Renta 4| According to press reports, Renfe could have started the procedures to execute the €166 million sanction on Talgo for the delay in the delivery of 30 AVE trains. The latest news in this respect pointed to a first delivery of 10 trains from 8 April, 10 more by the end of the year, and the remaining 10 in 2025. Assessment: If the news is confirmed, it would have…
The number of unemployed fell in March by 33,405 (after going down by 7,452 in February and 48,760 in the same month last year). The number of unemployed now stands at 2.73M (-1.2% month-on-month and -4.7% year-on-year). Seasonally adjusted Social Security affiliates increase to 21.03M people (+0.4% month-on-month and +2.4% year-on-year). For Sara García, Secretary for Trade Union Action and Employment of the trade union Unión Sindical Obrera (USO), “we…
On Monday, 1 April, the price of electricity on the wholesale market was €0 for ten hours and for another three it was negative for the first time in the history of Spain. Specifically, the megawatt hour (MWh) was quoted at €-0.01, according to the Iberian Energy Market Operator (OMIE). However, the reality is that the price of energy on the wholesale market is only one of the factors that…
Morgan Stanley| Stephen Byrd has identified an important mismatch between the rapid growth of Generative AI energy needs and the more moderate growth of grid infrastructure. In this regard, he highlights that there is a significant growth and revenue capture opportunity for companies that can meet these energy needs. Specifically, it has identified 13 stocks with an Overweight (OW) recommendation that would benefit from this dynamic, including Iberdrola (IBE).
Javier Hernani (CEO of Bolsas y Mercados Españoles)| In Spain alone, in the last decade, the markets have channelled €217,000 million worth of financing to companies in the form of capital, which gives a clear indication of their importance. If we add the contribution of fixed income, which includes Public Debt, the figure rises to €1.5 trillion channelled through the markets managed by BME. This is equivalent to many business…
Intermoney| The rating agency Standard & Poor’s (S&P) has raised the rating of Merlin Properties (Buy, PO €12) from BBB to BBB+ and endorses the strategy of the REIT, which involves strengthening its position in data centres and logistics in the coming years, according to Expansión newspaper. For S&P, the REIT has maintained “solid” credit indicators despite the headwinds of the last two years thanks to its “prudent financial policy”…
Alphavalue/Divacons| Iberdrola has filed a complaint against the oil company, accusing it of greenwashing, El País reported on Tuesday. Iberdrola is suing Repsol for distorting reality by exaggerating its biofuels efforts to the public and presenting itself as a leader in the energy transition, while 99.4% of its revenues come from non-renewable energy. Iberdrola: Add, Target Price €13.1/share. Repsol: Add, Target Price €17.8/share.
In Spain, the final 4Q GDP data brings no news and confirms the +0.6% quarter-on-quarter growth, which puts the year-on-year advance at +2%, one tenth of a point above the previous quarter. This growth was entirely supported by domestic demand, which contributed +2.1 p.p. to GDP, while foreign demand retreated one tenth of a percentage point. In quarterly terms and analysing the data for the main demand aggregates, household final…
According to data released yesterday by the National Statistics Institute (Ine), the number of mortgages taken out on housing fell by 10.3% last January compared to the same month in 2023, to 33,128 loans, with the average interest rate soaring to levels not seen in almost a decade. Specifically, this reached 3.46%, compared with 3.32% in December, thus reaching its highest value since the end of 2014, when it stood…
Link Securities| The Catalan entity informed that it has decided to partially liquidate a hedge on a 1.957% of its 3.510% stake in Telefónica by delivering a 1% stake. The stake in Telefónica will therefore be reduced to 2.510%. Caixabank estimates that this transaction will have no material impact on the income statement or the CET1 ratio. CaixaBank’s stake in Telefónica thus falls to the lowest level since it notified…