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BBVA Holvi

Companies, Ibex, Relevant News Item 13th August 2024

BBVA acknowledges that not completing merger with Sabadell would jeopardise €850m cost savings target

Link Securities | BBVA (BBVA) has acknowledged to the National Securities Market Commission (CNMV) that if it successfully carries out the takeover bid for Banco Sabadell (SAB), but cannot complete the merger, it would find it difficult to meet its target cost savings of €850 million over three years, as reported yesterday by the digital portal Invertia.com. In any case, it believes that in this scenario it could materialise “most…

amazon visa

Companies, Ibex 13th August 2024

Banco Santander and Amazon launch “Amazon Visa” credit card in Germany

Alphavalue/DIVACONS | The Spanish bank and Amazon have launched their new “Amazon Visa” credit card in Germany. The card has no annual fee and does not require opening a new bank account. In addition, it allows customers to earn rewards that can be redeemed for purchases on Amazon. Santander: Buy, Target Price €5.75/share.

ACS novisimo

Companies, Ibex, Relevant News Item 13th August 2024

ACS selected to build Atlanta Airport Automated Transit Network Project

Link Securities | ACS (ACS), through ACS Infra (Iridium) and Flatiron-Dragados announced that it has been selected by the Atlanta Airport Community Improvement Districts (AACID) to design, build, finance, operate and maintain the Automated Transit Network (ATN) Project that will improve connections at the world’s busiest airport. No financial details of the contract have been disclosed, according to Cinco Días newspaper on Monday. This pilot project extends approximately 800 metres…

caixabank sunset

Companies, Ibex 12th August 2024

Caixabank executes 9.68% of share buyback in first two weeks

Alphavalue/DIVACONS | The Catalan bank has executed 9.68% of its share buyback in the two weeks since it started this programme on 31 July, with a total amount of €500 million as reported on Friday to the National Securities Market Commission (CNMV). Caixabank: Add, Target Price €5.62/share.

gestamp edificio

Companies 12th August 2024

Gestamp terminates buy-back programme after reaching maximum number of shares

Link Securities | Gestamp (GEST) notified the National Securities Market Commission (CNMV) that, having reached the maximum number of shares set under the Programme after the last of its operations (i.e. a total of 3,014,319 shares, representing 0.52% of the Company’s share capital), it is terminating the Programme with effect from 9 August 2024 and, therefore, prior to its expiry date (set for 20 December 2024).

Cellnex new

Companies, Ibex 12th August 2024

Cellnex continues with divestment plan of non-strategic assets and sells business in Austria for €803 million

Bankinter | Cellnex (CLNX) has reached an agreement to sell 100% of its business in Austria, its subsidiary On Tower Austria, for €803 million. Part of the payment (€272 million) will be deferred in December 2028. Opinion of the Bankinter analysis team; Good news for Cellnex. This divestment is part of the process of selling non-strategic assets and will allow Cellnex to continue reducing debt, with the objective of reaching…

Acciona energia

Companies, Ibex 9th August 2024

Acciona buys Darby’s network business (1,200 km of power lines and 30 substations) in Peru for €220 million

Banc Sabadell | Acciona (ANA) has reportedly reached an agreement to acquire Darby’s network business in Peru, which would include 1,200 km of high-voltage lines and 30 substations in a 30-year concession project. The deal is reportedly worth €220 million. Acciona currently manages 820 km of high-voltage lines and more than 20 substations in Peru. Assessment: Positive news with limited impact due to the size of the transaction (~1.1% of…

airbus A320

Companies, Relevant News Item 9th August 2024

Despite short-term hurdles, Airbus’ medium-term growth outlook remains attractive: Overweight

Morgan Stanley | Following a road show with the company’s management team in NY, Ross Law (analyst) reiterates his investment thesis: despite near-term headwinds, he believes the medium-term growth outlook remains attractive (5Y EPS of €23-28 and a mid-teens FCF CAGR). As such, with the stock trading near cycle lows (9x MSe FY3 EV/EBIT) Ross reiterates Overweight (OW). More specifically, the analyst highlights that: a) engine supply has not fully…

ohla torre espacio

Companies 9th August 2024

OHLA awarded contract with Swedish Transport Agency for new railway project worth €160 million

Link Securities | OHLA (OHLA) continues to boost its portfolio in Europe after being awarded a contract by the Swedish Transport Agency (Trafikverket) for a new railway project worth €160 million. Specifically, the company will carry out improvements to the Ostlänken railway line in Gerstaberg, 80 kilometres south of Stockholm, and will undertake the start of the new high-speed railway line linking this city and Norrköping. This infrastructure will be…