IBERIAN DAILY 25 JUNE (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ACCIONA/ACCIONA ENERGÍA, AMPER, IBERDROLA, NEINOR HOMES.Stock markets looking to return to 2025 highs
The ceasefire between Iran and Israel continued to fuel stock markets at both sides of the Atlantic, with the Ibex returning to 14,000 points. Thus, in the STOXX 600, all sectors except Energy (due to the drop in oil prices) saw gains, led by Travel&Leisure and Construction. On the macro side, in Germany the IFO index climbed slightly more than expected for the sixth consecutive time, with the expectations index hitting April’23 highs. In the US, consumer confidence fell as opposed to expectations due to the poor performance of both the current situation and the expectations indices although inflation expectations dropped. April’s home prices fell as opposed to expectations. From the Fed, J. Powell spoke before the House of Representatives Commission, repeating the message from the last Fed meeting and insisting on waiting to lower rates until there is more visibility on how inflation is moving. In geopolitics, the Pentagon warned that the air attack would have hardly slowed Iran’s nuclear plan, which would keep Israel on alert, whereas according to the press Iran would be open to diplomacy.
What we expect for today
European stock markets would open flat with a slightly bullish slant. Currently, S&P futures are flat (the S&P 500 ended +0.1% higher vs. the European closing bell). Asian markets are climbing (China’s CSI +0.5% and Japan’s Nikkei +0.3%).
Today in Spain we will learn the final 1Q’25 GDP and in the US May’s building permits and new home sales. From the Fed, J. Powell will appear before the Senate Commission.
COMPANY NEWS
NEINOR HOMES. Capital increase through accelerated bookbuild. OVERWEIGHT
After yesterday’s closing bell the company announced a capital increase without pre-emptive rights through an accelerated bookbuild among institutional investors that has been closed today at € 15.25/sh. (-8% vs. yesterday’s close). The company will issue 14.99375 M shares maximum (19.7% of total shares), which would mean € 228.65. The capital increase will have a 90-day lock-up period. The proceeds obtained will be earmarked to the acquisition of Aedas and HOME justifies this deal by the good market reaction to the transaction (the share price has climbed around +15% since the day it was made public). Note that the acquisition (around € 975 M) would be financed through a loan (€ 750 M) and a capital increase (€ 225 M) underwritten by HOME’s main shareholders. The latter is still under way although HOME reserves the right of not executing it if the accelerated bookbuild and cash generation over the coming quarters allow for it. In any case, it confirmed that if carried out it will be before the TOB is launched and at market prices. Today the stock should adjust to the impact from the placement to around € 16.35/sh. BS(e) (-1.4% vs. yesterday’s closing price). We think the capital increase is positive, as it allows HOME to ensure part of the financing for the TOB without having to go through the process of a conventional capital increase.
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.
Amper is the parent company of a group engaged in the telecommunications industry. Co. and its subsidiaries are engaged in the research, development, manufacture, sale, repair and maintenance of electronic systems and telecommunication equipment. Co.'s range of expertise includes network management systems, local loop technology, switching center modernization systems, data communications systems, combat radio sets, parking meter engineering, installation and maintenance services, vehicle localization and navigation systems, and energy systems. Products include private and public telephones, digital commutation systems, and cellular phone equipment.
Iberdrola is a holding company. Through its subsidiaries, Co. operates in four segments: network business, which includes all the energy transmission and distribution activities, and other regulated activity originated in Spain, the U.K., the U.S. and Brazil; deregulated business, which includes electricity generation and sales businesses as well as gas trading and storage businesses carried on by Co. in Spain, Portugal, the U.K. and North America; renewable business, with activities related to renewable energies in Spain, the U.K., the U.S. and the rest of the world; and other businesses, including the engineering and construction businesses and the non-power businesses.
Neinor Homes SA, formerly Neinor Homes SLU, is a Spain-based company engaged in the real estate sector. The Company focuses on the design, construction and promotion of residential properties. It develops housing projects in various Spanish cities, such as Malaga, Madrid, Barcelona, Cordoba, Vizcaya, Alicante, Almeria and Gerona.
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