A head start in Spanish equities (SAB Banks MDF FER IDR Investment Macro Utilities)

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 by order of importance

Banco Sabadell??(=) 2023 net attributable profit of €1.332bn +55.1% on NII of €4.723bn ??+24.3% (Banco Sabadell presentation)

Ferrovial?(=) Promises to pay €1.7bn in dividends next year, with the US being the investment focus where it analyses seven motorways for over €5bn (Expansion p3)

PMI??(+/=) Spain’s manufacturing PMI rose from 46.2 in December to 49.2 in January (S&P Global)

European funds??(-/=) The new head of the EIB and former Spanish minister for the economy sees the approval of a budget as necessary for channelling European funds (Expansion p29)

Banks sector?(-/=) Banking sector trade unions call for strikes in relation to the negotiation of sector wage agreements (Cinco Dias p6)

Indra?(=) Wants to buy at least 51% of Tess Defence (valued at €100-200m) manufacturer of the 8x8 armoured vehicle, buying shares from Escribano, Santa Barbara and Sapa (Expansion p4)

Duro Felguera??(-/=) Mentions a €7m operating loss in 2023 in the prospectus for the capital increase (Expansion p8)

Politics? (-/=) The French credit insurance company Coface considers in its last country risk report for Spain that there is a growing threat of political instability (Expansion p25)

Utilities & Ren sector?(+/=) Spain wins an arbitration decision amounting to €115m against the Swiss EBL before the World Bank arbitration unit in relation to the cut in renewables premiums (Expansion p5)

Labour??? (=) 1m unemployed workers are not reflected in the official figures, 10% more than in 2019 (El Economista p25)

Investment sector?(-) The Ibex index falls 0.63% to 10,014, following the other European markets (Expansion p17)?????????? ???????????

*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).