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Spanish economy 6th June 2024

Naturgy approves roadmap with ambitious network investment plan of €1.34 billion up to 2027

Banc Sabadell | Naturgy (NTGY) has approved a roadmap for its electricity distribution network subsidiary with an ambitious investment programme, proposing to invest €1.34 billion until 2027 to digitise and reinforce infrastructure, according to press reports. Assessment: Positive news with limited impact, where Naturgy could be reviewing its current roadmap that expires in 2025 regardless of what happens with the takeover bid (currently under negotiation). It would make sense that,…

Spanish economy 5th June 2024

House prices rise 1% in May, surpassing 2007 crisis peak

CdM | The price of used housing in Spain has registered a rise of 1% during the month of May, standing at €2,120/m2. This figure is the record for the price of used housing in Spain, surpassing the previous record set in June 2007, according to data compiled by idealista. By Autonomous Communities, all show higher prices than last month. The Balearic Islands (1.6%) lead the increases, followed by Navarre…

Spanish economy 5th June 2024

Inditex continue to deliver ample market share gains

ITX’s Q1 results (in-line) and current trading (amply ahead) confirm the by- now-well-recognised investment narrative. One that sees the group continue to deliver ample market share gains. It is true that gross margin progress is now much more measured, and in turn the benefits to EBIT margin expansion more modest. Still, the net output in terms of earnings growth and TSR offered to shareholders remains impressive in a broader consumer…

Spanish economy 5th June 2024

BlackRock takes 6.27% of Banco Sabadell’s capital to become largest shareholder

Bankinter | BlackRock reaches 6.27% of the capital (as against the 3.92% it held previously) and becomes the main shareholder of the bank. Analysis: The increase in BlackRock’s stake comes in the middle of BBVA’s takeover bid for Sabadell, so will BBVA improve the exchange ratio and/or make a cash payment? It is also explained by technical factors. BlackRock is a global manager with a firm commitment to passive management…

Spanish economy 4th June 2024

Unemployment in Spain down by 58,650 in May to 2,608,850 while Social Security enrolment reaches new record of 21.3 M employed people

The number of unemployed registered in the offices of the public employment services fell by 58,650 people in May compared to the previous month, representing a decrease of 2.2% in percentage terms, according to data published on Tuesday by the Ministry of Labour and Social Economy. After the decline in May, driven mainly by the services sector, the total number of unemployed stood at 2,607,850 unemployed, its lowest figure for…

Spanish economy 4th June 2024

Credit to private sector continues to fall in Spain

According to data from the Bank of Spain, credit granted by financial institutions to households and non-profit institutions resident in Spain fell by 1.8% in April 2024 compared to the same month in 2023, to €678,762 million, while financing to companies fell by 0.4%, to €928,705 million, according to data published on Monday by the Bank of Spain. Mortgage loans to households, which account for most of their total debt,…

Spanish economy 4th June 2024

Several American funds and proxy advisors to vote against two CriteriaCaixa directors entering Colonial after raising their stake from 3% to 17%

Link Securities | Many international investors take a dim view of the formation of hard core shareholder groups in Spanish companies as they believe that shareholders with a minority stake can exercise almost total control thanks to their weight on the boards of directors, as reported today by Expansión. Thus, several large US funds, with the support of their corporate governance advisors (proxy advisors), are going to vote against Colonial’s…

Spanish economy 3rd June 2024

Investors expect €6.3 billion in dividends from Spanish listed companies up to July

Spanish listed companies will distribute at least €6.3 billion in dividends to their shareholders in June and July, according to data compiled by Europa Press, with Iberdrola’s dividend, which will arrive a few days before the start of August, standing out. Merlin will begin tomorrow with a distribution of €112.7 million, at a rate of €0.24 per share, while Elecnor will distribute €27.8 million on Tuesday with a payment of…

Spanish economy 3rd June 2024

Consumer Affairs fines Ryanair, Vueling, easyJet and Volotea €150 million for charging cabin baggage fees

The Ministry of Consumer Affairs has fined Ryanair (RYA-IE), Vueling (a member of the IAG holding company), EasyJet (EZJ-GB) and Volotea €150 million for charging for cabin baggage and forcing them to print tickets, among other things. Consumer Affairs, which opened a sanctioning procedure last August, prohibits in its resolution charging for hand luggage on board and for seat selection when travelling with dependents, sanctions the alleged lack of transparency…

Spanish economy 1st June 2024

Telefónica beats MasOrange and Vodafone in rural 5G bid to receive €298 million in subsidies

Bankinter | Telefónica (TEF) has beaten MasOrange and Vodafone in the government’s rural 5G plan called UNICO Redes Activas. It gets €298 million in subsidies to deploy 5G networks at 4,123 sites until February 2026. MasOrange gets €143 million for 1,948 sites and Vodafone €66 million for 1,200 sites. The project will benefit more than 1.8 million inhabitants who will have access to 5G coverage. Grants for the programme come…

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