A head start in Spanish equities

Also available in Spanish, see next article.

First of all, let’s be clear. The following is not investment research/advice.?And, as such, it involves no investment recommendations. These are notes I take to keep myself current on newsflow regarding Spanish equities. I share them freely (and not just as regards price). As always, I am only trying to help. Please read the rest of the “discomplainer (*)” at the end of the article.

Stories in alphabetical order

Banks sector??(=) Banks focus the deposit remuneration war on the maximum balance to be remunerated (Expansion Sat p15)

Ferrovial??(-/=) Admits before investors the risk of negative treatment by the Tax Office of its plans to move its domicile to the Netherlands (El Economista p5)

Investment Strategy?(-) The Ibex index falls 0.37% to 9,415 but completes 5 straight weeks of price rises (Expansion Sat p19)

(=) Ibex index member companies raise their productivity (revenues/worker) by 32% to record levels in 2022 (Expansion Sat p3)

(=) The Stock Exchange Commission (CNMV) calls on listed companies to not make abusive use of “alternative earnings measures” such as EBITDA and explain them clearly to investors (Expansion Sat p6)

(-/=) All administration debt rises to €1.52tn in February, ahead of the reintroduction of fiscal limits in the EU (Expansion Sat p24)

(-/=) A US fund activates a technical default clause in Spanish government bonds in order to pressure for payment of compensation for renewable remuneration cuts (Expansion Sat p26)

(=) The Government trusts in KKR and Blackstone in order to execute its housing plan (Cinco Dias p3)

Linea Directa??(=) Loses €5.3m in 1Q23 due to the crisis in the automotive insurance market (technical loss of €16.8m vs. profit of €24.1m) on premium revenues of €244.2m +5.3% (Expansion Sat p17)

Mapfre?(=) Boosts its revenues by 36.3% to 2.649bn in 1Q23 (Expansion Sat p17)

Tubacex??(=) 1Q23 net profit €10m vs. €3.4m one year ago, on revenues of €232.2m +47% and EBITDA of €30.4m +60% (Expansion Sat p5)

Utilities & Ren sector?(-/=) The chaos in pricing does away with one in ten electricity supply companies (Expansion p5)

*The above information has been read/understood/summarised/evaluated/copied as well as I could to provide a guide to Spanish equities (as part of a personal research project on the impact of information transparency on the market i.e. “derecho de cita”), given available timing/intellectual constraints, and I accept no liability for misreading and/or mistranslating the original copy (which I urge you to check, as I am only trying to point you in the right direction, I hope). As for what you may decide to do, after reading the above, please contact your legally approved provider of investment advice on Spanish equities. Feel free to copy (but remember to check the original first).