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

Amper?(=) Secures the largest contract of its history via an agreement with Navantia, adding €140m to its offshore wind portfolio (Cinco Dias Sat p9)

Banks sector??(+/=) See a sharp reduction in their discount to book value (Cinco Dias p3)

(=) Loans under special monitoring (stage 2) rise slowly in 1Q23 (Expansion p17)

(+/=) Mortgage execution falls 25.3% in 1Q23 (Cinco Dias Sat p27)

Deoleo??(=) Acesur, Dcoop y Borges pujarán por Deoleo para crear un gigante del aceite (El Economista p5)

Elecnor??(=) Will sell a controlling stake in its wind power business (Cinco Dias Sat p12)

FCC?(=) Will reduce debt with the sale of a 25% stake in its environmental services subsidiary to CPPIB (Expansion p5)

(=) Considers buying Metrovacesa with the €965m received from the sale of its services business (OK Diario)

Fluidra?(=) The Chairman says that his company wants to continue growing by acquisition in the US and that the share price has upside, defending a 50% payout (Cinco Dias p5)

Investment Strategy?(+) The Ibex index rises 1.63% to 9,317, with the Dow Jones entering the black for the year (Expansion Sat p20)

(-/=) Spanish corporates fall behind the EU in the recovery of profits (El Economista p24)

(=) No changes are expected in the composition of the Ibex index this Thursday, with Ence as the most likely candidate to enter (Expansion p21)

(=) 83% of corporates created in Spain 30 years ago no longer exist (El Economista Sat p78)

Macro??(+/-) Registered unemployment in May declined by 49,260, with the number of affiliations to Social Security rising by 200,411 (Expansion Sat p27)

Real Estate sector??(-/=) The percentage of household income needed to buy a home rises to the highest level since the financial crisis (Cinco Dias p20)

*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).