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Spanish economy 30th May 2024

Telefónica Brasil negotiating to buy Brazilian operator Desktop

Telefónica Brasil, a subsidiary of TEF, confirmed on Wednesday that it is “in talks” to buy Brazilian operator Desktop, although at the moment there is no definitive decision or formalisation of a deal. The company has assured that it is constantly analysing market opportunities and investments aligned with its strategy and has committed to keep its shareholders duly informed of any move. For its part, Desktop has reiterated that at…

Spanish economy 29th May 2024

Laboratorios Rovi could sell third-party manufacturing business for between €3.1 and €3.7 billion

Banco Sabadell: According to press reports, Laboratorios Rovi (ROVI) could obtain between €3,100 million and €3,700 million (73% capitalisation and EV of ROVI’s total; there is no data on what it represents in terms of the group’s EBITDA today) for its third-party manufacturing business (CDMO). The valuation would be based on the application of a multiple between 12x and 14x EV/EBITDA to the €261 million of EBITDA that the division…

Spanish economy 29th May 2024

Berkeley asks ICSID for arbitration in $1bn claim against Spain for not being able to exploit its uranium mine in Salamanca

Berkeley Energia, the company that is trying to move forward with a uranium extraction project in Salamanca, has filed a request for international arbitration against the Spanish government with the ICSID, which depends on the World Bank, in which it demands compensation of $1 billion (around €920 million at the current exchange rate) for blocking its plans. It could become the largest arbitration against Spain. According to Berkeley, the decisions…

Spanish economy 29th May 2024

CAF’s bid, only one in final phase of Metro de Madrid’s €412m contract to renew Line 1

Renta 4 | According to press reports, CAF is the only company to have reached the final phase of the contract for the supply of 40 trains for the renovation of line 1 of Metro de Madrid for a total of around €412 million. The contract includes technical assistance for a period of 10 years. Valuation: Positive news given the amount of the contract which represents around 3.0% of CAF’s…

Spanish economy 28th May 2024

Mortgage signings fall 18% in March, average is now €137,000 at 23 years and 3.41%

The number of mortgages taken out on dwellings fell by 18.1% in March compared to the same month in 2023, to 29,653 loans, with an average interest rate higher than that of the previous month, according to data released on Monday by the National Statistics Institute (INE). Specifically, the average interest rate for mortgages on housing reached 3.41% in March, compared to 3.33% in February. With the exception of January…

Spanish economy 28th May 2024

Merger with BBVA has “more pros than cons” for Sabadell’s long-term credit ratings, says DBRS

Alphavalue / Divacons | MorningStar credit rating agency DBRS issued a new report last Friday on BBVA’s takeover bid for Sabadell banks in which it considers it to have “more pros than cons”. From a credit profile point of view, the deal will have a positive impact on Sabadell’s long-term credit ratings, which are positioned two notches below BBVA’s DBRS rating. It explains that the rating of the bank led…

Spanish economy 27th May 2024

Spain’s industrial cost disinflation continues with -0.2% monthly drop in April

March | Industrial production costs continue to fall in Spain, albeit at a slower pace. April’s data showed a -0.2% monthly fall in industrial production prices, bringing the year-on-year decline in industrial costs to -6.6% from -8.2% previously. With this figure, producer prices have now fallen for more than a year (they entered negative territory in March last year), while in terms of the underlying rate (excluding energy), industrial cost…

Spanish economy 27th May 2024

20th MidCap forum kicks off at Spanish Stock Exchange

The MedCap forum, organised by Bolsas y Mercados Españoles, celebrates its 20th edition between Tuesday 28th and Thursday 30th May. Designed as a meeting point between the main small and mid-cap companies and national and international institutional investors, this year it will be attended by more than a hundred issuers and other market operators. The main objective of MedCap is to boost the liquidity and financing capacity of listed small…

Spanish economy 27th May 2024

Cost of insuring Sabadell’s debt (104 bp) is double that of BBVA (42 bp)

Accuracy | The downward trend in the CDS (5Y Senior Debt) spreads of the main Spanish banks over the last 12 months continues, thanks to the market’s improved perception of the risk of default on debt issued by banks. The ghosts of contagion from the US mid-market banking crisis have been completely banished. Sabadell continues to be the Spanish bank with the highest spread, at 104.8 bps at the end…

Spanish economy 27th May 2024

Acciona Energy expects to reach capacity increase target in 2024, but acknowledges this does not currently allow it to generate €1.1 billion Ebitda

Intermoney | Acciona (Buy, PO €200) and Acciona Energía (Buy, PO €29) have published their 3-month trading statements (TS), in which they do not provide P&L data, only operational data. The companies will not hold conference calls. Acciona Energy’s key operating data is shown in the attached table, along with our forecasts for 2024e as a whole. Overall, ANE expects to reach its capacity increase target of 1,700 MW in…

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