Javier Hernani (CEO of Bolsas y Mercados Españoles)| In Spain alone, in the last decade, the markets have channelled €217,000 million worth of financing to companies in the form of capital, which gives a clear indication of their importance. If we add the contribution of fixed income, which includes Public Debt, the figure rises to €1.5 trillion channelled through the markets managed by BME. This is equivalent to many business…
Intermoney| The rating agency Standard & Poor’s (S&P) has raised the rating of Merlin Properties (Buy, PO €12) from BBB to BBB+ and endorses the strategy of the REIT, which involves strengthening its position in data centres and logistics in the coming years, according to Expansión newspaper. For S&P, the REIT has maintained “solid” credit indicators despite the headwinds of the last two years thanks to its “prudent financial policy”…
Alphavalue/Divacons| Iberdrola has filed a complaint against the oil company, accusing it of greenwashing, El País reported on Tuesday. Iberdrola is suing Repsol for distorting reality by exaggerating its biofuels efforts to the public and presenting itself as a leader in the energy transition, while 99.4% of its revenues come from non-renewable energy. Iberdrola: Add, Target Price €13.1/share. Repsol: Add, Target Price €17.8/share.
In Spain, the final 4Q GDP data brings no news and confirms the +0.6% quarter-on-quarter growth, which puts the year-on-year advance at +2%, one tenth of a point above the previous quarter. This growth was entirely supported by domestic demand, which contributed +2.1 p.p. to GDP, while foreign demand retreated one tenth of a percentage point. In quarterly terms and analysing the data for the main demand aggregates, household final…
According to data released yesterday by the National Statistics Institute (Ine), the number of mortgages taken out on housing fell by 10.3% last January compared to the same month in 2023, to 33,128 loans, with the average interest rate soaring to levels not seen in almost a decade. Specifically, this reached 3.46%, compared with 3.32% in December, thus reaching its highest value since the end of 2014, when it stood…
Link Securities| The Catalan entity informed that it has decided to partially liquidate a hedge on a 1.957% of its 3.510% stake in Telefónica by delivering a 1% stake. The stake in Telefónica will therefore be reduced to 2.510%. Caixabank estimates that this transaction will have no material impact on the income statement or the CET1 ratio. CaixaBank’s stake in Telefónica thus falls to the lowest level since it notified…
Renta 4| According to National Securities Market Commission (CNMV) records, the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) now controls 3.044% of Telefónica’s capital. It should be remembered that the Council of Ministers last December approved the purchase of 10% of the operator’s capital by SEPI. Caixabank also announced that it has divested 1%, dropping to 2.51%, while Criteria is increasing its stake. The aim is to…
The European Commission has asked Spain to make an additional effort to develop a credible fiscal strategy to ensure a significant reduction in its high levels of public debt and structural deficit, as it considers that policy action in this regard has been “limited” in recent years. “A further consolidation effort is needed for Spain to achieve a sound budgetary position,” says the report published on Monday, which assesses the…
Intermoney: The INE published on Friday the hotel business activity data for the month of February. Highlights: Overnight stays: Hotel overnight stays in February exceeded 18.5mn, exceeding those of 2023 by +10% and those of 2019 by +12%.Occupancy: Average occupancy stood at 53.1% (+3% year-on-year).Average revenue per occupied room (ARR): €106.7/room (+7% year-on-year and +28% against 2019)Average revenue per available room (RevPAR): €50/room (+14% year-on-year and +36% against 2019). Overnight…
More than five million shareholders of Spanish listed banks will receive more than €7,000 million in dividends in the coming weeks, according to Expansión newspaper. CaixaBank leads the ranking in terms of amount, with more than €2,890 million that will be distributed among its investors. It is followed by BBVA, with more than €2,200 million and Santander, which climbs to third place on the podium, with €1,500 million. Medium-sized institutions…