Unemployment rose by 117,000 people between January and March, which is 4.1% more than in the previous quarter, while employment fell by 139,700 jobs (0.6%), registering in both cases its worst data in a first quarter since 2020, with the arrival of Covid, the INE (National Employment Institute) reported on Friday. After rising by 117,000 people in the first three months of the year, the unemployment rate stood at 12.29%…
Bankinter : Cellnex (CLNX) 1Q2024 results slightly beat expectations. Revenues are up 7% to €946M (versus €947M estimated); Adjusted EBITDA is up 7% to €778M (versus €777M estimated) and Recurrent cash flow is up14% to €384M (versus €375M estimated). Maintains guidance for 2024: Revenues of €3,850-3,950m, EBITDA of €3,150-3250m and cash flow of €1,650-1750m. Assessment by Bankinter’s research team: Slightly better-than-estimated results in cash flow, although guidance remains unchanged for…
The tax burden in Spain has increased across the board, both on companies and on citizens, in contrast to a very small increase in the tax burden in most advanced economies. Specifically, the tax burden on average wages (including social security contributions and personal income tax) will rise to 40.2% of gross labour costs in 2023, six tenths more than the previous year, according to figures published yesterday by the…
Bankinter: The main figures compared to the company’s own consensus for 1Q24 are: Revenues €1,481M (down 16.9% year-on-year; down 3.1% year-on-year) against €1,516M estimated; EBITDA €111M (down 50.9% year-on-year; up 15.6% quarter-on-quarter) fully in line with €111M estimate, giving an EBITDA margin of 7.5% for the group (7.2% in Stainless Steel and up 8.2% in High Performance Alloys). EBITDA of €53M (against €136M in 3Q 2022) against +€45M estimated. Net…
Yesterday morning, a judge opened an investigation into the shady business dealings of Begoña Gómez, the wife of Prime Minister Pedro Sánchez, which we have already reported on in The Corner: “Something fishy in La Moncloa: Pedro Sánchez’s wife recommended two companies in a public tender for a €7-million contract” And in the afternoon, in a letter posted on his social networks, the president of the government announced that he…
Repsol invested €2.129 billion between January and March. In the 2024-2027 period, the company expects to invest between €16 and €19 billion net, with 60% dedicated to the Iberian Peninsula and more than 35% to low-carbon projects. On February 22, the company presented its Strategic Update 2024-2027, which laid out the priorities and objectives to bolster its profitable growth, consolidate its multi-energy commitment and achieve its decarbonization goals. In the…
Bankinter: Key figures compared with consensus estimates: EBITDA ex asset sales €4,140m (+1.9%) vs. est. €4,073m. Total EBITDA €5,857M (+44%); EBITDA ex asset sales €1,595M (+7.3%) vs. €1,532M est; total EBITDA €2,760M (+86%); Funds From Operations (FFO) €3,145M (+5.9%); Net Debt €44,998M vs. €47,832M in December 2023. Results include capital gains from the sale of assets in Mexico (€1,717m in EBITDA and €1,165m in NAB). Opinion of Bankinter’s analysis team:Results…
The Bank of Spain reviews the main real estate measures promoted by the Government, both in the purchase and rental segments, and concludes that they could end up resulting in an increasingly smaller market with higher prices. The BdE analyses rental price controls, a measure introduced temporarily by the decree on anti-crisis measures after the Russian invasion of Ukraine but made permanent by the housing law passed in April last…
Link Securities| The company, through its Redes subsidiary, will spend €71.5 million this year on infrastructure inspection, grid improvements and selective pruning work with the dual aim of ensuring continuity of supply and reducing the risk of fires, especially in the summer period, according to the Bolsamania.com portal. The investment in the so-called “Summer Campaign 2024” is 21% higher than in the previous year and places special emphasis on cleaning…
Link Securities | IAG (IAG) has repaid €3,271 million of debt loans that its various airlines signed between 2020 and 2021, which matured between 2024 and 2026, according to Expansión newspaper. The average cost of these loans stood at 9%, compared to the 4.5% – 5.25% that is currently the price of money in Europe and the UK. With the flow of income normalised, thanks to the increase in demand,…