Spanish economy

endesa novisimo

Moody’s confirms Endesa’s long-term credit rating at “Baa1”; short-term remains at “P-2”

Link Securities| Moody’s affirmed Enel’s long-term credit rating at “Baa1”, while maintaining Enel’s short-term rating at “P-2”. The rating agency said the rating confirmation mainly reflects Enel’s prospects of restoring its financial profile to a level in line with the current “Baa1” rating. The rating continues to reflect the Enel group’s large scale and geographic diversification, as well as the group’s business model, which will continue to be predominantly driven…


Inditex Zara

Inditex’s solid results point to +14% year-on-year growth

Morgan Stanley| Inditex (ITX) reported very solid Q3 results with a slight beat in EBIT driven by a strong performance in gross margins, which rose 150bps year-on-year and beat consensus estimates by 70bps. Moreover, all this has led the company to raise margin guidance for FY23. On the other hand, sales came in line with consensus, with +12% cc growth, and current trading activity (1 November to 11 December) points…


solaria operario

Solaria acquires 500 MW of photovoltaic modules for €0.093/W, a price at historic lows

Renta 4| Solaria (SLR), through a CNMV (National Securities Market Commission) filing, has announced the acquisition of 500MW of photovoltaic modules at a price of €0.09.3 per watt from a Tier 1 manufacturer, which represents a 62% decrease compared to last year’s prices. Assessment: Positive. After 2 years of inflation, the main materials that make up the photovoltaic parks have resumed the downward trend in costs. The price paid by…


banks general 777x400

Ten Spanish banks examined by EBA register worst capital ratio in Europe: 12.64% in 2Q23

Alphavalue / Divacons| Spanish banks had the worst capital ratio in Europe in the annual transparency exercise conducted by the European Banking Authority (EBA) for the second time in a row, behind even their Greek peers. Specifically, the ten Spanish banks that took part in this EBA exercise recorded a CET fully-loaded capital ratio of 12.64% in 2Q23, the cut-off date for this year. This figure increased by +34 basis…


inflation board

CPI falls to 3.2% in November

The Consumer Price Index fell by 0.3% in November, according to the National Statistics Institute (INE), reaching a year-on-year rate of 3.2%. Core inflation also fell in November, reaching 4.5%, its lowest level since April 2022. The Consumer Price Index (CPI) fell by three tenths in November, reducing its year-on-year rate to 3.2%, according to data published by the National Statistics Institute (INE). One of the main reasons for this…


bolsa madrid 1CM

Elecnor, Applus, Amrest and CAF join list of companies whose shares are subject to Tobin Tax

Link Securities| Elecnor (ENO), Applus (APPS), Amrest (EAT) and CAF have joined the list of companies whose shares will be subject to payment of the tax on financial transactions – known as the “Tobin tax” – in 2024, which includes Ferrovial (FER), Siemens Gamesa, Pharmamar (PHM), Linea Directa (LDA) and Mediaset, according to the business and economics daily Expansión. The Tax Agency has published the list of the 52 companies…


espana techo gasto 2024

Council of Ministers approves State’s non-financial expenditure ceiling for 2024 at €199.12 billion, 0.5% up on 2023

Bankinter| The Council of Ministers on Tuesday approved the non-financial state spending ceiling for 2024 at €199.12 billion (0.5% higher than in 2023). The spending ceiling includes an advance of €9,905 million from the NGEU funds. Excluding European funds, this would amount to €189.215 billion (up 9.3% year-on-year). In addition, the joint general government deficit of 3% in 2024, 2.7% in 2025 and 2.5% in 2026 was approved. Assessment: The…


Aena

Aena’s November traffic up 8% compared to pre-pandemic; company could achieve 2023 Ebitda of €2,800m

Intermoney| Aena (AENA) (Hold, €150/share) announced on Tuesday, with the market open, the passenger and freight traffic figures for the month of November. Over the entire month, the number of passengers, 19.7 million, represented an increase of almost 8% compared to the same period in 2019. On this occasion, both Barajas and El Prat returned to growth compared to pre-pandemic, with increases of 1% and 4%, respectively. Malaga, Spain’s third…


Inditex Junta 2023

Inditex profits up 32%, earnings for first 9 months of 2023 reach €4,102 million

Inditex (ITX) today reported its results for the first nine months of the fiscal year (9M2023), covering the period from February to October: Net sales rose 11.1% year-on-year (+14.9% at constant exchange rates) in 9M2023 to €25,609 million. ITX highlighted the satisfactory evolution of its online shop revenue, which was positive in all geographies and in all formats. Gross margin rebounded at a faster pace than sales, 12.3% year-on-year to…


Spanish banks and housing market

Mortgages in Spain fall 22% year-on-year in October

According to preliminary data, released yesterday by the Association of Registrars, 44,454 home sales and purchases were signed in October, representing a decrease of 11.4% year-on-year. In the same month, and according to the same source, the decline in the number of mortgages on homes was more pronounced, falling 22.4% year-on-year, to 30,850 transactions. Moreover, in October the total number of sales and purchases (including all types of property) fell…