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Spanish economy

RepsolImaz

Spanish economy 25th April 2024

Repsol posts net income of €969M in 1Q24 2024, 12.9% down on same period last year

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…

Iberdrola

Spanish economy 24th April 2024

Iberdrola posts €2,760m profit in 1Q24 supported by capital gains from sale of assets in Mexico (€1,165m)

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…

cityscape at sunset 1

Spanish economy 24th April 2024

Bank of Spain warns government that housing policy – rent cap etc. – is having opposite effect to that intended

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…

endesa cartel

Spanish economy 24th April 2024

Endesa to invest €71.5 million in infrastructure inspection and grid improvements

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…

IAG

Spanish economy 23rd April 2024

IAG pays off €3,271 M of loans signed between 2020 and 2021 due to mature between 2024 and 2026

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,…

Talgo diferente

Spanish economy 23rd April 2024

Securities Market Commission accepts Magyar Vagon’s takeover bid for Talgo

Renta 4| The National Securities Market Commission (CNMV) has announced that it has admitted Magyar Vagon’s takeover bid for Talgo (TLGO) as it considers that the prospectus and other documents submitted comply with the provisions. At the same time, it indicates that this does not imply a pronouncement regarding the authorisation of the takeover bid, a circumstance on which it must pronounce in accordance with the deadlines and other requirements…

enagas logo

Spanish economy 23rd April 2024

ENAGAS increases 1Q24 profit by 19%

Total demand for natural gas fell by -4.0% in 1Q2024 compared to the same period in 2023. But the company’s total revenues as of 31 March 2024 remained the same as in 1Q23: €220.5 million. EBITDA at 31 March 2024 stood at €178.3 million, 2.7% higher than in 1Q2023 and on track to meet ENG’s annual target of €750 – 760 million. EBIT decreased by 3.1% year-on-year in 1Q2024 to…

Spanish public debt

Spanish economy 23rd April 2024

Public debt rises by €19.549 billion to €1.6 trillion in February

The debt of public administrations as a whole rose by €19,549 million in February compared with the previous month (+1.2%), reaching €1,602,662 million, a new record high, according to data published yesterday, Monday, by the Bank of Spain. This rise means that the debt of public administrations exceeds the barrier of €1.6 trillion for the first time in history, above the record reached in January of €1.583 trillion. In the…

Spanish banks

Spanish economy 23rd April 2024

House sales up 5.8% in February, breaking 12 months of declines

CdM| Home sales and purchases break the streak of 12 months of consecutive falls. In February, a total of 52,796 transactions were registered, representing a year-on-year growth of 5.8%, according to data from the National Statistics Institute (INE). Of the dwellings transferred by sale and purchase in February, 21.8% were new and 78.2% were used. The number of transactions on new homes increased by 20.8% compared to February 2023, which…

nhhotelgroup

Spanish economy 22nd April 2024

NH Hotels renamed Minor Hotels, brand name remains

Alphavalue / Divacons | The hotel chain’s General Shareholders’ Meeting held last Friday in Madrid agreed to change its corporate name to Minor Hotels Europe & Americas, stating that it is “a business decision that will allow the company to be recognised worldwide under a single corporate name by its different stakeholders”. However, the brand name will not disappear. NH Hotels & Resorts, NH Collection Hotels & Resorts and nhow…