S&P 5005,632.41+0,18%Nasdaq 10019,784.12+0,31%IBEX 3511.840,50 pts+0,42%Apple$227.14+0,21%Microsoft$421.06+0,15%NVIDIA$178.32+0,64%Alphabet$174.88+0,09%Amazon$181.45+0,27%Meta$512.73+0,11%Tesla$241.18-0,38%JPMorgan$248.90+0,22%Inditex€45.12+0,18%Santander€7.84+0,35%Iberdrola€14.62+0,08%BBVA€13.41+0,29%S&P 5005,632.41+0,18%Nasdaq 10019,784.12+0,31%IBEX 3511.840,50 pts+0,42%Apple$227.14+0,21%Microsoft$421.06+0,15%NVIDIA$178.32+0,64%Alphabet$174.88+0,09%Amazon$181.45+0,27%Meta$512.73+0,11%Tesla$241.18-0,38%JPMorgan$248.90+0,22%Inditex€45.12+0,18%Santander€7.84+0,35%Iberdrola€14.62+0,08%BBVA€13.41+0,29%

TOKYO·—MADRID·—NYSE·—

SEARCH RADAR // MACRO_SECTOR

[EUROPE // RESEARCH]

MACRO & SECTOR[EU]

Two atms stand by the sea under a cloudy sky

Institutional European aviation flows: capital rotation into long-haul networks backed by 1.09 billion FCF

IAG consolidates a 22.13 billion euro market capitalization under a 4.25x EV/EBITDA multiple, redefining institutional allocation across European transport assets. Macro-sector analysis examines wholesale liquidity transmission and balance sheet resilience.

KEY TAKEAWAYS

IAG reports a market capitalization of 22.13 billion euros with a share price of 5.05 euros.
Valuation multiples stand at 4.25x EV/EBITDA and 7.88x PER.
Free cash flow reaches 1.09 billion euros supported by an EBIT margin of 16.1%.
Return on equity (ROE) scales to 42.1% under current capital structure parameters.

READ FULL ANALYSIS →

[MARKET PULSE]

Fear & Greed // Macro weather

LIVE

FEAR & GREED INDEX

GREED

050100

MACRO WEATHER GAUGE

GLOBAL LIQUIDITYEXPANSIVE
VIX 17.8MODERATE 15-25
RATE REGIMEHIKE

VISUAL SCREENER

Market map

Market-cap treemap. Pick index, metric and sector. Click opens the desk note or the TradingView quote page.

METRIC

SECTOR

Consumer

Healthcare

Tech

Industrials

Utilities

Financials

Textile

Energy

Banks

Auto

Insurance

Materials

Size ≈ market cap · color = selected metric

DownUp

EUROPE & WALL STREET

SAN.MC

Santander

€7,84

ASML

$876.40

ITX.MC

Inditex

€45.12

NVDA

NVIDIA Corporation

$178.32

AAPL

Apple Inc.

$227.14

BYLINES

Signed columns from the desk

SIGNED COLUMN[EU]EU10Y

Whoever sells institutional stability in Frankfurt prefers you ignore the credit crunch in the real economy

Frankfurt prioritizes expectation debates over real credit availability for peripheral firms.

Read column →

Rafael Roca

Founder & editor · AlphaMetrics Desk

FUNDAMENTAL ANALYSIS

Ibex, Stoxx and capital quality

VIEW ARCHIVE →

EQUITY RESEARCH[EU]ANE.MC

Acciona Energía: negative cash flow and valuation multiples in the renewables segment

Acciona Energía exhibits a divergence between a 56.8% gross margin and a negative free cash flow of €-408.72M due to capital expenditure requirements. Trading at 43x earnings and 13x EV/EBITDA, valuation prices in operational acceleration against a modest 7.1% EBIT margin.

ON THE COVER

City skyline silhouette over water at sunset

Linde sustains defensive multiples through long-term cryogenic supply contracts

Silhouette of city skyline against a colorful sunset

Linde sustains demanding multiples through cash discipline and long-term contracts

City skyline with modern skyscrapers against a clear sky

Frankfurt cheers rate cuts while real dollar absorption drains peripheral credit

a living room filled with furniture and a fire place

Frankfurt chases digital chimeras while European credit languishes in the trenches

CALENDAR // EARNINGS & MACRO

CET

11 SEPT
IPC EE.UU.HIGH
IPC EE.UU.
Consensus +0,2% m/m · +2,7% a/a
17 SEPT
FedHIGH
FOMC y dot plot
Consensus Fed funds 4,25-4,50%
18 SEPT
ITX.MCMEDIUM
Resultados 1S
Consensus Margen bruto estable
02 OCT
SAN.MCMEDIUM
Investor Day
Consensus RoTE 2026 >15%

THE MARKET WIRE

Latest publications

COMPANY DEEP DIVES

Fundamental analysis

FER.MCFerrovial

Ferrovial: valuation multiples demand a closer look at underlying free cash flow

P/E: 64.8x
EBIT margin: 10.4%

READ FULL CARD

REP.MCRepsol

Repsol: multiple discounts mask the underlying operational cash generation

P/E: 8.80x
EBIT margin: 15.3%

READ FULL CARD

SAN.MCSantander

Santander: capital valuation leaves operating margins trading below book value

P/E: 14.4x
EBIT margin: 43.4%

READ FULL CARD

THE MARKET WIRE

Latest publications

13F SMART MONEY

Institutional flow monitor

ASSET	FUND	ACTION	% PORT.
AAPL	Berkshire Hathaway	INCREASE	22.40%
AXP	Berkshire Hathaway	INCREASE	12.10%
KO	Berkshire Hathaway	REDUCTION	6.80%
UNH	Scion Asset Management	NEW POSITION	4.25%
GOOGL	Scion Asset Management	REDUCTION	3.10%
BABA	Scion Asset Management	EXIT	0.00%
GLD	Bridgewater Associates	NEW POSITION	2.85%
IEMG	Bridgewater Associates	INCREASE	5.40%
TLT	Bridgewater Associates	REDUCTION	1.95%
NVDA	Citadel	INCREASE	3.60%
AMZN	Citadel	NEW POSITION	2.15%
SAN.MC	Citadel	EXIT	0.00%

FX & COMMODITIES

LIVE

EUR/USD

1.1617

-0.09%

Brent crude

$107.85

+12.02%

Gold

$4,385.50

-1.00%

THE MARKET WIRE

Latest publications

DEEP TECH

Semiconductors and hyperscale

VIEW ARCHIVE →

DEEP TECH[EU]AMAT

AMAT: Lithography capacity constraint and CapEx intensity under a 37.33x EV/EBITDA multiple

Applied Materials trades at a 41.49x P/E multiple, reflecting sustained investment in advanced process nodes. We analyze the operational balance between a 49.4% gross margin and equipment backlog for semiconductor manufacturing.

DEEP TECH
Inference demand and NVDA: 74.1% gross margin compression versus hyperscale architectures
NVDA

MACRO

Rates, liquidity and geoeconomics

VIEW ARCHIVE →

MACRO & SECTOR[EU]AMS.MC

Amadeus: free cash flow generation and valuation multiples amid European liquidity

Amadeus reports a market capitalization of 24.42 billion euros and free cash flow of 2.91 billion, demonstrating strong conversion within the tourism sector. The desk examines this performance against European Central Bank policy and rate transmission across corporate funding curves.

DIGITAL ASSETS

Bitcoin, ETFs and on-chain flows

VIEW ARCHIVE →

DIGITAL ASSETSBTC-USD

iShares Bitcoin Trust: the 61.44 billion dollar AUM dynamic reshapes market structure

The iShares Bitcoin Trust concentrates 61.44 billion dollars in assets under management, shifting focus from retail narratives to institutional supply absorption. Daily net flows in the spot ETF drive price formation across global trading desks.

DIGITAL ASSETS
BTC-USD: spot ETF net flows and derivative open interest amid the institutional cycle
BTC-USD

[GREEN // TRANSITION & CLIMATE]

Capital, policy and companies moving the energy transition

[ENERGY TRANSITION // DATA DASH]

LIVE

426.3 ppm CO₂

Atmospheric concentration

NOAA Mauna Loa

+1.56 °C

Global thermal anomaly

vs. pre-industrial mean

€68.40 / t

CO₂ emission allowances

EU ETS Carbon

[MEDIA DESK // VIDEO BRIEFINGS & COVERAGE]

Institutional coverage from the press room and the terminal.

[AUDIO DESK // CURATED PODCASTS]

Financial podcast radar

42 min

Odd Lots

Market plumbing, liquidity and commodities

Brad Setser on the US's unusual Japanese yen intervention

APPLE YOUTUBE

37 min

The Macro Compass

Liquidity regime, rates and global allocation

On sizing options, the Fed and the JPY

APPLE

91 min

All-In Podcast

Tech, policy and capital markets

Dario defends himself, datacenter panic, AI doomer trap

APPLE YOUTUBE

71 min

Capital Allocators

Endowments, family offices and the investment process

Rebuilding the NYU endowment, with Michelle Knudsen

APPLE

68 min

Bankless

Cryptoassets and decentralized finance

What's next for Bitmine after 5% of ETH, with Tom Lee

APPLE

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Institutional European aviation flows: capital rotation into long-haul networks backed by 1.09 billion FCF

Fear & Greed // Macro weather

Market map

Signed columns from the desk

Whoever sells institutional stability in Frankfurt prefers you ignore the credit crunch in the real economy

Ibex, Stoxx and capital quality

Acciona Energía: negative cash flow and valuation multiples in the renewables segment

The week's essentials, in your inbox on Sunday

Linde sustains defensive multiples through long-term cryogenic supply contracts

Linde sustains demanding multiples through cash discipline and long-term contracts

Frankfurt cheers rate cuts while real dollar absorption drains peripheral credit

Frankfurt chases digital chimeras while European credit languishes in the trenches

Latest publications

European yield curves celebrate a false armistice while sovereign issuance starves collateral markets

Frankfurt chases digital chimeras while banking margins protect their own inertia

Fundamental analysis

Ferrovial: valuation multiples demand a closer look at underlying free cash flow

Repsol: multiple discounts mask the underlying operational cash generation

Santander: capital valuation leaves operating margins trading below book value

Latest publications

Buying the central issuer's digital rhetoric while the system crosses borders blind

IBE.MC: grid expansion strategy and capital allocation amid high-voltage capacity demand

Institutional flow monitor

Latest publications

European banking flows: institutional capital allocation towards BBVA return on equity

The ECB celebrates digital liquidity while banks shield their deposit spreads

Semiconductors and hyperscale

AMAT: Lithography capacity constraint and CapEx intensity under a 37.33x EV/EBITDA multiple

Rates, liquidity and geoeconomics

Amadeus: free cash flow generation and valuation multiples amid European liquidity

Bitcoin, ETFs and on-chain flows

iShares Bitcoin Trust: the 61.44 billion dollar AUM dynamic reshapes market structure

Capital, policy and companies moving the energy transition

Endesa: sovereign yield curves condition the cost of capital in distribution networks

Acciona Energía: operating cash burn shapes the capital return debate

Redeia: EBITDA cash conversion and operational cash flow dynamics in transmission grids

Financial podcast radar

Odd Lots

The Macro Compass

All-In Podcast

Capital Allocators

Bankless