The IASB spares the Ibex an 8.5 billion euros hit to its annual profits

The IASB board, in a close vote and against the opinion of the Spanish government, has rejected the implementation at international level of the straight-line goodwill amortisation method. The rules for the preparation of financial statements do not seem to be the most likely subject to generate major disputes, but the International Accounting Standards Board (IASB) yesterday experienced the closest thing to a drama, according to Expansión newspaper. In a…

Madrid Bourse

The Ibex Medium Caps is coping better with the pressure in Q2’22

Renta 4 | During Q2’22 the stock market indices have had to deal with the consequences of the war in Ukraine, the environment of high inflation, the uptick in IRRs and downward revisions to economic growth. In this context, the IBEX Medium Cap (-1.5% in Q2’22) has offered a relatively better performance out of the three benchmark indices (-4.1% of the IBEX-35 and -6.1% of IBEX Small Caps). Our Selection…


IBEX end of year forecasts: top down 9,030 points; bottom-up 10,782 points

Sabadell revised all the forecasts and objective prices for the companies they cover and highlight their favourite shares in their portfolios (model, 5 value portfolio, high yield and SME portfolio). Although they do not change their recommendations, they significantly revise the valuation of Cellnex (+15%), Sacyr (+15%), Iberdrola (+13%), FCC (-7%), Unicaja (-7%), Caixabank (-8%), Liberbank (-13%), Bankia (-14%) and Arcelor (-22%).


ACS: Underweight pending reinvestment of excess capital

Morgan Stanley | ACS (ACS) continues to reduce its risk profile following the purchase of Abertis and its exposure to assets. This is already discounted in the price. in addition it remains without control over the cash flow of its most important assets (Abertis; ACS/Hochtief/Cimic).


Santander: Maintain Viscofan; growth insufficient for revaluation

Viscofan has published sales data for Q119. Sales income grew 7% compared to Q118. This figure has not surprised us, although we recognise that without more details it is difficult to evaluate fully Viscofan´s income performance in Q119, analysts at Santander point out.


Ibex: dividends and little else?

M&G Valores | A sustained annual growth in profits of 4% is well below that of previous bull cycles in the stock market, but seems realistic in the current situation. We have on one hand the modest growth of developed economies (secular stagnation), and on the other the composition of the Ibex dominated by regulated sectors, with modest growth, and the banks.


Amadeus CEO sells shares, and that is never good

Bankinter |  Luis Maroto, Amadeus CEO, has proceeded to sell throughout 2019 small packets of shares up to a total of 82.673 shares, which has reduced his holding to 0.056%. The total of shares sold in 2019 amounts to 5.5M€.

Arcelor Mittal

Acerinox: After A Strong Correction, Offers A 5% Dividend Yield

José Benito de Vega | Acerinox enjoyed a very positive stock market evolution up to 1 October compared to the Ibex 35 (+8.8% compared to -6.3% for the index ). Since then its shares have corrected strongly, losing 32%, leaving its relative performance for the year in negative (-28% compared to -12% for the Ibex). This sharp correction has been driven by doubts about the situation of the sector in Europe.