A head start in Spanish equities (23/2/24) REP IBE TEF ACS APPS Banks Labour Inflation RE HOME Ibex

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Stories ranked by order of importance

Repsol?(+/=) 2023 net profit €3.168bn vs. €4.251bn (adjusted profit €5.011bn vs. €6.774bn) on revenues of €61.553bn vs. €78.724bn (Repsol release to the Stock Exchange Commission)/(+/=) The cash dividend for 2024 will be €0.9/share +30% with an additional buyback of 35m shares (Repsol release to the Stock Exchange Commission)/(+/=) Will sell €9bn in assets to pay record dividends, investing €19bn through 2027, paying €10bn to shareholders and will rotate assets with alliances for €5bn and divestments for €4bn (Expansion p3)/(+/=) Aspires to earn at least 25% more through 2027 (Expansion p4)

Iberdrola?(+/=) 2023 net attributable profit €4.803bn +10.7% on revenues of €49.335bn -8.6% and EBITDA of €14.417bn +9.0%, with guidance for 2024 including a 5-7% rise in net profit and a proportional rise in dividends (Iberdrola release to the Stock Exchange Commission)

Telefonica?(=) 2023 loss of €892m (pre-extraordinaries €2.369m +17.1%) on revenues of €40.652bn +1.6% and OIBDA of €13.121bn +1.4%, with the targets for 2024 being a rise in revenues of c.1% and 1-2% in EBITDA, confirming payment of a €0,3/share dividend (Expansion.com)

ACS??(=) Abertis 2023 net profit €767m +15% on revenues of €5.532bn +8% and EBITDA of €3.893bn +10% (Expansion p8)

Applus+??(=) 2023 net profit (before discontinued operations) of €26.1m -56% on revenues of €2.058bn +0.4% (Expansion p4)

Banks sector?(=) BBVA and Bankinter are the most exposed Spanish banks to commercial real estate at over 6% of their loanbooks (Expansion p13)/(=) Variable rate mortgages gain weight on total in 2023 with the average cost rising c.25% due to mixed rates mortgages with activity declining by 18% (Expansion p14)

Labour??(-/=) EU courts urge Spain to grant fixed contract to interim workers (Expansion p22)

Inflation? (-/=) Inflation moderates to 2.8% in Europe in January but accelerates in Spain to 3.5% (Expansion p24)

Real Estate sector??(-/=) The number of housing sales registered in December fell 15.6% (-9.7% YTD) (National Statistics Institute)

Aedas?(=) Seeks partners to enter the affordable housing and “coliving” sectors (Expansion p9)

Ibex??(+) The Ibex index rises 0.31% to 10,138 in a festival of record highs for large stock exchanges (Expansion p17)