On full scourge of the pandemic, almost half of the Ibex 35 companies took the opportunity to increase positions on your own capital. A strategy in which Colonial, Bankinter and Banco Sabadell stood out, either because of the opportunity to build treasury shares at a discount or as a way to cushion its downward trend.
These three listed companies were the ones that within the king index of the Spanish stock market reinforced positions on their own shares with more determination throughout the 2020 of the pandemic. Nevertheless, up to 16 listed companies on the selective increased their treasury stock in the same period, as evidenced by figures compiled by the BME Research Service and analyzed by this portal.
This is the final photo of a year 2020 that has gone down in history as the sixth worst in the entire trajectory of the Ibex 35. The Spanish stock index par excellence ended last year with a decline of 15.45% that translated into a hit of 70,160 million euros for their joint capitalization.
Multiply by nine
At the undisputed front of this practice was Colonial. The Socimi multiplied its weight over its own shares by more than nine times: from 0.07% that it recognized at the end of 2019 to 0.66% that it indicated at the end of 2020 in which it had to deal with its sinking to historical lows .
The jump between one figure and another is no less than 842.9% although its participation relative to the whole of its capital stock is still more than modest. At the end of last year, which resulted in a 29% cut in its capitalization, the valuation of this package was around 27 million euros.
The second that most strongly fattened its treasury stock was Bankinter. The data compiled by the governing society of the Spanish stock exchanges shows a sensible increase from a testimonial 0.02% of the capital up to 0.13% of it. In other words, a year-on-year rebound of 252.6% in the midst of the pandemic.
As of today, based on the latest update of this reference in the supervisor’s records, the treasury stock is even somewhat broader. And it is that on April 26, positions for 0.154% of its share capital were reported mainly through indirect ownership, a formula by which it recognizes a weight of 0.088%.
Without leaving the sector, the third value of the Ibex that most reinforced its weight over own shares was Sabadell Bank, which since shortly after the outbreak of the health crisis in Europe pointed out ways in this regard. In this case, the increase in positions is 300%, which implies four times more securities purchased than at the start of 2020.
In this case, the end result is more significant. The treasury stock of the Vallesana entity has gone from 0.02% in 2019 to 1.16% at the end of a year later. Nevertheless, the trend seems to have reversed more recently, since now it only recognizes before the National Securities Market Commission (CNMV) positions for 0.81% of its shares.
Seven double (at least)
Beyond this particular podium, another four listed Ibex 35 finished the year 2020 with a treasury stock with double or more weight than at the beginning of the exercise. These are Iberdrola (+ 252.6%), Banco Santander (+ 220%), PharmaMar (+ 141.8%) and ACS (+ 118.5%), according to the data extracted from the studies prepared by BME.
The last of this list is also the one that ended the year of the pandemic with a larger treasury stock, for 7.91% of its share capital. However, in this case it should be noted that the construction company follows a policy of repurchase and subsequent redemption of treasury shares thanks to which it eliminates the dilutive effect of its recurring election dividends and reinforces the remuneration to its shareholders.
Another of these companies closed the year with the most valuable treasury stock by virtue of its market value. In this case, the 32% countercurrent revaluation that Iberdrola accumulated throughout the past year, which translated into its 1.3% of shares reaching a valuation of 997.1 million euros.
According to an update of positions sent to the CNMV at the beginning of this month of July, the second most capitalized company of the entire Ibex -only behind Inditex- it currently has a treasury stock equivalent to 0.191% of its shareholding. And that translates into a market value of € 122.86 million.
Tourists lose weight
At the opposite extreme, some of the companies hardest hit by the pandemic ended the year with considerably more relaxed positions than at the beginning of the year. IAG (-74.4%) and Meliá Hotels (-92.7%) were clear examples of this. At the end of 2020, they had a treasury stock of 0.1% and 0.11% respectively.
On the other hand, only six listed companies kept their positions unchanged on its own capital. At least in the year-on-year comparison at the end of the year, this was the casuistry of Acerinox (0.03%), Endesa (0.14%), Enagás (0.19%), Siemens Gamesa (0.24%), Solaria ( 1.2%) and ArcelorMittal (2.95%).