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Spanish economy 15th March 2024

Spain: inflation at 2.8% with core at 3.5% and food at 5.3%

According to the final reading of the data, released yesterday by the National Statistics Institute (INE), Spain’s consumer price index (CPI) rose by 0.4% in February compared to January, slightly more than the 0.3% initially estimated and which was expected by analysts at FactSet analysts.On a year-on-year basis, Spain’s CPI in February, according to the final reading, was 2.8% (3.4% in January), with food rising to 5.3%, which was in…

Spanish economy 15th March 2024

Iberdrola, with over 550 charging points for electric buses with power ratings between 100 and 360 kW, looks to expand network

The Spanish electricity company has announced that it is contributing to the daily recharging of more than 550 electric buses and expects to continue helping to decarbonise more vehicles in the coming months, according to the Bolsamania.com portal. The commitment is part of the company’s Sustainable Mobility Plan and pursues its goal of achieving more sustainable cities, free of carbon emissions thanks to the supply of energy with guaranteed 100%…

Spanish economy 14th March 2024

Ferrovial agrees to acquire 24% of IRB Infrastructure Trust Mumbai for €740 million

Ferrovial, through its toll road subsidiary Cintra, has agreed to acquire a 24% stake in IRB Infrastructure Trust, an investment vehicle that holds a portfolio of 12 toll road concessions in India with a committed pipeline of three additional concessions, for a total investment of €740 million (considering an exchange rate of 89.0 EUR/INR). Ferrovial is acquiring this stake from affiliates of GIC, which currently own a 49% stake of…

Spanish economy 14th March 2024

Laboratorios Rovi, Insud Pharma and Ministry of Science form partnership to research advanced therapies

Link Securities| In a Significant Event sent to the National Securities Market Commission (CNMV) by the company, the pharmaceutical company Laboratorios Rovi (ROVI) announced that it has reached an agreement with Insud Pharma and Innvierte Economía Sostenible, dependent on the Ministry of Science, for the constitution of a commercial company with public-private capital dedicated to the research and development of advanced therapies. The agreement, which was approved on Tuesday by…

Spanish economy 13th March 2024

Inditex reports record earnings of €5,381m (+30.3%) in 2023, and raises dividend to €1.54/share (yield of 3.84%)

Renta 4: 4Q23 results have met our revenue forecasts and have outperformed in the rest of the main P&L items, although they were in line with consensus forecasts. Revenues €10,338 million (+9% vs 4Q22), gross margin 53.8% (+1 pp vs 4Q22), operating expenses €3,120 million (+8.4% vs 4Q22) growing in line with revenues, EBITDA €2,421 million (+14% vs 4Q22), EBIT €1,617 million (+20% vs 4Q22) and net profit €1,279 million…

Spanish economy 13th March 2024

Bank of Spain raises growth forecast to 1.9%, but rules out compliance with fiscal rules due to public spending slippage

In its latest projections – published yesterday – the Bank of Spain predicts a rise in GDP 2024 to 1.9%, three tenths above the last projection made in December, thanks to the drag effect generated by a better-than-expected end to 2023, but above all to the increase in public consumption. The bank warns of the extraordinary increase in public consumption in 2023 to almost 4%, even higher than in 2020…

Spanish economy 13th March 2024

Amadeus acquires payment management company Voxel Media for €113 million

Renta 4| The technology company has announced the acquisition of Voxel Media, dedicated to business-to-business (B2B) payment systems for travel agencies and hotels. The deal values Voxel Media at an Enterprise Value of €113 million. Voxel Media is headquartered in Barcelona, has around 200 employees, is present in around 100 countries and has more than 50,000 hotels and 1,000 tour operators and travel agencies as customers. Assessment: This acquisition allows…

Spanish economy 12th March 2024

With order book at record high of €14.2bn, CAF secures large part of 2026 Business Plan

Bankinter| Recovery of margins in Buses. Progress in the 2026 Strategic Plan. Revised estimates and assessment after the 2023 results. Analysis: We maintain our Buy recommendation. Price Obj: €41.9/share (from €36.2/share previously). We value positively: (1) The high order backlog (at record highs, €14.2bn, 3.7x sales), which ensures a large part of the fulfilment of the 2026 Business Plan; (2) The improvement in business margins, especially in Solaris (buses), thanks…

Spanish economy 12th March 2024

Spain’s adjusted retail sales growth accelerates moderation to +0.3% year-on-year in January

Bankinter| Spain’s retail sales growth moderates to +0.3% year-on-year in January 2024 from +2.7% year-on-year revised down previously (from +3.1%), in data at constant prices and adjusted for seasonal and calendar effects. Assessment: Adjusted retail sales growth accelerates the moderation it has been showing since the end of last year. This is a negative surprise in view of the good performance of Social Security enrolment at the beginning of the…

Spanish economy 12th March 2024

Construction employers’ association warns that 20% of concession contracts in Spain – bottom in Europe in terms of investment – are not awarded

The Association of Infrastructure Construction and Concession Companies (Seopan) has warned that up to 20.5% of concession contract tenders in Spain, already practically non-existent, remain deserted after no companies bid for them. The document highlights the scant relevance of concessions in Spain, representing only 3.4% of contracting, with an average of 1.9 bidders per contract and 2.2% of contracts not being awarded due to the withdrawal or resignation of the…

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