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??(=) The ECB monitors potential latent losses in bank bond portfolios (Expansion p17)
Enagas?(=) Sells its 50% of the Morelos pipeline in Mexico to a fund managed by Macquarie for c.€85m, half of which is profit (Expansion p6)
(=) The Managing Director says that it would be positive if the regulatory framework for gas assets in Spain incorporated an updating with inflation as in peer countries (Expansion p6)
(=) 1Q23 net profit €54.6m -21.2% on revenues of €220.6m -5.7% and EBITDA of €173.6m -6,5% (Cinco Dias p6)
Iberdrola??(=) Gives GIC entry with a 50% to a vehicle initially valued at €430m to grow in the networks business in Brazil (El Economista p6)
Investment Strategy??(-) The Ibex falls 1,3% to 9.290 due to the fall in the Santander share price (Expansion p19)
(-/=) The weight of “green” taxes on GDP falls from 1.8% to 1.6% this year, the lows of 2012 (Expansion p29)
(-/=) Spain will defend during its rotating presidency of the EU that social spending be excluded from budget deficit calculations (Expansion p31)
(-/=) Pension spending rises 10.8% in April to €12bn (Expansion p32)
Macro?(+/=) The Wholesale Prices Index for March fell 1.1% YoY, vs, +8% in February, with the index ex energy rising 7.3% vs. +9.5% (National Statistics Institute)
Prisa?(=) 1Q23 net profit €5m vs. flat one year ago, on revenues of €267m +27% and EBITDA of €67m +63% (Cinco Días p17)
Sacyr??(=) Morgan Stanley and Cube join Urbaser and HIG Infrastructure as the four finalists to bid for Sacyr’s Valoriza Medioambiente environmental services subsidiary (Expansion p5)
Santander???(=) 1Q23 net attributable profit €2.571bn +1.1% on NII of €10.396bn +17,4%, slowing in Brazil (Expansion p13)
Tecnicas Reunidas?(=) Faces €900m in lawsuits (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).