Naturgy closed 2022 with a net profit that exceeded analysts' forecasts, increasing by 35.8% compared to the previous year. The company, led by Francisco Reynés, reported a net profit of 1.649 billion euros, surpassing both the previous year's 1.214 billion euros and the analysts' estimate of 1.555 billion euros. The strong performance was driven by an EBITDA of 4.954 billion euros, a 40.4% increase from the previous year, supported by high energy prices and strong performance in liberalized activities. Naturgy announced a total cash dividend of 1.20 euros per share for 2022, aligning with its strategic plan. The company also noted that its project to split into two listed companies, Project Géminis, is currently postponed due to market conditions and regulatory uncertainties.

Merlin Properties is advancing its energy transition by planning to build data centers, a move supported by Bloomberg Intelligence's analysis. The company aims to achieve net-zero carbon emissions by 2030 through ambitious yet feasible plans, including the construction of three data centers in Spain worth 600 million euros. These centers will use 100% renewable energy and support Merlin's sustainability goals. The company's holistic approach to technology and sustainability is expected to yield significant economic returns, positioning Merlin as a market leader while accelerating its energy transition.

2023 is expected to be a record year for shareholder ESG proposals, but their adoption is uncertain. Voting advisors are predicted to be particularly influential in ESG matters during shareholder meetings. Large U.S. companies like FedEx and Lockheed Martin, along with financial firms such as JPMorgan, Bank of America, and Goldman Sachs, are under scrutiny for their environmental policies. JPMorgan, a major financier of oil companies, is being pressured by the New York City Comptroller to set ambitious greenhouse gas reduction targets for 2030. The bank is recommending shareholders vote against proposals calling for more aggressive climate action, arguing for a gradual approach to avoid energy security risks. Voting advisor As You Sow is representing shareholders in over 50 votes, including climate-related proposals, emphasizing the financial pressure on banks and companies to address environmental risks.

Ferrovial is set to hold a shareholders' meeting to decide on a controversial move to the Netherlands. Despite opposition and concerns raised by Norges Bank, which controls 1.5% of Ferrovial and questioned the transparency and fairness of the move, the market has kept Ferrovial's share price near its yearly high. Banco Sabadell's analyst Luis Arredondo stated that Norges Bank's decision has no impact and maintained a buy recommendation for Ferrovial's shares. The company has reserved 500 million euros for shareholders who may oppose the move and wish to exercise their separation right, offering a repurchase price of 26 euros per share, currently below market value.

Despite the IBEX 35's good performance this year, bearish investors have consistently targeted the index, with Grifols and Indra being notably affected by hedge fund attacks. Grifols has been under pressure from AKO Capital and recently attracted another bearish investor, WorldQuant, which took a short position. The company's high leverage and lack of clear measures to address it contribute to the pessimism. Indra, a technology and defense systems company, has not seen new hedge funds enter its capital but did witness an increase in short positions from Syquant Capital. The uncertainty in the market is exacerbated by Indra's delay in appointing a new CEO to replace Ignacio Mataix.

Iberdrola's stock price surged nearly 6% in the last half of March, with year-to-date improvements reaching 5%. This increase positions the company close to its historical highs, driven by its anticipated expansion in the United States and growth in renewable energy capacity. The company, led by CEO Ignacio Sánchez Galán, has gained favor with experts due to its commitment to renewable energy networks. Market speculation about the imminent acquisition of PNM Resources has further convinced analysts. Barclays is optimistic about the acquisition, expecting a resolution around April 12, 2023. Iberdrola also announced a strengthened strategic alliance with Mapfre in Spain, a green energy supply deal with Mercedes-Benz, and a €1.5 billion offshore wind project with Siemens Gamesa in the UK.

Chris Hohn's investment fund, The Children's Investment Fund, has become the largest shareholder of Cellnex and has influenced significant changes in the company's leadership, including the dismissal of Bertrand Kan as chairman. The market has reacted positively, with Cellnex shares increasing by more than 5% in a week. Analysts have reiterated their confidence in Cellnex, and the company is expected to focus on organic growth and debt reduction. The appointment of Anne Bouverot as the new president and the anticipation of a new CEO are seen as positive steps towards resolving the company's leadership deadlock.

The proliferation of ESG rankings has led to uncertainty and calls for standardization to prevent companies from superficially boosting their sustainability image. The mobile telephony sector in Spain recently showcased the disparity in ESG rating criteria. The financial ecosystem is also grappling with the new, hard-to-quantify concept of corporate ethics and responsibility. Iberdrola was distinguished by Ethisphere as one of the world's most ethical companies, a contrast to another recent ESG ranking by Merco, which placed Inditex as the most responsible company in the IBEX 35, with Iberdrola at number 33. These varying ESG measurements highlight the market's concern over the real weight of such classifications.

Despite market volatility due to the collapse of Silicon Valley Bank, ACS's stock remained resilient, driven by four key catalysts: strong 2022 financial results, positive developments in France, the United States, and Australia, and market optimism about potential structural simplifications. ACS's performance exceeded market expectations, leading to increased stock price targets from several financial institutions. The company's international diversification and strategic projects, such as a major contract in Pearl Harbor, further bolstered its market position. Analysts remain optimistic about ACS's future, particularly regarding its potential asset sales and structural simplifications.

Cellnex's bonds have seen a price increase since March 1, 2023, and are expected to continue to rise in anticipation of a credit rating improvement by Standard & Poor's. The company's shift in strategy to focus on debt reduction and credit rating improvement has placed bondholders at the center of its priorities. Analysts from Bloomberg Intelligence suggest that Cellnex's bonds, especially the dollar-denominated bond XS2385393405, have room for a tighter spread as the company moves towards an investment-grade rating with S&P. Long-term bonds are currently seen as more attractive, with the market already pricing in the anticipated rating upgrade.

Over the past nine months, Cellnex has experienced significant changes, including a strategic business shift, the CEO's departure, and takeover rumors boosting its stock price. British magnate Chris Hohn, through his fund The Children's Investment Fund Management (TCI), has increased his stake in Cellnex, becoming the second-largest shareholder. Hohn's total control, including his foundation CIFF Capital, now stands at 7.575%. This increase coincides with a reduction in his stake in Aena, suggesting a strategic shift in his investments. Hohn's influence is expected to play a crucial role in selecting Cellnex's next CEO.

Repsol is set to continue its strong performance into 2023, focusing on accelerating its energy transition and transforming into a multi-energy company. The company has already achieved 90% of its strategic plan's cash generation target three years ahead of schedule and has met its share buyback goal for 2021-2025. Repsol announced an 11% dividend increase and a new share buyback program for 2023. Analysts from Renta 4 and GVC Gaesco expect further updates to the strategic plan, particularly regarding shareholder returns, as Repsol's cash generation remains robust. Bloomberg Intelligence and Fitch have also confirmed Repsol's solid financial performance and credit profile.

Grifols has faced a challenging end to the first quarter in the stock market, with its trusted short seller, AKO Capital, profiting nearly €700,000 from increased short positions following the resignation of Steven F. Mayer on February 21. AKO Capital raised its short position from 0.84% to 1% in two increments, capitalizing on the company's declining share price, which fell from €12.8 and €12.6 on February 22 and 24 to €10.6 by March 8. The market's negative reaction to Grifols' financial results and perceived instability in leadership has been detrimental to optimistic investors but beneficial to AKO Capital. Analysts from Morgan Stanley and Deutsche Bank have expressed concerns over Grifols' lack of clarity on debt reduction and margin recovery, with Deutsche Bank maintaining a neutral position and a target price of €10 for Grifols' shares.

European green bond issuance is gaining momentum in 2023, with IBEX 35 companies like Iberdrola and Telefónica issuing significant green bonds. Iberdrola's recent issue offers a 5% yield, while Telefónica's January issue promises a 6.4% yield, with a November 2022 hybrid bond reaching 6.9%. Red Eléctrica's January 2022 green hybrid bond has a 4.625% coupon. These instruments support European decarbonization goals and offer attractive returns to investors.

Major companies globally are striving for gender equity within their structures, and according to Moody's latest report, this effort is reflected in the companies' good credit health. Gender diversity on boards is linked to credit quality, particularly in North America and Europe. Women's presence on boards, contributing diverse opinions, is seen as beneficial for corporate governance and credit quality. The analysis of over 3,000 companies showed that women have an average representation of 31% on boards associated with positive governance characteristics, while this figure drops to 18% for companies with very negative governance exposure. Europe surpasses North America in gender diversity, with European companies having 32% female board representation compared to 28% in North America. Moody's report also indicates that companies have improved in most rating categories and expects gender diversity on boards to continue increasing due to new government mandates, investor pressure, and stricter reporting requirements. However, gender parity is still far from being achieved, with service-oriented companies having more diverse boards than heavy industries.

Grifols experienced a significant stock price drop of around 20% at the end of February, following the resignation of executive Steven F. Mayer and the release of less favorable profits and conservative 2023 guidance. Despite a 23% growth in annual revenue, the company's high debt ratio remains a concern. Grifols is under pressure to detail additional measures to reduce its debt ratio from 7.1 to the targeted 4 times. Barclays and Bankinter analysts reacted to Grifols' situation with cautious optimism and neutrality, respectively. Speculation suggests Grifols may look to China for partial sales to alleviate debt, but the company has ruled out capital increases due to low stock value.

Biodiversity is emerging as a strong ESG investment theme, yet fund managers are largely overlooking it. ShareAction, an NGO promoting responsible investment policies, found that only 10% of surveyed asset managers have a comprehensive biodiversity policy. The report comes after COP15's biodiversity agreement, likened to the Paris climate accord. European asset managers outperform their US and Asian counterparts, with Robeco scoring highest, followed by BNP Paribas, Aviva Investors, and Legal & General Investment Management. ShareAction highlights the urgent need for action on global issues to avoid disasters, noting that the asset management sector is lagging in environmental, social, and governance metrics. JPMorgan's asset management unit showed significant improvement, while Blackrock and others ranked lower.

ACS is set to present its 2022 financial results, confirming a business recovery and closing the chapter on the pandemic, yet still falling short of pre-Covid-19 revenue levels. Analysts predict revenues of 31.941 billion euros, a 14.75% increase from 2021 but below the 39.049 billion euros in 2019. Profits are expected to be around 587 million euros, lower than the 722 million euros in 2021, influenced by the sale of Vinci and other extraordinary sales. The market is keen on ACS's 2023 outlook, especially after consolidating moves in 2022, such as delisting Cimic and increasing stakes in Hochtief. Analysts from Bloomberg Intelligence anticipate a sustainable recovery for ACS, bolstered by key project revenues and a rebound in infrastructure construction, particularly in the US due to the 2021 Infrastructure Investment and Jobs Act. ACS's net treasury position allows for potential mergers and acquisitions up to 4 billion euros. Renta 4 analyst Ángel Pérez looks forward to ACS's press conference for insights into 2023 prospects and potential acquisitions.

Acerinox is projected to report a record profit of €830 million for 2022, driven by a 30% increase in revenue and a 32% rise in profits compared to the previous year. The growth is attributed to the recovery in demand post-pandemic and sustained improvement in steel prices. Despite the positive outlook, experts from Barclays and Renta 4 advise caution due to potential slowdowns in the first quarter of 2023, high inventory levels, and market challenges in Europe. Investors are advised to monitor base prices, inventory levels, and demand trends amid recession fears.

American Tower's executives, during their 2022 financial results presentation, cooled speculation about a potential takeover bid for Cellnex by stating they do not see any compelling M&A opportunities at the moment. This stance aligns with their priority to reduce leverage and maintain their investment-grade credit rating. Following these remarks, Cellnex's share price on the IBEX 35 dropped sharply. Both companies have expressed similar strategies of focusing on debt reduction and improving existing infrastructure rather than expansion through acquisitions.

Deutsche Bank has revised its outlook on Telefónica, suggesting that improvements seen in 2022 are less likely to continue into 2023. The bank changed its recommendation from 'buy' to 'neutral' and reduced the target price from 6.4 to 5 euros, citing concerns over Telefónica's high leverage and valuation. Deutsche Bank highlighted the possibility of Telefónica reducing its debt by selling parts of its business, which could include actions involving Telefónica Deutschland. The bank also raised the possibility that Telefónica might need to revise its dividend policy in light of high interest rates and its current leverage.

Inditex and 60 other companies in Galicia, representing 61% of the region's GDP, have passed the ESG examination conducted by Economía Digital Galicia for the third edition of the 'Atlas Gallego de la Empresa Comprometida'. The report, directed by Julián Rodríguez Moscoso, assesses local companies' commitment to Galicia and broader humanity issues. It also examines corporate governance, environmental policies, and social relations, with a focus on going beyond conventional corporate social responsibility marketing tools. The findings will be presented on February 24 in Santiago de Compostela, with notable attendees including the economic vice president of the Xunta de Galicia and the president of the Confederation of Businessmen of Galicia.

Grifols' appointment of Steven F. Mayer as new chairman and a subsequent cost reduction plan, including over 2,000 layoffs, has regained market confidence, reflected in a nearly 70% stock price increase since October. Skeptical analysts from Barclays and Bankinter have revised their stances to neutral and buy, respectively, with Barclays raising Grifols' share value from 9 to 13.5 euros and Bankinter from 11.75 to 16 euros. The consensus target price for Grifols' shares has risen to 17.66 euros. Grifols will present its financial results on February 28, with a focus on improved performance and details on the partial sale expected in Shanghai RAAS.

The ESG or green bond market experienced a decline of up to 22 percent in 2022, within the broader slowdown in corporate bond issuances. However, Scope Ratings anticipates a favorable rebound in 2023. ESG-linked values accounted for 30 percent of all non-financial European corporate bond issuances in 2022, up from about 25 percent in 2021, according to Eugenio Piliego, director at Scope Ratings. Despite a sharp global drop in corporate bond issuances last year due to inflation, interest rate hikes, and macroeconomic uncertainty exacerbated by the Ukraine war, treasurers were comfortable issuing ESG-linked debt. Early 2023 saw significant ESG bond issuances from major European companies such as Engie, Thames Water Utilities Finance, Air France-KLM, Iberdrola, and Telefónica. Andrés Sánchez Balcázar from Pictet AM advised investors to evaluate the overall issuer and the intended use of funds from green bond issuances, citing that green bonds have requirements that are somewhat lax, allowing issuers to allocate only a portion of the issuance to green projects.

The Finaccess Compromiso Social Europa RV fund, co-managed by Finaccess and AFI, aims to balance profitability with social commitment in 2023. It invests in companies with strong ESG ratings and growth prospects, focusing on sectors like health, education, and technology. The fund's portfolio, with a significant Spanish presence, prioritizes sectors expected to thrive due to inflation and societal shifts towards digitalization and decarbonization. Mapfre is highlighted for its global insurance strategy and financial education efforts. Telefónica is recognized for enhancing technological access, while Cellnex is valued for its role in telecommunications and Smart Cities development.

ACS's nine-month 2022 financial results showed a recovery in revenue but tighter margins due to inflationary pressures and global supply chain tensions. Market predictions for the full-year results suggest a stagnant growth outlook. However, ACS's international ventures in the United States and Australia, particularly through Hochtief, are viewed positively due to a strong order book and infrastructure project prospects backed by the U.S. government. Analysts expect ACS's construction revenue to continue improving, led by Australian operations. ACS has also capitalized on its international network post-pandemic, securing significant contracts such as a major gold mine in Australia, metro construction in Sydney, mining contracts in Indonesia, a toll road concession in Texas, and a manufacturing plant for electric vehicle battery materials in Kentucky.

The National Gallery of Victoria in Melbourne, Australia, is currently hosting an exhibition featuring 10 Terracotta warriors and 10,000 porcelain birds. This exhibition, brought by Master Cai Guoqiang, aims to provide visitors with a comprehensive experience of Chinese history spanning 1,200 years. Wayne Crothers, the Senior Curator of Asian Art at the NGV, emphasized the holistic nature of the exhibition in terms of historical coverage.

Simon Carson, the general manager of MA1 and Absolute MMA in Melbourne, discusses the potential for business growth in China due to the country's rising middle class and increasing focus on health and wellbeing. He sees an opportunity for expanding their gym presence across China. Simon has around 20 years of experience in martial arts and has been importing fitness goods from China for over a decade, leveraging China's position as a major manufacturer of fitness equipment to support his business.

The article discusses the growth of the craft beer industry in Australia, highlighting its success despite a decline in overall per capita beer consumption. Craft beer sales have been experiencing a 10% annual growth and are projected to reach $5.1 billion in manufacturing by the 2018-2019 period. The article focuses on Temple Brewing, a Melbourne-based craft beer company with 11 employees, which is expanding its market by exporting to China. Exports currently account for 10% of their 2 million liters of annual production, and the company anticipates a 40% growth this year due to the Chinese market's demand for distinctive international flavors.

The article discusses Australia's livestock industry, highlighting its international recognition and significant contribution to the country's exports. In 2017, meat exports were valued at $9.1 billion, accounting for 4% of Australia's total exports. The beef sector is particularly emphasized as a key part of the livestock industry, with Australian companies like Greenham benefiting from the increasing demand for beef in China. The vast Australian geography allows for large-scale free-range farming, which is advantageous for raising cattle and producing premium beef that is marketed internationally.

The Raval neighborhood in Barcelona is facing a crisis due to the proliferation of 'narcopisos'—apartments used for drug trafficking. This has led to a mobilization of local residents and community platforms like Acció Raval, which aims to improve living conditions by mapping these locations. The issue has caused division within the Barcelona City Council and has prompted political parties to pressure Mayor Ada Colau's administration for solutions. Despite meetings with various associations, the government's response is seen as ineffective, a problem echoed in other Spanish cities such as Madrid's Vallecas and Lavapiés, as well as Valencia, Sevilla, and Bilbao.

The article discusses the state of rugby in Barcelona, contrasting the high-profile football transfers of FC Barcelona with the less publicized world of local rugby. It highlights the history of rugby in the region, its amateur status, and the efforts to professionalize the sport. Despite limited financial support and infrastructure, rugby is gaining popularity, with FC Barcelona's rugby team competing in Spain's top division and all seven city teams featuring women's squads. The article also notes the challenges faced by clubs, such as high travel costs, and the unique step taken by CN Poblenou to join an English league to save on expenses. The growth of rugby in Barcelona is evident, with the men's national team's participation in the 1999 Rugby World Cup marking a rise in the sport's popularity, and the women's team, Las Leonas, ranking 10th in the world.

The article discusses the growing popularity of martial arts in Barcelona, a city traditionally dominated by football. It highlights the philosophy behind martial arts, emphasizing hard work, humility, and dedication, and the benefits of martial arts training, such as improved fitness and confidence. Jordi Lloveras, a black belt in Brazilian jiu-jitsu and owner of El Club de la Lucha Barcelona, shares insights into the increasing interest in martial arts and his experience as a UFC commentator. Marc Campos Mula, CCO of Fight Time, talks about their efforts to promote martial arts through a TV channel and app. The article also mentions notable Catalan martial artists and the diverse international community participating in local martial arts gyms. Additionally, it provides information on various martial arts gyms in Barcelona, each offering different styles and training programs.

Poblenou, a neighborhood known as a hub of industrial Barcelona, is increasingly becoming a trendy spot in the city. The area's large abandoned warehouses, which once sheltered various artists, are now being promoted as a center of creativity, culture, and commerce offering innovative proposals. The second edition of 'Poblenou Open Night', an annual event organized by the creative community 'Poblenou Urban District', took place yesterday with over 70 establishments participating, including art galleries, artist studios, advertising agencies, hotels, shops, and traditional gastronomic spaces like a horchateria, all joining the celebration that took place on Friday night.

Carme Chacón, a member of the Spanish Socialist Workers' Party (PSOE) and its Catalan counterpart, the PSC, discusses the potential consequences of the left-wing vote dispersion in the upcoming elections, which could result in Mariano Rajoy remaining as president. She criticizes the political party Ciutadans for supporting the People's Party (PP) and aligns the PSC with a federal solution to the Catalan territorial crisis. Chacón also addresses the decline in votes for traditional parties, the need for a federal solution to Spain's territorial issues, and the social division in Catalonia.