IBERIAN DAILY 26 MARCH (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: ELECTRICITY SECTOR, GRIFOLS, INDRA, MERLÍN PROPERTIES, VIDRALA.Markets continue to rally
European stock markets continued to recover, underpinned by the US proposal for a ceasefire in the Middle East, although the gains were reeled in slightly after Iran rejected the proposal. In the STOXX 600, all the sectors were in green, with Basic Materials and Financial Services leading the way, whereas defensive sectors like Household Goods and Telecoms rose the least. On the macro side, in the UK February’s general inflation remained at the previous 3.0% (in line), whereas the core figure rose to 3.2% (above expectations), colling the likelihood of a rate cut. In Germany, March’s IFO fell slightly less than expected, but down to a low since Feb’25. From the ECB, C. Lagarde was willing to act on the war in the Middle East, although linked to the duration and impact of the energy shock. In the US, February’s import prices rose more than expected. Separately, S. Bessent opened the door to strengthening the Treasury’s supervision of the Fed, copying elements from the BoE’s model. On the trade side, the meeting between D. Trump and X. Jinping will take place on 14-15 May. In geopolitics, Iran would attempt to place a toll on the Strait of Hormuz, while the US continues to insist that everything is in line with a conflict that would last 4 to 6 weeks.
What we expect for today
European stock markets would open with drops of -0.5% with the confusing conflict in the Middle East. Currently, S&P futures are down -0.35% (the S&P 500 ended -0.2% lower vs. the European closing bell). Asian markets are falling (China’s CSI 300 -1.4%, Japan’s Nikkei -0.65% and South Korea’s Kospi -3.22%).
Today in Spain we will learn the final 4Q’25 GDP, in the euro zone February’s M3 and in the US weekly jobless claims.
COMPANY NEWS
MERLIN PROPERTIES. Capital increase to invest in data centres. OVERWEIGHT
The company has announced a cash capital increase, with no preemptive rights, at € 13.64/sh. (at the closing price, with no discount) through a “private accelerated bookbuild”. The number of new shares is equivalent to 10% of the previous total. The main shareholder has subscribed its proportional part (Santander, with 24.7%, 60-day lock-up). The funds raised (€ 768 M) will be used to invest in the third phase of the data centre business, as the company had already announced. We welcome the deal, although it has a very small dilutive effect on NTA in the short term (-1%, as the capital increase comes at a -11% discount to NTA’25). MRL is using the funds to develop greenfields at € 10 M/MW that are being appraised at € 19 M/MW. The shareholders that subscribed to the previous placement (July’24) and held on to their shares have accumulated a +40% return.
Grifols is engaged in developing, manufacturing and distributing a range of plasma derivative products. Plasma derivatives are proteins found in human plasma, which once isolated and purified, have therapeutic value. These protein-based therapies extend the lives of individuals who suffer from chronic and acute conditions. Co. also specializes in providing infusion solutions, nutrition products, medical devices, diagnostic instrumentation and reagents for use in hospitals and clinics. Co.'s products and services are used by healthcare providers in approximately 100 countries. Co.'s business is organized into three divisions: Bioscience, Diagnostic, Hospital and Raw Materials.
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
Merlin Properties SOCIMI SA is a Spain-based company engaged in the operation of a real estate investment trust (REIT). The Company focuses on the acquisition, management and rental of commercial properties located in the Iberian Peninsula, primarily in Spain. The Company's activities are divided into the following segments: Office buildings, operating a portfolio of office space; High-street retail, engaged in leasing retail stores; Shopping centers, engaged in managing department stores; Logistics, operating logistics warehouses and distribution centers, and Others. The Company's other activities include property management services rendered to third parties.
Vidrala SA is a Spain-based company principally engaged in the glass industry. The Company operates through two segments: Spain and European Union. The Company's activities include the production, distribution and sale of glass bottles and containers used in the food and beverages industries. The Company conducts its own research and development (R&D) operations. It operates production plants and melting furnaces located in such countries, as Portugal, France, Belgium and Italy. The Company owns such subsidiaries as Crisnova Vidrio SA, Inverbeira Sociedad de Promocion de Empresas SA, Gallo Vidro SA, Castellar Vidrio SA, Corsico Vetro SRL, MD Verre SA, Omega Immobiliere et Financiere SA, Investverre SA and CD Verre SA.
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.