jefferies pointed out in its analysis of the offer, “Despite…

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…