Take 5 and come back tomorrow

Also available in Spanish, see next article.

First of all, let’s be clear. The following is not investment research/advice. And, as such, it involves no investment recommendations. These are notes I take to keep myself current on newsflow regarding Spanish equities. I share them freely (and not just as regards price). As always, I am only trying to help. Please read the rest of the “discomplainer (*)” at the end of the article.

Stories in alphabetical order

Applus+  (+/=) Apollo raises its bid for Applus+ from €9.5/share to €10.65/share and agrees the purchase of 22% from several hedge funds, while TDR-I Squared prepare its response (Expansion p3)

Banks sector (+/=) Large banks want the special tax on banks to be applied to the whole sector and not only those with revenues of over €800m/year in NII and net commissions (Expansionp22)

DIA (-/=) DIA sees revenues rise 9.4% in Spain but fall 19% in Latin America (Expansion p4)

Grifols (=) According to the Chairman of the Stock Exchange Commission (CNMV) the priority is to clarify Grifols’ numbers and not the responsibility of Gotham (Expansion p19)

Hotels  (+/=) The number of hotel night stays rose 7.8% YoY in December (residents +3.1%, non-residents +11.3%), taking to total increase for the year 2023 to +8.4% exceeding 2019 levels. ADR rose 9% in December with RevPAR +15.5% (National Statistics Institute)

IAG (=) Prices and competition will be key in the EC analysis of the merger of Iberia and Air Europa (Expansion p13)

Iberdrola  (=) Launches the largest alliance in the “green race” via a grouping of 40 companies called Q-Cero including Antolín, Bayer, BP, Ence and Damm as well as Ferrovial, Merlin and Tubos Reunidos (Expansión p11)

Investment Strategy (+) The Ibex index rises 1,16% to 9,974 boosted by corporate results (Expansion p25)

Melia Hotels International (=) Saw a 13% rise in labour costs in 2023 (Expansion p6)

NH Hotel Group (=) Plans to open 50 hotels in Europe in the next 3 years with focus on the luxury and vacational segments (Expansion p6)

Real Estate sector   (+/-) Real Estate companies call for legal security from the Government (Expansion p12)

*The above information has been read/understood/summarised/evaluated/copied as well as I could to provide a guide to Spanish equities (as part of a personal research project on the impact of information transparency on the market i.e. “derecho de cita”), given available timing/intellectual constraints, and I accept no liability for misreading and/or mistranslating the original copy (which I urge you to check, as I am only trying to point you in the right direction, I hope). As for what you may decide to do, after reading the above, please contact your legally approved provider of investment advice on Spanish equities. Feel free to copy (but remember to check the original first).