The theft of 150 meters of copper cable at five points on the Madrid-Seville line caused chaos on the High-Speed line between Sunday and Monday, with 30 trains and 10,700 passengers affected by delays of up to 10 hours. The Minister of Transport, Oscar Puente, did not hesitate to speak of “sabotage” given the low economic value of the copper and the significant damage these thefts cause to the network….
The government open a “public consultation” on BBVA’s takeover bid for Banco de Sabadell to gauge the opinion of citizens, businesses, and associations. This was announced by the President of the Government, Pedro Sánchez, during his speech at the 40th Cercle d’Economia meeting in Barcelona. “To make a decision with all guarantees, the government will open tomorrow, May 6th, a prior public consultation with the aim of collecting the opinion…
According to a publication by S&P Global, the Purchasing Managers’ Index for the manufacturing sector in Spain, the manufacturing PMI, decreased in its April reading to 48.1 points from 49.5 points in March. This figure is also significantly below the 50.3 points expected by analysts in the FactSet consensus. This marks the third consecutive monthly contraction indicated by the index, with April’s reading being the lowest level reached by this…
Erste Group Bank AG (“Erste”) to acquire a c.49% stake in Santander Bank Polska S.A. (“Santander Polska”) and 50% of Santander’s Polish asset management business TFI for a total cash consideration of €7 billion. The all-cash transaction at 584 zlotys per share values the bank at 2.2 times first quarter 2025 tangible book value per share, excluding the declared dividend of 46.37 zlotys per share, and represents a premium of…
Bankinter | Weak Q1 2025 results, affected by the fall in oil prices. Guidelines maintained despite the complex context. BNA figures versus market consensus estimates: Exploration and Production €458 million (+3.6%) versus €382 million estimated, Industrial €131 million (-82.1%) versus €192 million estimated; Customer €160 million (-2.6%) versus €157 million estimated, Low Carbon Generation €5 million versus €7 million estimated. Key figures compared with market consensus: Revenue €14,408 million (-5.1%…
Bankinter | First quarter 2025 results beat estimates thanks to the network division. Maintains 2025 guidance (single-digit growth) excluding the positive impact of past cost recognition in the US. Growth would reach double digits with this impact. Key figures compared with consensus: EBITDA excluding capital gains €4,643 million (+12%) versus €4,491 million est.; NAV excluding capital gains €2,004 million (+26%) versus €1,707 million est.; Funds generated from operations €3,502 million…
Jefferies | While the 1Q25 print was a welcomed 14% net income beat, this was mainly driven by better other revenues and impairments, which we think the market will look through to some extent. Elsewhere, core dynamics are progressing as expected and FY25 guidance is reiterated. €148m special banking tax accrual, in line with the near-€600m guidance for FY25. CaixaBank reported 1Q25 attributable profit of €1,470m, a 14% beat versus…
Iñigo Vega (Jefferies) | A 9% net income beat, mainly driven by revenues (trading and other income) and lower other provisions. Strong prints in South EU, alongside Poland and the US, while key geos in Latam and the UK were soft. The print looks good enough to us, with LLPs the only notable miss driven by €100m in extra NPL provisions booked at Corp Centre. FY25 guidance maintained despite EZ…
CdM | The president of the CEOE employers’ association, Antonio Garamendi, has put the impact of yesterday’s blackout at 0.1% of GDP, some €1.6 billion, and has pointed to the Insurance Compensation Consortium for possible claims.”It is a huge impact”, said Garamendi in statements to the media at the Nueva Economía Forum breakfast, where he gave as an example that the refineries will take weeks to start up or the…
Representatives from 75 companies from 25 countries will attend the meeting, of which 20 are American, with investments in Spain or in the process of having them. They will speak with national companies and members of half a dozen ministries and autonomous communities about the projects they are interested in. The government denies that, for the moment, a slowdown in trade relations with the US has been noticed, stating that…