2023 is off to a good start for the Ibex 35, good news for the State, one of the most prominent shareholders of the benchmark index of the Spanish market. The Government of Pedro Sánchez is recovering in the final stretch of the legislature almost everything lost in the value of its stock portfolio in the last three years of the pandemic, although it is still far from the maximum under the presidency of the Rajoy Executive. Under the leadership of the FROB, the EnAire entity and SEPI is the largest Spanish holding company, surpassing those privately managed by Criteria Caixa (La Caixa Banking Foundation) and Corporación Financiera Alba (March family).
Since last December 31, the value of the eight main state holdings in Aena, Caixabank, Airbus, Red Electrica, Indra, IAG, Ebro and Enagás has risen by around 2,000 million euros, approaching the barrier of 22,500 million euros, according to data at the close of Friday. It is a revaluation greater than 8% that beats the 7.9% of the Ibex 35 at the beginning of 2023 with good prospects.
In the case of the airport manager chaired by Maurici Lucena, his payment in 2019 was close to 430 million to the State for 51% of the shares he has in the company. Aena is not only the main source of income through this route, but also represents its largest participation with 10,400 million.
Caixabank, where it now holds 17.3% of the capital, has shot up its valuation on the stock market after the merger with Bankia and now represents 5,500 million euros in the state books. Airbus, the aeronautical consortium dominated by Germany and France, is the third largest investment with an import close to 3,900 million despite only having 4.2%.
20% of Red Eléctrica (Redeia) represents about 1,800 million, while the contractor Indra has risen to fifth place after its recovery on the stock market and the increase in participation to 25% of SEPI in 2022 after taking office. control of the company together with the military contractor Sapa and the ‘hedge fund’ Amber Capital. IAG (2.5%), owner of Iberia, Ebro Foods (10.3%) and Enagás (5%) complete the public list.
dividends soar
In addition to the value of the shares on the stock market, the flow of dividends for the State will double in the next twelve months from the 321 million euros that it has entered in 2022 from Caixabank, Ebro, Enagás, Red Electrica, Airbus and Indra, until touching 800 million in 2023 if Aena and IAG finally pay out their traditional shareholder payments again.
Only through this route, as a capitalist of the eight companies, the Government will be able to count on double the income that it obtains with the Tobin Tax or the Tax on Financial Transactions that Sánchez launched to tax the sale of Spanish companies on the stock market. that are worth more than 1,000 million euros. Until November, according to data from the Ministry of Finance, only 284 million euros were collected in this way.
In addition to these long-term stakes in listed companies, the State, through SEPI, executed a total of 30 temporary public support operations in 2021 through soft loans, some of them directed to listed companies such as Téda Felguera, Tubos Assembled or Airtificial. However, in none of these cases has there been a purchase of shares.
The so-called Solvency Support Fund for Strategic Companies (FASEE) allocated an amount of 3,255.8 million euros in 2021 to these 30 companies with assigned temporary support, employing nearly 62,000 people and billing a total of 20,248 million of euros. The aforementioned vehicle was a tool created by the Government to reactivate the post-COVID economy and maintain employment.
