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The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

Relevant News Item 26th April 2024

Cellnex slightly beats expectations with Ebitda of €778m and maintains guidance for rest of year

Bankinter : Cellnex (CLNX) 1Q2024 results slightly beat expectations. Revenues are up 7% to €946M (versus €947M estimated); Adjusted EBITDA is up 7% to €778M (versus €777M estimated) and Recurrent cash flow is up14% to €384M (versus €375M estimated). Maintains guidance for 2024: Revenues of €3,850-3,950m, EBITDA of €3,150-3250m and cash flow of €1,650-1750m. Assessment by Bankinter’s research team: Slightly better-than-estimated results in cash flow, although guidance remains unchanged for…

World economy 26th April 2024

Thin air ahead for the equity markets

Bert Flossbach (Flossbach von Storch) | The AI boom has also had an impact on the equity markets, and not just on the supposedly immediate winners. The valuation of US equities, which make up a good two-thirds of the MSCI World Index, has recently risen further and, with a price-to-earnings ratio (P/E ratio) of 23.4, has reached an above-average level, even in an historical context. It is now common knowledge…

The arrival of immigrants has invigorated the Spanish population

Spanish economy 26th April 2024

Tax burden on employment in Spain continues to rise, now stands at 40.2%, 5.4 points above OECD average

The tax burden in Spain has increased across the board, both on companies and on citizens, in contrast to a very small increase in the tax burden in most advanced economies. Specifically, the tax burden on average wages (including social security contributions and personal income tax) will rise to 40.2% of gross labour costs in 2023, six tenths more than the previous year, according to figures published yesterday by the…

Spanish economy 26th April 2024

Acerinox’s profit falls 61% in 1Q24 to €53 M, but debt reduced by almost 100 M€ since end 2023

Bankinter: The main figures compared to the company’s own consensus for 1Q24 are: Revenues €1,481M (down 16.9% year-on-year; down 3.1% year-on-year) against €1,516M estimated; EBITDA €111M (down 50.9% year-on-year; up 15.6% quarter-on-quarter) fully in line with €111M estimate, giving an EBITDA margin of 7.5% for the group (7.2% in Stainless Steel and up 8.2% in High Performance Alloys). EBITDA of €53M (against €136M in 3Q 2022) against +€45M estimated. Net…

World economy 25th April 2024

Meta achieves $12.369bn BNA, ad revenue rises, but guidance looks sluggish

Bankinter: 1Q2024 results good, but guidance weak. The stock falls 15% in the aftermarket. Key figures vs. consensus (Bloomberg): Revenues $36.455M (up 27% year-on-year) vs. $36.125M consensus estimate and $34.500M/$37.000M by the Company, EBIT $13.818M (up 91%) vs. $13.400M and EBITDA $12.369M (up 117%) vs. $12.070M estimate. Daily active users reached 3,240M (up 7% year-on-year) vs. 3,190M in the previous quarter and 2,114M estimated. Average revenue per ad up 6%…

World economy 25th April 2024

Housing sector still a headache for Fed: new home sales rebound

Intermoney | New home sales rebounded in March to 693,000, well above the 668,000 expected, but coming on the back of a downward revision of February sales by -25,000 (662,000). The point is that an acceleration was seen in quarterly terms with a March average of 667,000. For the moment, the housing sector looks set to remain a headache for the Federal Reserve. It is true that the supply of…

European economy 25th April 2024

German government revises 2024 growth estimates upward from 0.2% to 0.3% year-on-year

Bankinter : The German government has improved its growth estimates for 2024. It revises upwards by one tenth of a percentage point to +0.3% YoY (vs +0.2% prev.) the GDP growth expected this year. Maintains the estimate of +1.0% for 2025. Analysis: Positive news. The German government expects both consumption and industrial activity to perform better than estimated this year. The good evolution of inflation (+2.2% in March), the likely…

Spanish economy 25th April 2024

Sánchez loves Gómez… and threatens to resign on the day a judicial investigation into his wife’s shady business dealings is opened

Yesterday morning, a judge opened an investigation into the shady business dealings of Begoña Gómez, the wife of Prime Minister Pedro Sánchez, which we have already reported on in The Corner: “Something fishy in La Moncloa: Pedro Sánchez’s wife recommended two companies in a public tender for a €7-million contract” And in the afternoon, in a letter posted on his social networks, the president of the government announced that he…

Relevant News Item 25th April 2024

Repsol posts net income of €969M in 1Q24 2024, 12.9% down on same period last year

Repsol invested €2.129 billion between January and March. In the 2024-2027 period, the company expects to invest between €16 and €19 billion net, with 60% dedicated to the Iberian Peninsula and more than 35% to low-carbon projects. On February 22, the company presented its Strategic Update 2024-2027, which laid out the priorities and objectives to bolster its profitable growth, consolidate its multi-energy commitment and achieve its decarbonization goals. In the…

Spanish economy 24th April 2024

Iberdrola posts €2,760m profit in 1Q24 supported by capital gains from sale of assets in Mexico (€1,165m)

Bankinter: Key figures compared with consensus estimates: EBITDA ex asset sales €4,140m (+1.9%) vs. est. €4,073m. Total EBITDA €5,857M (+44%); EBITDA ex asset sales €1,595M (+7.3%) vs. €1,532M est; total EBITDA €2,760M (+86%); Funds From Operations (FFO) €3,145M (+5.9%); Net Debt €44,998M vs. €47,832M in December 2023. Results include capital gains from the sale of assets in Mexico (€1,717m in EBITDA and €1,165m in NAB). Opinion of Bankinter’s analysis team:Results…

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