Bearish blow of weight in Telefónica. The Canadian pension fund has raised a position made up of 28.75 million shares of the telecom company that has made the company chaired by José María Álvarez-Pallete the most exposed to bears in the entire Ibex in absolute terms, with 208 million euros against. At market prices last Friday, the Canadian position would be valued at around 104 million euros. In terms of weight over the total capitalization of the Spanish listed company, it represents 0.5% of the entire value of the company.
The movement of the Canada Pension Plan Invest Board (CPP) officially took place last Friday, according to the records of the National Securities Market Commission. After the operation, the total of bearish bets made public in the Telefónica shareholding reached 1% of the company’s capitalization, since previously, BlackRock already had a bet of a similar magnitude to the one that the Canadian fund has now established.
With the sum of the two positions that weigh on Telefónica, the teleco has become the Spanish listed company whose bearish bets are higher in absolute terms, as they exceed 208 million euros in value. Telefónica has taken the position from Cellnex, a company that still has 179 million euros in bearish positions. By percentage of the total capital, Solaria is the one with the largest presence proportionally speaking, with 5% of the capital.
In the last 12 months, Telefónica shares have lost 24.15% of their value, although, so far in 2023, they have risen 7.27%. Despite being the most prominent bearish objective, the Bloomberg analyst consensus gives a 12-month target price of 4.51 euros per share, that is, a 24.2% revaluation potential for this period of time.
According to CNMV records, as of July 9, of the 35 listed companies that make up the Ibex, 11 of them hold short positions that exceed 0.5% of their capitalization. In addition to Telefónica, the Canadian pension fund also has notable bets against Bankinter (0.61% of the capital) and Enagas (4.21% of bearish positions in total, with 0.7% from Canadians).
This same Friday that the CPP raised its bet against Telefónica, ACS was the target of another movement in this regard. Ako Capital raised its bearish position to 1.23% of market value from 1.1% previously.
Adding the market value of all the bearish positions of the Ibex listed companies, the figure reaches 1,106.59 million euros.
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