Articles by The Corner

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.
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Preview ArcelorMittal 3Q24 Results: 8% deterioration in net income expected to reach €470 million

Renta 4 : The company announced that it was changing the way it publishes results as of 2024. The main changes are: 1) New “sustainable solutions” division, whose results come from the Europe division (which is revised), 2) inclusion of the contribution of the net results of the JVs, mainly India, Calvert (USA), China and others, which were previously in the results of investees and 3) ACIS (Eastern Europe, South…


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Government imposes conditions on Blackrock to enter Naturgy

Bankinter | The Government has taken advantage of the operation of purchase of Global Infrastructure Partners (GIP) by BlackRock, to raise again a series of shields on the company. In January this year, BlackRock, the largest private equity fund manager in the world, announced an agreement to buy GIP, which has been a shareholder of Naturgy since 2016. As a result, BlackRock has become the indirect holder of 20.641% of…


petroleo extractora

Buying in oil following OPEC’s decision to postpone crude oil production increase

BancaMarch | On the first day of the week, the Brent benchmark rose 2.7% to $75.1/barrel in light of the cartel’s announcement to delay the increase in production for the second consecutive month. For its part, the yellow metal remained unchanged on the eve of the US elections. With a cumulative increase of 32.7% in the year, gold is positioned as one of the main winners in the midst of…


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SEC concludes investigation into Grifols over Gotham City report, no penalties announced

Banc Sabadell : The Securities and Exchange Commission (American stock market regulator) reportedly concluded its investigation into Grifols (GRF) on 1 October, accepting the company’s explanations and without announcing any sanctions or the opening of any proceedings. We recall that the SEC began its investigation at the beginning of the year as a result of Gotham City Research’s accusations and, among other things, had asked GRF for ‘an accounting analysis…


Sanchez

Government announces first package of measures worth €10.6 billion for Valencia

The President of the Government, Pedro Sánchez, has announced that the Council of Ministers approved yesterday a first package of measures amounting to €10.6 billion, aimed at helping households, businesses, self-employed individuals, and municipalities in the 78 Valencian, Castilian-Manchegan, and Andalusian municipalities affected by the DANA. Specifically, the State will transfer up to €72,000 per deceased person and for cases of disability; between €20,000 and €60,000 for the repair of…


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Ryanair profit down 18% as fares fall 10%; outlook for next quarter more positive

Norbolsa | Results for its first half year ending in September and covering the entire summer season show an 18% fall in profit after tax and a 10% drop in fares. On the other hand, the comments for the next quarter are somewhat more positive, pointing out that the fall in tariffs is moderating and will probably be below 5%. In any case, Boeing’s lower aircraft deliveries mean it is…


petroleo wti

OPEC delays 180,000 bpd production increase by one month

Bankinter | Brent is up 1.8% to near $75/b following OPEC’s decision this weekend to delay the expected oil production increase for December by another month. For reference, it is currently cutting 5.86 million barrels of oil per day (bpd), which corresponds to about 5.7% of world oil demand. Within the aforementioned cuts, 3.66M bpd will be extended until the end of 2025 and the remaining 2.2M bpd will be…


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ACS wins new contract to build €1,850-million data centre in Ohio

Intermoney | ACS (ACS) (Buy, PO 48 ), through Turner, its main subsidiary in the United States, has won a new contract to build a data centre campus in New Albany (Ohio) commissioned by Vantage, owned by the Silver Lake fund. The €1.85 billion project will involve the construction of three new buildings with a combined capacity of 192 megawatts (MW). It is the technology giant’s first asset in the…


Valencia

Insurance Compensation Consortium receives 46,000 claims in first few days

The catastrophic ‘cold drop‘ (Dana) that has swept through Spain and struck the Valencian Community, claiming more than 217 lives, has also caused immense material losses that are still very difficult to quantify. According to initial data, the storm has devastated 54,000 businesses, industrial warehouses, and offices, and 90% of companies are still unable to reopen. It is estimated that 17% of the companies in the province have been severely…


Aena

Aena’s revenues up 16% to €4,329m in September, 127% above 2019 figure

Intermoney | Aena (Buy, PO €215) has announced its 9m 24 results, and will hold a conference call today at 1pm. The figures, along with our estimates, are shown in the attached table. Based on September traffic levels that were well above pre-pandemic records (107% in Spain), Aena generated 9m EBITDA of €2,663m, or 125% of the 2019 figure, slightly above IMVe (€2,646m). We confirm our estimates, which we clearly…