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Spanish economy

Cellnex

Companies, Ibex, Spanish economy 20th November 2022

Cellnex will consider buybacks and distribute dividends when TowerCo generates positive FCFs in 2024

Morgan Stanley |The main issues dealt with on Cellnex’s panel of the TMT: Capital allocation is the priority: The company has announced that it will consider carrying out buybacks and distributing dividends when TowerCo generates positive FCFs in 2024. The next priority is to take advantage of BTS capacities/organic growth, which in the context of 5G offers new challenges. The “Greenfield” projects also have attractive yield profiles according to the…

Telefonica chuli

Companies, Ibex, Spanish economy 19th November 2022

Telefónica has confirmed that it will raise prices an average 6.8% from Jan 2023

Norbolsa | Telefónica CEO, Ángel Vilá, has confirmed that in the next few days the company will officially announce an average rise in tariffs for Movistar clients in Spain of 6.8%. This will come into effect from January 2023. The rise in tariffs will not be lineal, but will vary according to the services contracted. Up to now, the Spanish telco was implementing its strategy «more for more». This consisted…

Markets

Companies, Markets, Spanish economy 19th November 2022

Downward revisions in Europe have only just begun; usually takes 7-8 months until they touch bottom

Morgan Stanley | Q3’22 results have been very similar to those of Q2’22 and Q1’22, substantially better-than-expected in terms of revenues and also strong in terms of profits, although to a lesser degree. There was a fairly negative skew in publications, with those stocks which published better-than-expected figures rising very little, while those which presented worse numbers fell sharply. Financials and energy were the two sectors which published better figures,…

jsj3

Spanish economy, Spanish Politics 18th November 2022

The Government maintains the Basque quota (6.24%) and secures the PNV’s support for the budget

Although 41 years have already passed since the rate at which the Basque quota to the State was first agreed, there will be no changes for the next five-year period (22-27). The 6.24%, the percentage of Basque funding for the common expenses borne by the central Administration -defence, Royal House, embassies, etc.- is going to be maintained for another five years.This has been agreed in Madrid by the central and…

Lamanodedios

Spanish economy, Spanish Politics 18th November 2022

Who said fear? Sánchez’s government has already raised the debt by 300 billion euros, which marks a new record high: 1.504 trillion (116% of GDP)

Debt set a new all-time high in September, at 1.504 trillion euros, which represents an increase in relative terms of 0.8% compared to the previous month, reaching 116% of GDP. By administrations, government debt rose in September to 1,329,016 billion euros, 6.8% more than a year ago and 1.15% higher than in the previous quarter, marking an all-time high. For their part, the debt of the autonomous communities fell by…

Repsol

Companies, Ibex, Spanish economy 18th November 2022

S&P hikes Repsol rating to BBB+ from BBB after company strengthens balance sheet amid high raw material prices

Renta 4 | S&P has raised its rating on Repsol from BBB to BBB+, while maintaining its A-2 in the short-term, with a stable outlook. The ratings agency has based its move on a backdrop of high raw material prices, divestments and Repsol’s prudent financial policies to strengthen its balance sheet and improve credit measures. S&P flags that the market situation will favourably affect the company throughout the cycle. This…

salaries spain

Spanish economy 17th November 2022

Spain: 40% of employees earned at most the SMI in 2021 (€13,300)

The average gross annual wage stood at €21,519 in Spain in 2021, up 4.9% from €20,503 in 2020. The increase is the highest recorded since 2008, when they grew by more than 5%, but it is still far from the rise of 2007, when salaries were revalued by 7.3% just before the financial crisis broke out. However, behind this figure there is some small print, which is analysed today by…

CHILDREN

Spanish economy, Spanish Politics 17th November 2022

Births in Spain fall to 337,380 in 2021, the lowest figure in 80 years

The number of births fell by 1.2% in Spain in 2021 to 337,380, 3,935 fewer than in 2020, according to data from the National Statistics Institute (INE). It specifies that this is a new low since the beginning of the historical series, in 1941, 81 years ago. In recent years there has been a downward trend in the number of births. Since 2008, when the figure reached 519,779, the figure…

iberdrolaTC

Companies, Ibex, Spanish economy 17th November 2022

Iberdrola, attractive growth and high visibility; Buy (T.P. 12,50 vs 11,90 euros/share)

Bankinter | Upward revision to targets in the Strategic Plan 2025. Attractive growth and strong visibility in results. Iberdrola has revised upward the objectives in its Strategic Plan 2025. It now expects EBITDA in 2025 of 16.5-17.0 billion euros vs 15 billion previously, and NAP of 5.2-5.4 billion euros vs 5 billion previously. Average annual growth rate in EBITDA and NA`P in the period 2022-2025 will be between 8% and…

pallete telefonica

Spanish economy 16th November 2022

Telefónica reassures the hybrid market

Telefónica has placed a new €750mn green hybrid bond with a coupon of 7.125% and a call option exercisable between August and November 2028. At the same time, Telefónica has launched an offer to exchange any and all of the €1.5bn still outstanding on the two hybrids with calls in March and September 2023. Thus, by redeeming all of the outstanding bonds, Telefónica will reduce its outstanding hybrid balance by…