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Spanish economy

Companies, Ibex, Spanish economy 28th November 2022

Ferrovial gets the I-66 in the US up and running after $3.600 B investment

Intermoney | Ferrovial (Hold, Target Price 24 euros/share) announced on Wednesday that the consortium which owns the concession, in which the Spanish group has 56%, has started opertations on the I-66 Managed Lanes in the vicinity of Washington DC, in the state of Virginia (US). This project has involved an investment of 3.6 billion dollars, of which 786 million euros correspond to capital contributed by Ferrovial itself, without taking into…

Companies, Ibex, Spanish economy 27th November 2022

Leverage remains key for property sector; Colonial (EW, T.P. from 7,5 to 6,2 euros/share);Merlin (OW, T.P. from 11 to 10 euros/share)

MS | Bart Gysens (analyst) has this Thursday published a report reviewing his preferences within the European property market, positioning himself for a transition from an environment of rising rates to one of recession. Leverage is still the determining factor which the team uses to see where the value is and is not. But as we enter 2023, where the macros see a potential recession, thus driving a greater importance…

Spanish economy 26th November 2022

Spain’s 2023 budgets are based on optimistic economic forecasts

Jakob Suwalski (Scope Ratings) | Yesterday, the Spanish parliament approved the budgets for 2023. The government’s starting point is real GDP growth of 2.1% in 2023, compared with our estimate for 1.0-1.5%. The IMF is forecasting 1.2% and the European Commission (EC) 1.0%. In addition, the government estimates an increase in tax revenues of around 6% next year, supported by a new tax on wealth and temporary taxes on the…

Spanish economy 25th November 2022

The IASB spares the Ibex an 8.5 billion euros hit to its annual profits

The IASB board, in a close vote and against the opinion of the Spanish government, has rejected the implementation at international level of the straight-line goodwill amortisation method. The rules for the preparation of financial statements do not seem to be the most likely subject to generate major disputes, but the International Accounting Standards Board (IASB) yesterday experienced the closest thing to a drama, according to Expansión newspaper. In a…

Spanish economy, Spanish Politics 25th November 2022

A Debased Parliamentarism

Fernando González Urbaneja | What has been heard these days (and others) in Parliament (Congress and Senate) would make you cry, it goes beyond bad manners and rudeness; fortunately they have only been words, although degenerating could go further. It has already happened in other parliaments and it happened in ours a little less than a century ago. It is unimaginable today what he called the dialectic of the pistols,…

Companies, Ibex, Spanish economy 24th November 2022

Telefónica’s hybrid bond with nominal value of € 676,4 M has been accepted by 81% of investors; that of € 1.250 B by 8.9% of investors

Renta 4 | Telefónica has announced the result of its offer to buyback 2 hybrid bonds launched on November 14th. The first one, with a nominal value of 1 billion euros, a coupon of 5.5% and perpetual maturity, purchase price at Par and with 676,4 million euros of nominal value in circulation, has been accepted by investors with an aggregated nominal amount of 547,4 million, or 81% of the total….

Spanish economy 24th November 2022

Foreign funds now account for 45.4% of collective investment in Spain

Fernando Rodríguez | The weight of foreign funds and Sicav has increased from 8.1% to 45.4% of the total invested in the last fourteen years, according to the comparative analysis of profitability and costs between Spanish CIIs and foreign CIIs marketed in Spain published in the latest quarterly bulletin of the CNMV. “In this period, the assets of foreign CIIs have multiplied by 16, from 18,000 million at the end…

Spanish economy 24th November 2022

The IMF believes that Spain will recover the pre-Covid level in 2024, after a “weak” growth in the coming quarters

The technicians of the International Monetary Fund (IMF) on Wednesday completed their annual review of the Spanish economy, known as ‘Article IV’, and concluded that the country’s gross domestic product (GDP) growth will be “relatively weak” in the coming quarters. “Growth is expected to be relatively weak in the coming quarters due to weak external demand and deteriorating consumer confidence,” the IMF stressed in its conclusions on the country’s economic…

Companies, Ibex, Spanish economy 23rd November 2022

Meliá’s demand is strong and margins are stable: Buy (T.P. 6,19 euros/share)

Bankinter | We foresee strong demand with stable margins, at levels close to those of 2019, despite the global economic slowdown. Main supports: (i) Higher cost of energy will favour the demand for resorts in the Canary Islands, during the autumn and winter; ii) Events and conference activity is starting up again; iii) Nearly 30% of revenues come from North American clients, where the economy and consumption look more solid….

Spanish economy 23rd November 2022

Spain government, banking sector agree package of measures to ease mortgage burden for over 1 million vulnerable households

Norbolsa | Today the Cabinet will approve a package of measures aimed at easing the financial burden of one million families who have been affected by the hike in interest rates. Households with an annual income of less than 29.400 euros, with mortgages registered up to December 2022, will be able to benefit from these measures, when the mortgage payment accounts for 30% of income and has seen a rise…

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