Iñigo Vega (Jefferies) | Santander 3Q24 First Look – Solid Dynamics Despite Still Ongoing Neg. Argentine Impact A 4% beat at bottom line, again impacted by negative adjustments in relation to Argentina. Ex-Argentina, net income was a 7% beat (5% beat at PBT). Revenue dynamics trending in line, with strong trading and other income and NII in line. Across the Group, better OpEx and CoR dynamics. Beats coming from key...

Banco Sabadell : The Ministry of Defence will unblock the purchase of 9.9% of TEF by STC (it already holds 4.9% directly). Thus, according to this information, in the next few days the Government will approve the acquisition of this stake, valued at ~2,300 M euros. Assessment: Expected news, no impact. Other shareholders are: SEPI (10%), Criteria (9.99%), BBVA (4.94%), Vanguard (3.56%).

Banco Sabadell : According to press reports, Endesa has shown interest in the hydroelectric assets that Acciona has recently put up for sale. Specifically, they would comprise 626.5 MW spread over 34 plants and with a concession life of between 12 and 39 years. According to the news, Acciona Energía aims to obtain around €1,000 million in a process that is still in its initial stages, and in which the...

Link Securities | According to the National Statistics Institute (INE), the number of mortgages taken out on dwellings in August in Spain was 30,676, which represents an increase of 8.8% year-on-year. The average amount of these operations was €145,352, which represents a year-on-year increase of 5.3%. For its part, the average number of mortgages on the total number of properties registered in the land registries (from previously executed public deeds)...

Link Securities | BBVA’s Board of Directors has approved the pre-financing of €1.5 billion in convertible bonds (CoCos), bringing forward the 2025 issues to reach the key moment of the takeover bid for Sabadell with sufficient liquidity, according to the newspaper Expansión. The newspaper points out that BBVA has already covered all of this year’s issues, but that when the takeover bid becomes effective, the bank will enter a blackout...

Enagás and its partners are preparing to face the first major test for H2Med, the future hydrogen interconnection that will link Spain and Portugal with France and Germany, explains El Economista. The system operators from the countries involved in this project – Enagás in Spain, REN in Portugal, Teréga and GRTgaz in France, and OGE in Germany – will launch the so-called ‘Call for Interest’ on November 7th, aimed at...