Solvency and Covid put funds and large investors on the lookout for Spanish companies

Spanish companies are trying to overcome the devastating effects that the coronavirus pandemic is having on their accounts.

The stock-market crash has left a large number of listed companies within bidding, but outside the listed markets the outlook is not much better.

are leading many companies into a compromised situation, and all of this provides the ideal breeding ground for rival companies,

be on the lookout for attractive operations.

According to data obtained by ASCRI (

), the volume of investment in the Spanish market reached 3,712 million euros until September 30, 2020. By type of investor, international funds were responsible for the 80% of the total invested, compared to 18.8% of private national investors and 2% of public national investors.

However, activity could be higher in the coming months.

Financial sources assure

that lately they are receiving

companies

, which gives an idea of ​​the search for alternatives in the face of difficulties.

A throw from opa

Up to 28 of the 35 companies that make up the Ibex 35 remain in the

on the annual balance sheet, and of them, a total of seven (

) have lost more than one 50% of its value.

"Two of the companies that are in the eye of the large investment funds are Telefónica and Repsol. The first is mainly due to the interest of the German telecommunications giant,

, while the oil company suffers on the stock market due to the drop in demand for crude oil worldwide, "says Diego Morín, market analyst at IG Markets.

Morín also points to the position of

, which a few months ago aroused the interest of the Canadian group

and other funds without, so far, none of them having specified that interest in an offer.

However, it is one thing that the capitalization of certain securities can be attractive and another thing is that it is easy to launch a bid on them.

Among other things, because the Government activated a mechanism last March to shield Spanish listed companies from possible offers from outside the European Union.

The Executive aimed precisely to prevent international investors from taking relevant positions in strategic companies in the country taking advantage of the stock market crash due to the coronavirus.

"This mechanism has been positive and fundamental for the Government to achieve its objective. Without it, many more operations would have been seen in these months," says

, professor at EAE Business School and founding partner of Nero Ventures.

According to his analysis, companies and assets related to

are now the ones that arouse the most interest in large funds and investors.

"In general, everything related to infrastructure," he adds.

On prices, there is no clear perspective.

In the words of

, Partner responsible for Strategy and Transactions at

, "Covid has radically shaken the game board. We are facing a scenario of high uncertainty where forecasting the financial projections of companies is almost an exercise in science. fiction and where to price assets is tremendously complex. Despite this environment,

is called to play an essential role in the capitalization of Spanish companies. "

Hotels

Outside of the listed markets, one of the sectors that is most closely watched is the

.

"As in all crises, investment opportunities are emerging for all those

that have liquidity. It has been a very hard summer for the tourism sector and the financial needs of the offer are beginning to be noticed despite the government's aid" , says

founding partner of

, a Barcelona consultancy that manages assets and real estate investments.

"Operations that

, today can be closed due to the impact of Covid-19 on the treasury of private owners or even large hotel chains," he adds.

Based on their experience, and contrary to what might be thought, prices remain stable despite the new confinements.

"Beyond Barcelona and Madrid, other real estate

as

registering a notable increase in the interest of investment funds and

, which are trying to acquire them at more competitive prices than before the pandemic, "he says.

According to the data compiled by the consultancy, the most sought after asset is a hotel with 80 rooms with prices ranging between 200,000 and 600,000 euros per room, depending on its location, which means that the total price of the operation ranges between 15 and 50 million euros.

In

arteries such

as Barcelona's Paseo de Gracia or Madrid's Gran Vía, the price per room is 400,000 to 600,000 euros;

in second lines, the price of the room drops to 300,000 euros, and in the first crown of the metropolitan area of ​​large cities, it is 200,000 euros.

According to the criteria of The Trust Project

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