Fernando González Urbaneja | The INE published, as expected, the leading indicator of prices for January with two basic data: the year-on-year rate stands at 6% (half a point lower than the previous month) and the monthly rate for January is negative by half a point (prices fell in January) compared with the rise of 1.2 points the previous month. To these two figures we should add a third: core…
Funcas | The Spanish labour market has substantial room for improvement in job quality, according to the latest issue of Panorama Social, a publication edited by Funcas. In one of the articles included in this issue written by Rafael Muñoz de Bustillo Llorente and Enrique Fernández Macías, and based on non-monetary variables (such as working hours, contractual conditions and career development prospects, amongst others), Spain is among the EU15 countries…
Intermoney | We confirm our Buy stance on ACS, as well as our Target Price of 40 euros/share, to December 2022e. We believe the Group has the opportunity to reverse the drop in its stock price during 2021 if it simplifies its structure. This could be achieved via a buyout of Cimic. The Australian multi-national contractor is majority owned by ACS’ subsidiary Hochtief. The Spanish firm could also put a…
Morgan Stanley | The current debate surrounding the company is centred on a hike in interest rates, a slowdown in M&A in the towers business ( it has been 11 months without any announcement of an operation), anti-trust hurdles and consolidation amongst the Telcos. We believe the debate could start focusing on organic growth. BTS or the construction of sites (cheaper than buying them), inflation (60% of the contracts are…
According to the daily Expansión today, the commercial debt of Spanish public administrations with their private suppliers rose to 7.6% of GDP in the third quarter of 2021: “A study by the firm Estudio Económico shows that the commercial debt of public administrations grew by 19.907 billion euros in the third quarter of 2021, 28% with respect to the same period of the previous year. The total figure would stand…
Intermoney | The State plans to facilitate the promotion of 100,000 affordable rental housing units, half of which will come from Sareb, the Spanish bad bank created in 2012, other financial entities and investment funds, according to the newspaper El Economista. Secretary of State for Housing, David Lucas, said this during a real estate event. On the one hand, the Administration is in negotiations with the funds for them to…
The National Construction Confederation (CNC) warns that the public tenders that are being abandoned in Spain already exceed 230 million euros, as stated in the report that the employers’ association has presented with data broken down by territory. In total, almost 500 deserted works have been identified. Of these, the most affected would be Catalonia, where the hole due to the 200 abandoned tenders amounts to more than 50 million…
The data from the latest Labour Force Survey, corresponding to the fourth and last quarter of 2021, have just been released by the National Statistics Institute. In the fourth quarter of 2021, 20.18 million people were employed. This is the highest number since September 2008 and 840,700 more than a year earlier (+4.3%). According to the National Statistics Institute, the number of registered unemployed was 3,103,800 at the end of…
Renta 4 | Ratings agency Standard & Poors has revised downwards its rating on Enagás to BBB from BBB+, changing its outlook to stable from negative. This is a move which contrasts with the last rating in December from Fitch of BBB+ and a stable outlook. Furthermore, the motives for this downgrade have not transcended. Valuation: Negative news. Although we believe the impact is limited, it’s possible that given the…
Renta 4 | The management of Telefónica (TEF) is studying the incorporation of an industrial investor in its audiovisual affiliate Movistar+, according to El Economista newspaper. Telefónica launched Movistar+ almost 7 years ago after the sale of Canal+ to the Spanish telco. The platform has two of its own channels (Cero and Vamos# ), themed channels created after the purchase of rights like Movistar Liga, Deporte, Cine, Toros or Series, and some…