The turnover of Spanish companies suffered a 10.6% drop in March compared to the same month in 2023, its biggest fall since February 2021, according to data provided today by the National Statistics Institute (INE). Although it should be borne in mind that last year Easter fell in March and in 2024 the positive effect of these dates corresponded to April, the truth is that if seasonal and calendar effects…
Renta 4 | According to press reports, Indra has hired Citi and AZ Capital for the Minsait sale process. The valuation of the investment banks carried out in the last weeks presents a very wide range, between €1.3 and €2.1 billion. The management announced at the Investor Day on 6 March its intention to sell a minority or majority stake in its technology subsidiary. The objective is to start the…
Alphavalue / Divacons | BBVA CEO Onur Genç has repeated in an interview with Expansión newspaper that they will not improve the offer for Banco Sabadell. Mr Genç hopes that the government will eventually appreciate the strength of the deal. The CEO explains that the decision has not been easy for the bank, but defends that it is a “transformative” transaction for BBVA Spain and “extremely favourable for Sabadell shareholders”….
The Funcas panel has revised upwards by two tenths of a percentage point the GDP growth forecast for 2024, to 2.1%. The improvement is due to higher-than-expected growth in the last part of 2023 and the first quarter of this year, in addition to the fact that the most recent indicators point to similar vigour in the second quarter. Of the 19 panellists, 13 have revised their forecasts upwards and…
Amazon Web Services (AWS) will invest €15.7 billion to expand its three data centres in Huesca, El Burgo de Ebro and Villanueva de Gállego (Zaragoza), and add a new enclave in Zaragoza, which is expected to create 6,800 new jobs in the region. This is the largest technological investment made to date in Spain and southern Europe. According to the President of the Government of Aragon, Jorge Azcón, “the investment…
Banco Sabadell: According to press reports, Telefónica has reached an agreement with Masorange and Vodafone to share frequency spectrum for its mobile services in Spain. Specifically, the agreement allows them to use the 700 MHz band jointly in network deployments following the upcoming award of the Single Active Networks tender, which aims to extend 5G technology in rural areas and small towns. Assessment: Positive news with limited impact. The agreement…
Banca March: Spain’s trade deficit was reduced in March. The data published showed that in March the trade balance registered a deficit of €2,026.2 million. The non-energy component increased its surplus to €444.4 million. If we analyse the aggregate data for Q1, the trade deficit was the second smallest since Q3 2021. Meanwhile, Spanish exports of goods reached €93,430 million (the second highest value in the historical series for this…
Alphavalue / Divacons | The Cantabrian bank managed to overtake BNP Paribas as the bank with the largest capitalisation in the European Union, with a value of some €76.121 billion. The milestone came about because BNP Paribas’ share price on Tuesday discounted the dividend it will pay in the near future. When shares are quoted ex-dividend, there is always a downward adjustment in their value. Santander’s capitalisation on Tuesday stood…
Renta 4 | The State Indutrial Ownership Corporation (SEPI) has announced that it already reached its 10% target of Telefónica’s share capital. The State would have invested €2,284.8 million to build this stake. We recall that SEPI has been awarded a seat on the board, to be occupied by Carlos Ocaña Orbis. According to press reports, SEPI could have applied for a second seat, although under current regulations its shareholding…
Spanish exports of goods reached €93,429.5 million, down 9% in the first quarter of the year, with the trade deficit rising by 23.2% in the first quarter of the year compared to the same period in 2023, to reach €8,105 million, according to data published on Monday by the Ministry of Economy, Trade and Enterprise. The behaviour of the trade deficit is mainly due to the reduction of the non-energy…