Renta 4 | Ratings agency Standard & Poors has revised downwards its rating on Enagás to BBB from BBB+, changing its outlook to stable from negative. This is a move which contrasts with the last rating in December from Fitch of BBB+ and a stable outlook. Furthermore, the motives for this downgrade have not transcended. Valuation: Negative news. Although we believe the impact is limited, it’s possible that given the…
Renta 4 | The management of Telefónica (TEF) is studying the incorporation of an industrial investor in its audiovisual affiliate Movistar+, according to El Economista newspaper. Telefónica launched Movistar+ almost 7 years ago after the sale of Canal+ to the Spanish telco. The platform has two of its own channels (Cero and Vamos# ), themed channels created after the purchase of rights like Movistar Liga, Deporte, Cine, Toros or Series, and some…
Last year, 5,403 companies moved their headquarters from one Spanish region to another, almost 20% more than in 2020. More than 40% chose Madrid as their destination. Catalonia recorded the largest negative balance with the loss of 348 companies. The exodus of companies from Catalonia to other autonomous communities began in 2012 as a slow trickle. This was the result of the decision of former president Artur Mas to open…
Renta 4 | Consultancy STR and Cushman & Wakefield have carried out a study on the hotel sector in Spain, comparing estimates for 2021e with the figures for 2019. Revenue per room (RevPar) in 2021e will be around 43% of the 2019 level, mainly due to the decline in occupancy (-43,4 pp vs 2019 to 36%) as prices would remain around 2019 levels. At Renta 4 Banco we expect less of a…
El Corte Inglés shareholders gave the ‘green light’ this Wednesday at its extraordinary general meeting to Mutua Madrileña entering its shareholding after the agreement reached: the insurer -Mutua Madrileña- acquires 8% of the distribution group, from treasury stock, for 555 million euros and its President and CEO, Ignacio Garralda, will join the board of El Corte Inglés. In addition, the insurer will acquire 50.01% of each of the two companies…
Renta 4 | A unique moment for the sector supported by greater control on imports is translating into the following: 1) A strong recovery in demand, both final (construction, catering and home appliances) and perceived (reconstruction of inventories on the part of stockists). 2) Increase in production: the previous point along with lower imports has fuelled a strong rise in plants’ utilisation rates. 3) Low inventory levels: In spite of…
The newspaper El Economista explains today that on the same day as the Government approves the increase in pensions for this year, it will also have to come up with an extra almost 3.125 billion euros to finance the operation. This follows the deviation between the price estimate forecast by the Executive in the current General Budget and the strong rise in inflation in the last few months of 2021….
The number of cases of squatting in homes grew by 18% in Spain with 13,389 cases up to September 2021, according to the latest data recorded by the Ministry of the Interior. Catalonia continues to lead the autonomous communities with 5,689 ‘squats’, 42% of the total. The figure quadruples that of the Community of Madrid (1,282 cases) and almost triples that of Andalusia (1,994 cases). The official statistics, consulted by…
The Spanish stock market has become less attractive to investors, according to the latest data published by one of the country’s leading brokers, XTB. Despite doubling its volume of active clients in equities during 2021 compared to 2020, a clear change of trend in the Spanish market is being observed. The number of investors who only operate in the domestic market has decreased by 35% last year, while the number…
Fernando González Urbaneja | Over the last decade, since 2010, trade unions and employers have reached four multiannual and indicative wage agreements under the name of the State Agreement for Collective Bargaining. These have always been under the complacent gaze of the PP and PSOE governments, which provided a reasonable guarantee of social peace. Agreements that responded to a practice of consensus that has been characteristic and habitual throughout the…