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…Read More
Renta 4 | This year we will see a deterioration in the airline business never before seen in the sector. We expect IAG to cut air traffic capacity by 48% compared to 2019, and by quarters (-10.5% annually already confirmed in Q1/-90% estimated in Q2/ and between -55%/-30% estimated in Q3). Nevertheless IAG is one of the companies with the highest liquidity (€10 Bn), the best operating margins and the lowest debt. The acquisition of Air Europa, with a possible improvement of the conditions, is an additional advantage.