Aristóbulo de Juan | The Spanish system lends itself to great confusion. It is therefore difficult to diagnose. This situation has been dragging on since the recent real estate bubble and the poor handling of the ensuing crisis. Perhaps as a consequence of the doctrine of deregulation. But this situation continues to be favoured by the existence of an ineffective regulatory framework, based on the elusive principle that it is…
Santander Corporate & Investment | S&P has put Naturgy Energy Group (Baa2e, BBB*-, BBBe) on credit watch negative. The decision comes in the wake of Naturgy’s announcement on February 10 that it will split into two groups (NetworksCo and MarketsCo). The ratings agency considers that this third strategy change by Naturgy in 18 months indicates that “the governance is inferior to the average and that the company is totally focused…
Fernando González Urbaneja | The PP’s current crisis, with an uncertain outcome as yet, as there is still much to be done, is a good case study of the role of the media in the evolution of politics and events. The basic function of journalism is to inform with a diligent search for the truth. Reporting after verifying sources and protagonists with transparency, admitting some exceptions, but not many. Sources…
With the latest official data published by the National Institute of Statistics on the employment of people with disabilities in Spain, the Randstad Foundation has calculated that in 2020 there were in the country 1.93 million people with disabilities of working age (16 to 64 years), reaching 6.3% of the total population in that age group. This figure is the highest since 2014 and has had a growth of more…
Renta 4 | The official period for JP Morgan to receive non-binding offers for up to 25% of the capital finished on February 7, after a book was drawn up where the perimeter of the renewable subsidiary’s assets were finalised. Two combined cycle plants with some 1.600 MW have been excluded. Repsol (REP) has 700 MW in operation in hydroelectric plants, which it inherited from Viesgo, after it bought a…
Renta 4 | Ferrovial, along with its partner Carlyle, could invest 1 billion dollars (approximately 880 million euros and accounting for 7% of the group’s construction portfolio) to build the new terminal at New York’s JFK airport. The concession period would last until 2060 and Ferrovial-Carlyle would hold 51%, according to the news. Valuation: Positive news, both at the quantative level (the size of the project) and the qualitative level (the…
Link | Repsol today presented its results for the 2021 financial year, of which we highlight the following aspects: -Revenues reached EUR 52.13 billion, an improvement of 49.1% year-on-year, and slightly higher (+1.2%) than the FactSet consensus estimate. – EBITDA in CCS terms (at replacement cost) reached EUR 7.071 billion (+73.1% y-o-y; +6.8% consensus). -Adjusted net profit, which measures the performance of the businesses, reached EUR 2.454 billion in 2021,…
Renta 4 | ACS could sell its renewables subsidiary Zero-e after the Easter break. This is a firm with 2.900 MW in operation and development. The value of the deal, according to the press, could be around 1 billion euros. And the transaction could mean ACS will give up control of the company. Valuation: There are no details on the assets which are currently under manangement or on the portfolio…
Mathias Pleissner (Scope) | House prices in Europe may have peaked during the pandemic. The 10.6% price increase in the 12 months to the third quarter of 2021 may have been the final sprint. The last time prices grew by double digits was in 2017, a year before they plunged 15%.House prices continued to be driven by ultra-low interest rates, a lack of investment opportunities, historically high household savings levels…
Renta 4 | Técnicas Reunidas, in a consortium with TSK and Siemens Energy, has won a contract to develop two combined cycles in Mexico. The contract was awarded by the state-owned entity Comisión Federal de Electricidad de México. Last week, it awarded the consortium formed by Técnicas and TSK the construction of another two combined cycle plants. The contract is worth 337 million dollars (310 million euros) and includes the…