The National Institute of Statistics (INE) published yesterday that, according to the preliminary reading of the data, the Consumer Price Index (CPI) in Spain rose by 0.4% in February compared to January. Year-on-year, the CPI in Spain increased by 3.0% in February (2.9% in January), a reading that was in line with expectations from the consensus of analysts at FactSet. This development is mainly due to the increase in electricity…
Bankinter | Results and guidance surprisingly positive. Dividends on the rise. Dividend yield 2025 4.90%. Key figures compared with consensus: total EBITDA €16,848M (up 17%) versus €16,243M est.; NBI €5,612M (up 17%) versus €5,550M estimated; adjusted NBI €5,530M up 15%. Funds generated by operations: €11,836 million (up 10%); Net Debt €51,700 million versus €47,914 million in December 2023. The dividend per share on 2024 results rises 15% to €0.6350/share. The…
The royal family of Abu Dhabi has reached an agreement to purchase 67.91% of Tendam, the company that owns chains such as Cortefiel, Springfield, Women’s Secret, and Pedro del Hierro from the CVC and PAI funds. The operation, which has been carried out through Multiply Group, means that both CVC and PAI will retain 32.09% of the capital after valuing the company at around €1.5 billion, below the €2 billion…
Alphavalue/ Divacons | ING Group considered the acquisition of Banco de Sabadell in 2024, with the aim of expanding its presence in Spain, a market that ING considers to be high-growth, according to what was published yesterday by El Confidencial, citeing sources close to the matter. According to the same article, the Dutch bank is awaiting the decision of the Spanish competition authority on the approval of BBVA’s takeover bid…
Link Securities | Iberdrola (IBE) and Diamond Foundry have signed a contract whereby the energy company will be responsible for supplying the energy to the company for the synthetic diamond manufacturing process at the plant that has been commissioned in Trujillo (Cáceres), according to the Bolsamanía portal. The contract states that the supply will be 100% renewable and with a guarantee of origin issued by the National Commission for Markets…
Naturgy earned €1.901 billion in 2024, down from the €1.986 billion obtained in 2023. The company’s EBITDA was €5.365 billion, compared to €5.475 billion a year earlier, while investments for the year amounted to €2.280 billion (€2.747 billion in 2023) and net debt rose to €12.201 billion from €12.090 billion, with a debt/EBITDA ratio of 2.3 times. Naturgy has emphasized that these figures illustrate “the group’s ability to continue creating…
According to data from the Spanish Association of Automobile and Truck Manufacturers (Anfac), car production in Spain fell by 27.2% in January, reaching 168,076 units produced. Anfac states that the main causes of this sharp decline are the adjustments in work shifts made at production centers and their adaptation to the introduction of new electrified models, and it reminds that the drop in production occurs at “a critical moment for…
Link Securities | Capital Group, historical shareholder of Grifols, faces its exit by placing its stake in the company’s capital below 3%, Expansión newspaper reported yesterday. On 7 February, as recorded in the records of the National Securities Market Commission (CNMV), Capital Group reduced its stake in GRF to 2.902%, from the 3.406% declared on 5 February. Of the 2.9% declared by the fund, 0.45% is also on loan to…
Link Securities | BBVA (BBVA) has put part of Madrid Nuevo Norte up for sale, according to Cinco Días. The bank, which controls almost 76% of the development company, has hired Rothschild for the operation and is looking for a partner to provide resources as the so-called Operation Chamartín has begun to get underway. The sources consulted by the newspaper indicate that it would be conventional for Rothschild to look…
Bankinter | Figures for 2024 (versus consensus): Premiums €28,122 million (up 4.5%) versus €27,781 million, Net profit €902 million (up 30%) versus €888 million, Non-Life Combined Ratio 94.4% vs 95.0%, Solvency 202.4% versus 197.6% at the end of 2023. Bankinter analysis team’s opinion: Premiums grow solidly in 2024 (6.6% at constant exchange rates) to €28,122 million, beating expectations. The biggest surprise comes from the margins side. The Non-Life combined ratio…