Fernando González Urbaneja | It’s coming up to a year since gas became more expensive on the international markets, which in Spain led to an unbridled rise in the price of electricity for a large number of families and companies. A price hike that had a spectacular and artificial impact on the CPI, with second-round effects on all consumer prices and on the direct costs of production processes. At the…
Intermoney | Acciona (Buy, TP €210) has won various contracts to remodel the airport in Palma de Mallorca, for a total value of 220 million euros. The main one (for 200 million euros) will entail carrying out improvements in the parking platforms for planes for module A and in the extension of the terminal. The execution time is 39 months. The other contract involves the extension of module D. The…
Renta 4 | April traffic data for Spanish airports has been published. Although traffic levels are still below pre-pandemic levels, they are improving again significantly with respect to previous months, partly benefitting from the Easter holidays. The number of passengers reached 20,4 million in April, slightly higher than our forecasts and just 12% below 2019 levels. The number of domestic passengers registered was 5.7% below 2019, while the number of…
Bankinter | Telefónica (TEF)’s first quarter 2022 results beat forecasts and the group has maintained its guidelines for the year. In organic terms, revenues (+3.2%) and OIBDA (+2.1%) continue to show positive growth for the fourth consecutive quarter. Spain remains the market with the most competitive pressure, leading to a drop in OIBDA. However this is offset by greater strength in the rest of the group’s key markets. The OIBDA…
The AIREF (Independent Authority for Fiscal Responsibility) warns that the Government’s forecasts are unrealistic and the 2022-2025 Stability Programme “should be more explicit”. During the organisation’s press conference, attended by its president Cristina Herrero and those in charge of budgetary and economic analysis, they warned that the Plan sent to the European Commission on 29 April has “serious shortcomings”. The reason is that despite the fundamental role that the Government…
Naturgy has reported a net profit in the first quarter of 347 million euros, a fall of 9.4%. Revenues have been affected by the downward pressure on co-market margins in Spain and a decline in demand. Naturgy increased its total investments in the first quarter by 32% to 259 million euros. Net debt amounted to 13.062 billion, up 1.8% compared to the end of 2021, after paying a dividend of…
The deputy secretary of the UGT union, Cristina Antoñanzas, warns that women can be stigmatised when it comes to opting for a contract.The deputy secretary general of the UGT trade union, Cristina Antoñanzas, expressed her criticism on Wednesday of the draft Abortion Law promoted by the Minister for Equality, Irene Montero. The Council of Ministers will probably approve the draft law next Tuesday to begin its parliamentary processing. Cristina Antoñanzas…
The group’s turnover amounted to 10.883 billion euros, an increase of 3.2%. By markets, Spain accounted for 28% of revenues, Hispam 20%, Brazil 18%, Germany 18% and the UK 14%. Operating income before depreciation and amortisation (Oibda) rose 2.1% to 3.753 billion euros, due particularly to Latin America, whose Oibda jumped 50%. Sales grew in all markets, such as Germany, the UK and Spain, and double-digit growth in Brazil and…
Intermoney | According to press reports yesterday, Acciona Energía (ANE) (Buy, Target Price 34 euros/share) has begun construction on the wind power complex MacIntyre. This is the largest one in Australia, with a total capacity of 1.026MW and an associated investment of 2 billion Australian dollars (1.3 billion euros). The MacIntyre complex consists of two wind farms: MacIntyre (923MW), owned by Acciona Energía (70%) and Ark Energy (30%), on which…
Link Securities |European players Shell, Orsted and Equinor have turned their attention to Spain as a strategic objective for the development of their offshore wind energy. Each one of the companies has teamed up with a Spanish firm to participate in the mega auctions which are going to be held. Orsted has joined up with Repsol and Equinor has chosen Naturgy. Meanwhile Shell has just signed a strategic agreement with…