Still work in progress (III)
First of all, let’s be clear. The following is not investment research/advice (it’s better). 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 disclaimer/“discomplainer” at the end of the article.
Stories in alphabetical order
ACS (=) ACS and Abertis focus on a €2-4bn project (expansion of the I-495 motorway in Maryland) competing with Ferrovial, Acciona, FCC, Globalvia and Roadis (US) (El Economista p8)
Bankinter (-/=) The exit from the Linea Directa stake will cancel the premium at which Bankinter quotes (El Economista p18)
Banks sector (+/=) Moody’s applauds the efforts of the Spanish banks to reinforce their capital base being on the way to reaching a 12% capital ratio (Expansion p17)
BBVA (+/=) ECB Vice-President Mr Luis de Guindos says that the Villarejo case has not impacted the BBVA business, as there is the perception that it belongs in the past and does not involve the current Board (Expansion p13)
BME (+/=) Euronext met with Finance Minister Calvi?o in order to evaluate a counter-bid for BME (Cinco Dias p20)
CAF (+) CAF wins two new contracts in Norway and Finland for over €100m, as well as securing a contract to supply electric buses for Barcelona (together with Irizar) for €20.7m (Expansion p8)
FCC (=) The Oficemen cement sector association believes delocalisation is taking place in production and calls for a charge on non-EU production to offset CO2 emissions (Cinco Dias p8)
Iberdrola (=) Norges increases its stake in Iberdrola to 3.117%. highest since 2018, despite the Villarejo case (Expansion p9)
Investment Strategy (+) The Ibex index rises 0.96% to 9,811.3 with Wall Street at its highs as China cuts tariffs on US products (Expansion p18)
(-/=) PM Sanchez focuses on economic incentives in a meeting with the Catalonia regional President who insists on independence (Expansion p24)
(-/=) The Agriculture minister warns that the solution for the rural sector is not raising prices for consumers and calls for a “rebalancing” between farmer, manufacturers, retailers and consumer ni order to achieve “fair prices” (Expansion p26)
MasMovil (=) Sets up a new bonus plan for managers and employees tied to its share price (Expansion p6)
Real Estate sector (=) The association of housing developers will appeal against the new Catalonia regulations (Cinco Dias p9)
Sacyr (=) Grows in Chile via the purchase for €30m of 4 water supply companies adding a portfolio of €500m/year (Expansion p7)
Santander (=) Santander’s Openbank online bank takes its 2% remunerated account to the Netherlands and prepares its entry into non-European markets for this year (Expansion p16)
Talgo (+/=) Talgo beats Siemens for a €500m rolling stock contract with the Danish DSB (initially 8 assemblies for €134m including manufacturing and maintenance) (Expansion p8)
Utilities & Ren sector (-/=) The Government will reinforce the control of foreign purchases by Red Electrica and Enagas via the new Climate Law which will also allow the National Commission on Markets and Competition (CNMC) to control the leverage of regulated companies (Cinco Dis p3)
*The above information has been read/understood/summarised/evalued/copied as well as I could to provide a quide 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, minscontruing 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).