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Banco Santander office

Spanish economy 29th October 2024

Santander reports 3Q24 attributable profit of €3,250m, 4% above company-compiled consensus

Iñigo Vega (Jefferies) | Santander 3Q24 First Look – Solid Dynamics Despite Still Ongoing Neg. Argentine Impact A 4% beat at bottom line, again impacted by negative adjustments in relation to Argentina. Ex-Argentina, net income was a 7% beat (5% beat at PBT). Revenue dynamics trending in line, with strong trading and other income and NII in line. Across the Group, better OpEx and CoR dynamics. Beats coming from key…

telefonica letrero entrada 1024x648 1

Spanish economy 29th October 2024

Spain to authorise Saudi Arabia’s 10% stake in Telefónica, valued at €2.3 billion

Banco Sabadell : The Ministry of Defence will unblock the purchase of 9.9% of TEF by STC (it already holds 4.9% directly). Thus, according to this information, in the next few days the Government will approve the acquisition of this stake, valued at ~2,300 M euros. Assessment: Expected news, no impact. Other shareholders are: SEPI (10%), Criteria (9.99%), BBVA (4.94%), Vanguard (3.56%).

Endesa nocturnal

Spanish economy 29th October 2024

Endesa interested in Acciona’s hydroelectric business: 626.5 MW spread over 34 plants, concession life between 12 and 39 years

Banco Sabadell : According to press reports, Endesa has shown interest in the hydroelectric assets that Acciona has recently put up for sale. Specifically, they would comprise 626.5 MW spread over 34 plants and with a concession life of between 12 and 39 years. According to the news, Acciona Energía aims to obtain around €1,000 million in a process that is still in its initial stages, and in which the…

extranjeros inversion inmobiliaria

Spanish economy 28th October 2024

Mortgages taken out on dwellings in Spain in August reach 30,676, 8.8% up on same month in 2023

Link Securities | According to the National Statistics Institute (INE), the number of mortgages taken out on dwellings in August in Spain was 30,676, which represents an increase of 8.8% year-on-year. The average amount of these operations was €145,352, which represents a year-on-year increase of 5.3%. For its part, the average number of mortgages on the total number of properties registered in the land registries (from previously executed public deeds)…

BBVA Argentina

Spanish economy 14th October 2024

BBVA approves pre-financing of €1.5 billion in convertible bonds and brings forward issuance to arrive at takeover bid with liquidity

Link Securities | BBVA’s Board of Directors has approved the pre-financing of €1.5 billion in convertible bonds (CoCos), bringing forward the 2025 issues to reach the key moment of the takeover bid for Sabadell with sufficient liquidity, according to the newspaper Expansión. The newspaper points out that BBVA has already covered all of this year’s issues, but that when the takeover bid becomes effective, the bank will enter a blackout…

Enagas

Spanish economy 11th October 2024

Enagás begins search for clients for H2Med green hydrogen corridor

Enagás and its partners are preparing to face the first major test for H2Med, the future hydrogen interconnection that will link Spain and Portugal with France and Germany, explains El Economista. The system operators from the countries involved in this project – Enagás in Spain, REN in Portugal, Teréga and GRTgaz in France, and OGE in Germany – will launch the so-called ‘Call for Interest’ on November 7th, aimed at…

fcc grua construccion

Spanish economy 10th October 2024

Spin-off of FCC’s Cement and Real Estate divisions could help crystallise value, but how Cement division fits in not clear

Banco Sabadell : According to CNMV records, Melinda French Gates has floated a 4.3% stake in FCC. This move would be related to the stake reduction announced by Bill Gates last week (to 1.9% from 5.7%). On the other hand, press reports indicate that it expects to list its Cement (99% FCC; 4% EV FCC) and Real Estate (80% FCC; 17% EV FCC) subsidiary called Inmocemento in November this year….

europastry

Spanish economy 9th October 2024

Europastry suspends IPO for fourth time, second this year, due to geopolitical instability, or too high a price?

Alphavalue: The company has suspended its IPO for the fourth time, for the second time this year, two days before it was due to go ahead. In the statement to the National Securities Market Commission (CNMV), they informed that they were cancelling the operation due to the geopolitical situation, which is causing instability in the markets. However, according to the Financial Times, the fact that an IPO has been halted…

Sabadell Torre Sabadell

Spanish economy 9th October 2024

Moody’s affirms Banco Sabadell’s long-term deposit rating at “Baa1” and senior unsecured debt rating of CAM Global Finance vehicle at “Baa2”

Link Securities | Moody’s Ratings has confirmed on Tuesday the “Baa1” rating on Banco Sabadell’s long-term deposits and the “Baa2” rating on the senior unsecured debt of its CAM Global Finance vehicle, Bolsamania.com reported yesterday. The outlook on both ratings remains “positive”. At the same time, the agency has affirmed the bank’s ‘Ba1’ subordinated debt rating and ‘Baa3’ junior senior unsecured debt rating, as well as the bank’s ‘A3’ long-term…

indra edificio

Spanish economy 9th October 2024

Indra begins process of selling Minsait Payments separately from parent company, with value of €500-600 million

Intermoney | Indra informed the National Securities Market Commission (CNMV) yesterday, with the market closed, that the board of directors had approved the formal process of selling Minsait Payments separately from its parent company, having detected a high level of interest in ķthe market for the means of payment business. According to several media reports, the value of the subsidiary could be in the region of €500-600 million. This would…