Uncategorised

In Spain, Uncategorised 4th November 2025

Utilities in Spain: new proposed permitted return for networks for 2026-31 period is 6.58%

Norbolsa | Last week, the final proposal for calculating the permitted return for electricity and gas networks was announced. This represents a permitted return of 6.58% (pre-tax, nominal) for the period 2026-31. Although this is an increase on the initial proposal of 6.46%, it falls short of market expectations, which were closer to 7%. The decision is not final, but it is considered highly unlikely that there will be any…

Uncategorised 3rd October 2025

Endesa sells 49.99% of EGPE Solar 2 to Masdar

Link Securities | Endesa has closed a deal with Masdar, a leading clean energy company in the United Arab Emirates, to sell a minority stake equivalent to 49.99% of the share capital of EGPE Solar 2, a wholly-owned entity that brings together four of Endesa’s photovoltaic assets in operation in Spain, with a total installed capacity of around 446 MW. Under the agreement signed on 24 March 2025, Masdar has…

Uncategorised 24th September 2025

Arcelormittal quietly approaches historic resistance levels at €32, corresponding to recurring zone of highs since 2012

Renta 4 | Much like Acerinox, Arcelormittal is approaching historic resistance levels of €32, corresponding to a recurring peak zone since 2012. At the beginning of this year, both stocks threatened to jump above this level, but the corrections in February thwarted the attempt. Acerinox, failing to beat February’s highs of €11.65, has managed to consolidate prices above historical resistance levels at €10.20. Arcelormittal has yet to comfortably beat the…

Uncategorised 19th September 2025

CAF to carry out refurbishment and maintenance of units on Cairo Metro for total €450 million

Link Securities | The company has signed three agreements with the National Authority for Tunnels (NAT), the state-owned company responsible for developing the metro network in Egypt, to carry out the comprehensive modernisation of 39 units on Line 2 and the maintenance of units on Lines 1 and 2 of the Cairo Metro. The volume of the operation exceeds €450 million and strengthens CAF’s presence in Egypt with new projects,…

Uncategorised 12th September 2025

US industrial production prices surprise positively in August, rising 2.6%

Bankinter | Industrial production prices surprise positively after rising 2.6% in August (as opposed to the 3.3% expected versus 3.3% previous), with the underlying rate (excluding energy and food) at 2.8% (as opposed to the 3.5% expected versus 3.7% previous). Bankinter analysis team’s view: The impact of tariffs on prices and business margins seems limited, at least for now, although the most important data will be published today at 2:30…

Companies, Uncategorised 1st August 2024

Meliã earns €36m in 2Q24, 7% more than in same quarter of 2023, compared to €40m expected by consensus

Bankinter: Results for the stock in 2Q24 have been slightly worse than expected, but maintains guidance for the year. Key figures: Sales +1% to €520M versus estimated €528M; EBITDA +1% to €142M versus estimated €144M; EBITDA +7% to €36M versus estimated €40M. Net Debt reduced to €892M in June 2024 from €1,197M in March, and its liquidity position improved to €392M versus €305M previously. The outlook for the company continues…

Spanish economy, Uncategorised 27th January 2022

Telefónica studies incorporating an industrial investor in Movistar+

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…

Ibex, Markets, Spanish economy, Uncategorised 31st March 2021

Fluidra Converts €130 M Syndicated Credit Line Into ‘Green’ Financing

Fluidra has signed an agreement to convert a 130 million euros syndicated credit line subscribed in 2018 into ‘green’ financing. BBVA acted as a sustainable coordinator for the process. So from now on, the conditions of this financing are subject to the company’s performance in environmental, social and governance (ESG) matters. This is the first sustainable financing formalised by a company in the sector and will be used to cover the firm’s working capital needs.

Spanish economy, Uncategorised 12th January 2021

Value Or Growth Companies?

Ofelia Marín- Lozano | For some sectors there has not been a stock market crisis. However, others – banks, telecoms, oil,… – have in nine months gone from trading at 19x PER to trading at less than 5x. If everything returns to ‘normal,’ this does not seem sustainable. As a example, in Spain, for the price of the largest retailer (Inditex), we have the two largest banks (Santander and BBVA), the largest insurance company (Mapfre) or the largest oil company (Repsol).

Ibex, Markets, Spanish economy, Uncategorised 1st October 2020

Meliá Takes The Advantage Of The Chinese Tourism Recovery Opening Its Fifth Hotel In The Country

According to the China Tourism Academy, more than 90% of hotels and tourist attractions in the country have reopened along with around 60% of travel agencies after containing the pandemic. Against this backdrop, Meliá Hotels has resumed work on an expansion plan which aims to double its presence in China within two years, from 5 to 10 hotels in operation. The reactivation of the domestic market have encouraged the company to open an ultra-luxury urban resort in Chengdu this week.

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