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Spanish economy

aena el prat

Spanish economy 10th April 2025

Aena confirms traffic forecasts up 3.4% to 320 million passengers by 2025, and announces 10-for-1 share split

Intermoney | Aena (Buy, PO €215) held its shareholders’ meeting yesterday at which its chairman Ignacio Lucena confirmed their passenger traffic guidance in Spain of 320 million, implying an annual increase of +3.4%. The forecast was formally announced at the last presentation of the 2024 annual results, held at the end of February. In addition, the operator approved a future 10-for-1 share split, something that was also announced then and…

repsol sede madrid

Spanish economy 9th April 2025

Repsol to launch partial sale (49% stake) of solar and wind portfolio in Spain valued at over €900 million

Banc Sabadell | Repsol (REP) will sell a part (49% stake) of a solar (300 MW) and wind (400 MW) portfolio in Spain that will come on stream in 2025 with a combined capacity of 706 MW, according to press reports. The valuation is estimated at over €900 million. Assessment: Positive news with little impact (3.8% capitalisation/8% NFD’24) if confirmed as more asset rotation was expected by 2025. We recall…

naturgy eolica

Spanish economy 9th April 2025

Naturgy’s electricity distributor to invest €1.33 billion until 2028 to apply remote metering and sensor technologies to grid

Link Securities | UFD, the energy group’s electricity distributor, will invest €1.33 billion until 2028 to reinforce and digitise its electricity grid in Spain, according to Bolsamania.com. The objective of these investments is to improve the service offered to its customers and to promote the development of the energy transition, as established in the new Strategic Plan. The investments made by UFD also aim to incorporate and provide a quality…

exports gorgeous

Spanish economy 9th April 2025

Government estimates €15 billion in exports to US – 80% – to be affected by tariffs

Spain is not among the countries most directly exposed to Donald Trump’s tariff onslaught, but even so, 80% of its exports to the United States will be compromised by the trade war that the White House has declared on the rest of the world. To this must be added the indirect impact from the damage suffered by other partners and the changes that occur in global value chains. Spain is…

gestamp edificio

Spanish economy 8th April 2025

Gestamp potentially more affected by secondary tariff repercussions

Deutsche Bank | Gestamp (GEST) will present its Q1-25 results on 8 May after the close of trading and will hold a conference call that same afternoon. As for its counterparts, the year has started with a difficult quarter considering European and North American production volumes. With the presentation of the results, we expect the outlook to be updated taking into account the impact of tariffs, but it should be…

utilities

Spanish economy 8th April 2025

Review of Spanish utilities before 1Q25 results presented

Morgan Stanley | Rob Pulleyn reviews his sector coverage as a preview of results, with expectations of continued outperformance over Europe (up 14% YTD and 21% from lows). However, the market maintains an underweight position on the sector and the valuation is still at a discount of -10% in PE versus a long-term premium of 1-2%. Rob maintains his preference for large cap integrated and regulated companies, offering the greatest…

olive oil

Spanish economy 3rd April 2025

New US tariffs directly affect 5% of Spanish exports, amounting to €18 billion

Goods sold by the 27 EU member states to the U.S. will be subject to a 20% tariff, as announced by Donald Trump. For Spanish exports—just over €18 billion last year—it will have an impact of at least €3.2 billion, or 0.2% of GDP, and will particularly hit capital goods, metallurgy, and agricultural sectors—such as olive oil, fruits and vegetables, or wine—which account for more than €14 billion in exports….

Repsol's bet on alternative energies

Spanish economy 31st March 2025

Repsol hit by Revocation of US Permit to Sell Venezuelan Oil

US President Donald Trump’s trade siege of Venezuela, revoking permits to do business with the Venezuelan state holding company PDVSA, has ensnared US-based Global Oil Terminals, India’s Reliance Industries, Italy’s ENI, France’s Maurel & Prom… and Repsol, which has more than €500 million in equity risk in that country. This is evident from Repsol’s 2024 annual report. After systematically reducing its equity exposure in Venezuela for several years, in 2024,…

Spains unemployment problem

Spanish economy 27th March 2025

Ministry of Labour admits 687,884 unemployed not counted

The Minister of Labour, Yolanda Díaz, and her team have spent three years without specifying how many people with fixed-discontinuous contracts are registered in the public employment service offices, arguing that the registration of job seekers is the responsibility of the autonomous communities. However, despite this opacity, the statistical services of the department do handle and even publish these figures. Thus, they estimate that in 2024, the number of people…

repsolrenovables

Spanish economy 27th March 2025

Repsol sells 49% of 400 MW renewables to Schroders Greencoat

Repsol has partnered with Schroders Greencoat, a manager specialized in renewable infrastructure from Schroders Capital, which enters as a partner with a 49% stake in a wind and solar portfolio of 400 megawatts (MW), valued at €580 million. The portfolio includes eight wind farms, totaling 300 MW, located in Huesca, Zaragoza, and Teruel. Additionally, it encompasses two photovoltaic plants totaling 100 MW in Palencia. All assets are expected to be…