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

Aena??(+/=) Will revise its strategic plan in 1Q24 after announcing that this year it will exceed EBITDA of €2.7bn, which was expected for 2024 or 2025, with expectations of a 2% rise in traffic in Spain in 2023 (Expansion p3)

Banks sector??(-/+) Lending to households fell 2.55% in September, while that to corporates declined by 4.33% according to Bank of Spain (Expansion p13)

Grifols??(=) 9m23 net profit of €3.3m -98.2%, but recovering from the losses in 1H23, on revenues of €4.822bn +10.8% (Expansion p8)

Hotels?(+/=) Spain received 8.8m foreign tourists in September +13.6%, with total expenditure of €11.215bn +22.6% (National Statistics Institute)

Iberdrola???(=) Closes the sale to Masdar of a 49% stake in the Baltic Eagle offshore wind project in the Baltic for €375m (Expansion p6)

Investment Strategy??(+) The Ibex index rises 2.04% to 9,260, boosted by the Fed (Expansion p18)

(-/=) PM Sanchez forgives €15bn in debt owed by Catalonia and upsets the other regional governments (Expansion p22)

(-/=) The Treasury trusts that a rise in tax income will allow the extension of measures against inflation (Expansion p29)

Macro?(-/=) The October manufacturing PMI fell to 45.1 from 47.7 in September (S&P Global)

Melia Hotels International? (=) 9m23 net profit €95.9m +82.2% on revenues of €1.478bn +16% and negotiates the sale of €120m of hotels (Expansion p4)

Telefonica??(=) STC expects a decision in 2024 by the Government on its request to enter the shareholding of Telefonica (Cinco Dias p3)

*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).