IBERIAN DAILY 05 APRIL (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA, FERROVIAL, GRIFOLS, SACYR, TALGO, UNICAJA.Consolidating levels
Positive session on both sides of the Atlantic, with macro data continuing to improve and with the IBEX standing out in Europe, closing on the verge of 11,100 points. Meanwhile, in the STOXX 600, Basic Materials and Autos led the gains, with Chemicals and Media ending with the biggest losses. On the macro side, in the euro zone the final services PMI was raised unexpectedly and the composite rallied to 50.3 (returning to expansion for the first time since May’23). In Switzerland, inflation fell more than expected to 1.0% YoY, a low since Oct’21. In the US, weekly jobless claims rose more than expected. From the Fed, Goolsbee, Barkin and Harker warned of the disappointing deflation process in 2024 and suggest a longer wait before cutting interest rates, while Kashkari warned there may be no cuts if the drop in inflation stagnates. In Japan, the BoJ governor stated in an interview with the Asahi newspaper there will be another rate hike in view of the expected rise in prices over the summer.
What we expect for today
European stock markets would open with drops of more than -1.0% in a risk aversion movement due to the rising tensions between Israel and Iran, and with oil companies benefiting from the Brent crude price rally. Currently, S&P futures are up +0.15% (the S&P 500 ended down -1.98% vs. the European closing bell). Asian stock markets are falling (China’s CSI 300 closed, Japan’s Nikkei -2.05%).
Today in the euro zone we will learn February’s retail sales, in Spain February’s industrial output and in the US non-farm employment and the unemployment rate.
COMPANY NEWS
TALGO. Magyar Vagon presents TOB on 100% of the company. SELL
The Hungarian consortium Ganz-MaVag Europe Zrt. (Magyar Vagon) sent the Spanish market regulator its prospectus for the friendly and voluntary TOB on 100% of TLGO’s shares at € 5/sh. in cash (+16% vs. yesterday’s closing price). Note that the TOB was supported by Pegaso T. (main shareholder in TLGO with a 40% stake), as well as by TLGO’s Board of Directors. Now a waiting period will begin with the regulator (it would have three months, but this could be extended) until all authorisations are obtained (from the Spanish Govt. as well as the regulators in the countries in which TLGO operates: Egypt,Saudi Arabia, Kosovo, Serbia, etc.). Note that the TOB is also subject to acceptance by 50% of the shareholders plus one share, and Magyar Vagon does not plan to delist the company. The break-up fee is 0.5% (€ 3 M).
Acciona is the parent company of a construction group. Co. is engaged in general construction activities in the areas of civil engineering and buildings, including railways, marine and hydraulic works, motorways and airports, town planning, conduits, pavements, parking lots, and industrial and urban buildings. In addition, Co. is engaged in the provision of real estate services, the operation of parking lots, telecommunications, services, ecology and alternative means of energy. Co.'s operations are organized in six business divisions: Infrastructures, Real Estate, Energy, Water, Environmental & Urban Services and Logistic & Transport Services.
Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
Unicaja Banco SA is a Spain-based financial institution (the Bank) engaged in the banking sector. The Bank offers services to individual and business customers. Its products and services range includes current and savings accounts, debit and credit cards, consumer and commercial loans, real estate credit, securities brokerage, funds management, leasing, factoring, pension plans, life and non-life insurance, international trade financing, money transfer, as well as treasury, among others. The Bank operates a number of branches in Spain and Morocco. The Bank is controlled by Fundacion Bancaria Unicaja.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.