Metagestion dismisses its CEO and ‘burns’ its third executive team in three years

The manager owned by the largest shareholder of the Montebalito construction company finalizes the return as CEO of Carlos Flores.

Miguel Méndez, in an archive photo of Metagestion.

Metamanagement increases your problems. The independent fund manager, one of the oldest in Spain, has dismissed its general manager, Miguel Méndez, after the poor results harvested in its two main strategies, especially in the one that has to do with the international stock market. It is the third executive team that ‘burns’ in three years. As Invertia has learned, the firm completes the return as CEO of Carlos Flores, who was already its president for just over a year between 2019 and 2020.

The two flagships of Metagestion are the funds MetavalueIberian equities, and International Metavalue, which invests in stocks from around the world. The first only rises 2.5% so far this year, compared to a revaluation of 10% in its index. The photo in the second is even worse. lose more than one -17%, while its comparable index rises 21.2%. Quite a burden, being in the last positions of the ranking.

Méndez has not been able to turn the situation around and has been dismissed for José Alberto Barreras, owner and president of Metagestion. Barriers is in turn the majority shareholder of the construction company Montebalitowhich is listed on the Continuous Market and whose personal fortune is managed by the manager that is under the umbrella of the construction group.

Carlos Flores.

Carlos Flores.
Metamanagement.

But the outputs in Metagestion do not end there. Another of the fund managers, closely linked to Méndez, has submitted his resignation. Is about Julian Lirolaaccording to sources close to the investment firm.

The question that investors are now asking is: who manages these and the rest of the house’s funds? The only manager left on staff is Ignatius Salido, since Alfonso Batalla left the daily management of the funds last December to take charge of the personal investments of the construction businessman. However, the firm has already opened a selection process to find replacements.

Flores, a fundamental profile

In these comings and goings of executives and managers, everything seems to indicate that it will be Carlos Flores who will take charge of the manager from now on, who is closing his contract in the absence of the last fringes. Flores arrived with Méndez in a double managerial signing in the summer of 2019. The first was given the presidency with commercial tasks and the aspiration to internationalize the firm, and the second depended on the general management with responsibilities for the products and investments of its wallets.

but both They collided from the first minute. Flores had a marked character as a long-term fundamental analyst, compared to technical analysis and trading of short term imposed by Méndez. That particular internal battle resulted in the departure of the first shortly after arriving. But now Barreras has pulled the agenda and has asked him to come back, with room to reintroduce the old philosophy of the house, which was long-term and, even, very dedicated to the value investing.

Flores has worked for firms such as ICBC Standard Bank, Bank of America Merrill Lynch, Goldman Sachs or Deutsche Bank, in positions related to the structuring of derivatives, sale of fixed income and currencies or financing and risk solutions, among others. Currently, he is a Managing Partner of Stormharbour Securities.

Madrid Stock Exchange.

Madrid Stock Exchange.
Europe Press.

Metagestion is responsible for more than 475 million euros in investment funds, according to Inverco with June data, although it managed more than 600 million precisely two years ago, very close to maximums, when it incorporated Méndez and Flores in the first stage of this. The lack of credibility before the investment community due to its constant rotation of teams, the bump in profitability and the Covid-19 crisis have formed the perfect storm for the shop. None of the parties involved have responded to the questions of this newspaper.

And, if he hasn’t lost more clients in this time, it’s because he keeps a collaboration agreement with the OCU,your main customer. OCU Inversiones recommends the Metagestion funds among its partners, although it is not a formal agreement, several of the sources consulted testify.

Horos and Beka fished in rough waters

The truth is that Metagestion has always been a manager with many changes in its leadership. But what we have experienced in the last three years has been a true roller coaster. In the summer of 2018, Javier Ruiz -at that time, Director of Investments-, Alejandro Martín and Miguel Rodríguez they went to Horos Asset Management as majority partners, which was started by José María Concejo, who for a few months -at the beginning of 2017- had also been CEO of Metagestion.

Today, your background Horos Value Iberia is the most profitable among those who invest in the stock markets of Spain and Portugal, with a rise in the year of more than 22%, surpassing its comparable Metavalor by practically 2,000 basis points.

The team that replaced them, made up of Fernando Cifuentes (a veteran of Metagestion) and Javier Martín, ended up joining Beka Finance in 2019 for its Asset Management division. Cifuentes is the director of Fondos Abiertos and Martín, the director of Investments.

There are numerous voices inside and outside that criticize the interference and personalism of Barreras, more an expert in real estate than anything else, in the daily administration of the manager, hindering the work of its executive teams. Despite the fact that he has had several offers to sell the investment firm, all of them have been rejected by him or the negotiations have been broken by the other, given the high price claims that the construction businessman has.

One of his daughters, Anabel Barreras, advises him however sell part of the capital -around 20% would be willing- to some external investment group, in such a way that it would give them financial lung and help them in the professionalization of the manager while Barreras father could continue flying over it but without an executive position. We will have to be attentive to see what happens in this new stage.

According to the firm itself, which has confirmed through an official statement the appointment of Flores after the news published by this newspaper, his total assets amount to more than 550 million if pensions and other portfolios are taken into account. “In this new stage, Metagestion maintains its objective of business growth focused on four fundamental lines: the growth in assets of the entity’s historical funds, the constitution of a new fund in Luxembourg to accommodate international business, the opening of an office in Barcelona and the start-up of the division of private and corporate portfolio management recently approved by the CNMV”, they explain from the manager.

Evergrande assures that it will present a restructuring plan in six months

The Chinese real estate developer will seek ways to optimize its financial structure and overcome the collapse of its debt.

Evergrande Group He has held a telephone conference with his creditors this Wednesday in which he has indicated that he plans to present his plan for restructuring within six months. This is stated in a statement sent by the Chinese promoter to the Hong Kong Stock Exchange.

In the conversation, Evergrande has assured that it has “reiterated” its position that it will evaluate the group’s business conditions with the aim of formulating a restructuring plan that protect “the rights” of all stakeholders.

In this sense, the promoter has urged its auditor to carry out all the preliminary work, while continuing to “listen carefully to the opinions and suggestions of the creditors”.

In any case, the Chinese promoter has warned that both the company’s investors and other types of investors must have “caution” when dealing with company values.

The Chinese real estate conglomerate, which accumulates liabilities of more than 300,000 million dollars (265,586 million euros), recognized in early December that there are no guarantees that you will have the necessary funds to meet its financial obligations.

XTB: “ArcelorMittal renews nine-year highs”

The steelmaker has shown strong signs of a reversal of the downtrend seen from 2018 highs.

ArcelorMittalwhich at the beginning of 2020 received the impact of the pandemic like the rest of the listed companies, has had -however- a performance since the lows of March that is very different from its reference market, the Ibex 35.

The steelmaker scored a spectacular revaluation during 2021 of more than 50%. Even despite the lateral range that began in March 2021 between 23.6 euros and the maximums from 2013 to 2018 at 32.12 euros per share.

And it was nothing more than the culmination of a greater revaluation observed during 2020. Specifically, from the lows of March of that year, the steel company soared more than 235%also exceeding pre-pandemic levels.

Is about a reversal of the observed trend from the highs in 2018, in which the company has been immersed in a corrective process in which it lost 50% of its value for two years.

During this period, ArcelorMittal was impacted by the drop in industrial metal prices of almost 40% together with a lower demand from its most important clients, among which the boat manufacturers stand out. However, in this new stage, the fall in demand together with the fall in the prices of raw materials was absorbed by the impact of the pandemic.

ArcelorMittal stock market evolution.

ArcelorMittal stock market evolution.
XTB

As steel and aluminum prices have recovered and industrial activity picks up again, the company benefits from the levels of industrial metals. And more specifically of steelclose to its all-time highs.

In this context, the listed company is in the process of throw-back (ABC) after topping nine-year highs for convert what has been a resistance in this period in a new support with which to relaunch its bullish rally.

In this sense, the extended 161.8% Fibonacci retracement from the recent sideways range shows us a first potential target of 35.6 euros per share. And a second target at 261.8% of the same decline, coinciding with the maximum environment of 2012 at 43.3%.

As long as aluminum and steel prices continue to trend, confidence in this move will remain in place.

***Dario Garcia He is an XTB analyst

Wall Street faces another crashing session of cuts for Netflix

The entertainment platform’s forecasts remain below market estimates and its shares fall sharply.

Wall Street wears red again one more day. The disappointment of investors with the accounts and business forecasts of Netflix is ​​contagious among the big technology companies and threatens to condemn several indices to his worst week in over a year. Even easing bond rates doesn’t smooth out declines.

Once the initial fear of a possible withdrawal of monetary stimuli more agile than what has been announced so far by the US Federal Reserve (Fed) has been overcome, there is once again a certain peace in the fixed income markets. The ten year bond of the world’s leading economy returns to move a little further away from the key 2% bound and this Friday around rates of 1.75%.

Despite this relief, sales on the New York Stock Exchange prevail due to the lack of enthusiasm generated by the accounts of the most agile companies in publishing their annual balance sheets. The Dow-Jones falls 0.5% to 34,500 points. 1.1% leave the S&P 500, around 4,400 points. Meanwhile, the technological nasdaq suffers almost 2% down and drills 13,900 points.

This is how Wall Street opens
Eduardo Bolinches

The fact that the only reference of a certain macroeconomic significance that saw the light this Friday has nailed the forecast of the experts also did not give reasons to relieve falls. A very widespread checkout that follows in the footsteps of Europe in a session in which, in addition, the first monthly expiration of derivatives of the year takes place.

The Conference Board main index it remains at 0.8% in its December reading. That is the level that the experts had predicted and that improves its previous reading by only one tenth of a percentage point, when it fell short of the consensus estimates.

Stampede on Netflix

With these ingredients, the focus of the session is directed with all its weight towards Netflix. The platform sees its shares fall 24% after realizing a net profit of 5,116 million dollars. Although the figure represents 85.2% more than a year ago, what disappoints are their subscription numbers.

the tech giant expects to increase its number of subscribers by 2.5 million throughout the first quarter of the year, a volume that represents a sharp slowdown in growth compared to the 8.29 million subscribers it gained in the last three months of 2021. A slowdown that even exceeds what the latest reports had recently been forecasting .

Intel dodges the blow

Without leaving the sector, Intel is news for the announcement that plans to invest 20,000 million dollars in the construction of two chip factories in Ohio (USA). An initiative with which he hopes to create up to 10,000 jobs in the region. In addition, it foresees that it will be enough to face the high demand for semiconductors. With these plans you get to add 1% against the current to your stock market price.

Once again, the head of Banco Santander in the US has announced that it is extending the deadline to acquire the shares of its subsidiary Consumer USA that are out of your control. On this occasion, the Deadline for acceptance of the takeover bid is moved to January 27 and it is the fourteenth time that it proceeds to an extension of this type.

platoon bounces

In the opposite direction to what happens on Netflix, this Friday is a comeback day for Platoon Interactive. The shares of the sports technology company manage to add 5% after the denial that its board would be programming production stoppages and layoffs due to a complex financial situation. Some information that in the final stretch of Thursday’s session resulted in a 23% drop for their titles.

The popularity of bitcoin changes the focus for its control: from the veto to the firewall

Cryptocurrencies have become an asset followed by masses of investors around the world, which is becoming increasingly difficult to fence.

A coin representing bitcoin breaks through a wall.

The efforts of the institutions to have control of bitcoin they change their accent. The unstoppable diffusion of cryptocurrencies has turned the focus on its regulation from the formulation of vetoes towards the introduction of firewalls between them and the world of traditional finance.

Given the evidence that these digital assets enjoy a growing popularity and proof of its huge price lurches, more voices and higher reputation advocate for this paradigm shift. The ultimate goal is that the expansion of cryptocurrencies that have failed to stop bans in force in various countries of the world does not end up becoming a risk for the financial system.

The most significant change of direction in this sense has just been given by the International Monetary Fund (IMF). In its latest study on the evolution of cryptocurrencies, the organization opts for this formula as the best way to save traditional finances from any shock that can be produced in bitcoin, ethereum or any of its little sisters.

Risk of contagion

Those most enthusiastic about these digital assets present this change in focus as “an acknowledgment of their ability to challenge the traditional financial system”, as defended by an operator of this market. However, the truth is that the IMF’s concerns have exactly the opposite motivation, as it states that “crypto assets are no longer outside the financial system.”

The institution’s warning is clear. If what you want is to avoid risk of contagion between the financial markets”, it is urgent that a “comprehensive and coordinated” regulatory framework be established at a global level that addresses this issue. And it is that the fact that cryptocurrencies are part of decentralized structures and without physical location makes it difficult for national vetoes to be effective for this pressing purpose.

In this sense, the truth is that every time a country has proceeded to totally ban cryptocurrencies or any of its uses, the measure has translated into more volatility for its price. The most recent cases have been Turkey Y Russia. In both cases, the price lurches caused by their vetoes have been pointed out precisely as arguments to justify their categorical decision.

The person in charge of one of the most well-known Spanish digital asset platforms explains that, “if this paradigm shift were put into set phrases, it would mean going from making an effort to put doors to the field to build firebreaks so that, in the event of a fire, the damage is as limited as possible”. Something that he considers much more executable and positive.

No diversifying effect

Precisely, from the IMF it is warned that “cryptoactives such as bitcoin have gone from being a class of dark assets with few users to an integral part of the digital asset revolution”. A spread that, as he explains, has increased in tandem with “a growing interconnection between virtual assets and financial markets”.

It is this parallelism between popularity and correlation with traditional investment assets that has pointed to the need for these firewalls. And it is that the data collected by the institution in its study underline that “its correlation with stocks has become higher than that of stocks and other assets such as gold, investment grade bonds and major currencies.

Beyond questions of use, this link between actions and cryptocurrencies is what already “generates concerns on financial stability. Even more so because many of those who entered these digital assets in the early stages of the pandemic did so looking to diversify the risk of their portfolio and now they find that their most recent evolution proves the opposite.

brussels earrings

While the regulation of the sector in Europe through the directive Mica (of English, Markets in CryptoAssets) is delayed, this change of focus seems to bless the line that was being worked on, albeit very slowly, in Brussels. In this sense, it is foreseen that the norm leaves outside its scope issues relating to the use of tokens as a means of payment and other factors such as mining.

Instead, the emphasis will be on pointing out clear rules of the game for the operation with crypto assets, their exchange and issuance through initial offers (ICOfor its English acronym).

The question is whether, while more and more citizens entrust part of their savings to these assets, the introduction of new licenses and supervision requirements will be enough firewalls up on time between this world and that of the old finances.

The biotech company Vytrus will debut at BME Growth “in the coming months”

The Catalan company is looking for financial muscle to accelerate its growth after increasing its turnover by 65%.

Albert Jané and Òscar Expósito, co-CEOs of Vytrus.

Vytrus Biotech sets course for its debut in BME Growth “in the coming months”. The Catalan biotechnology company announced on Tuesday its intention to jump onto the Spanish stock market for SMEs with a view to future corporate operations to expand its growth.

The objective of the biotechnology is to debut in the modality of listing, without proceeding to a prior placement of shares. For this, the services of GVC Gaesco as registered advisor and liquidity provider. Meanwhile, the Garrigues and IMB Grup law firms are acting as legal advisors for the operation.

However, as a preliminary step to its jump to the market, the company has proceeded to a capital operation for 2.4 million euros, mainly in cash-out. This investment round has been led by Zamit Capitalan investment fund managed by GVC Gaesco, and Vytrus’s business partner in the US.

Founders and shareholders

Likewise, IUCT Emprèn, managed by Inkemia, has sold its entire stake after nine years of investment. They have also participated the family office Perfumeries Julia and the Catalan Institute of Finances, which has strengthened its position in the listed future through the ICF Venture Tech II fund. For their part, the founders maintain ownership of 40% of the capital.

The company’s business is based on the development, production and marketing of active ingredients with high added value for the cosmetic and dermatological markets. Among its two most recognized components are Kannabia Sense and Deobiome Noni.

Albert Janebiotechnologist and biochemist, founded Vytrus Biotech together with Oscar Exposito, biologist and PhD in Plant Biotechnology, 12 years ago. Currently, both are CEOs of the company, which during the 2021 financial year has increased its turnover by 65%, to 2.8 million euros according to its accounts pending audit.

This represents an increase in sales of 133% in the last two years, marked by the pandemic.

Bitcoin sinks below 35,000 dollars: it is worth half what it was two months ago

Cryptocurrencies have suffered a strong retreat from speculative positions due to fears of vetoes and changes in monetary policy.

A bitcoin coin on stock charts.

The bitcoin suffers one of the most accelerated crashes of its turbulent history. The main cryptocurrency sees its price sink below 35,000 dollars this weekend, so that it flirts with its lows of the last year. Right now, each of these digital currencies It’s worth half what it was just two months ago.

At this weekend’s lows, bitcoins have been sold for less than $34,100 on the main platforms in which the cryptocurrency marks a price. This represents a disaster of 21% only in the last week. A percentage that increases to 33% if prices from just a month ago are taken as a reference, when its value remained comfortably above $50,000.

If the reference is taken in the prices with which the cryptocurrency queen the year began, the decline reaches 26%. That is to say, in these 23 days of 2022 -it must be remembered that the contracting of the digital currency is continuous even on weekends-, bitcoin has lost a quarter of its value. A fraction that is doubled if the more than 67,500 dollars at which they were trading in mid-November are considered.

discount or cheat

Although bitcoin advocates point to this sharp pullback as an opportunity to take or strengthen positions In the “discounted” digital currency, the truth is that these falls once again account for the strong volatility that characterizes its evolution and that has been spurred on as its popularity has increased.

The lows reached this weekend are still 13% above $29,800 at which bitcoin hit its lows last yearback in July. However, the instability introduced into the markets by the possibility of central banks accelerating their withdrawal of stimuli means that the collapse towards these levels don’t be such a far-fetched possibility.

Although cryptocurrencies are exempt from any central bank intervention due to their decentralized nature, their latest price movements seem to show that are not alien to the feeling that these institutions generate in the market when they recognize that changes in their monetary policies are coming.

Thus, the falls have increased since it became known that the US Federal Reserve (Fed) it would speed up their withdrawal plan. Even more so since the possibility of the world’s leading economy raising rates for the first time since the outbreak of the pandemic as soon as this March has been put on the table. Even before.

Central banks and regulation

In this sense, beyond the use of bitcoin and its little sisters as a store of value and commercial currency, it is clear that many of its investors resort to it with speculative overtones to get an extra return for their portfolios. When other assets fall sharply, especially stock markets, the withdrawal of positions also extends to the universe crypto.

Within this discourse, the International Monetary Fund (IMF) has urged administrations to change the focus of regulation of this market from prohibition to firewalling traditional finance. And all after having verified in a study the growing “correlation with the stock market”. A circumstance that has put the institution on guard against the “increased risk of contagion” that this entails.

As if that were not enough, precisely in the last days Russia slipped the possibility of restricting or vetoing the use of cryptocurrencies as payment currency, as well as prohibit the mining of these digital currencies in its territory. A movement that has added speed to recent price declines, given that the initiative would mean the withdrawal of about 1.8% of the world’s population from this ecosystem.

With these ingredients, the collapse extends to the entire market. Only in the last month ethereumwhich is the second most popular cryptocurrency, has suffered a loss of 40% of its value. Cardano, to cite another example, yields 24% in this period. Thus, the joint capitalization of this economy has yielded from 3 billion two months ago to the 1.6 billion currently indicated by the specialized portal CoinMarketCap.

Applus launches a buyback program to redeem 5% of its shares

The certification company has contracted the services of Banco Santander to execute the purchases during the next year.

An Applus sign at one of its facilities.

Applus has launched a buyback program for up to 5% of its share capital. The company’s objective is to amortize the securities acquired in this framework with the aim of boosting the remuneration of its shareholders.

This amortization must be put to a vote in the next general meeting of shareholders of Applus, as explained by the listed company in a statement sent to the National Securities Market Commission (CNMV). However, the usual thing is that these proposals are approved without any problem.

Applus’ board of directors has set a limit of 75 million euros for the buyback plan, as well as a cap of 7.15 million shares. In order to carry out these acquisitions, a Santander Bankwhile the usual price and volume requirements for these transactions have been established.

Calendar

In addition, it has been established that purchases begin on February 1 and extend until January 31 next year. Both dates included. In any case, the company reserves the right to both shorten its validity and extend it depending on the circumstances of the market and the company, as well as the speed of purchase.

In the last year, Applus has accumulated a drop of more than 7% on the stock market. Its current market capitalization is around 1,100 million euros. This Thursday, after the announcement of the upcoming purchases, their titles bounced more than 2% up to intraday highs at 7.73 euros.

Former directors of Cintra, Mediobanca and Equitix create an energy and infrastructure manager

The founding partners are Enrique Díaz-Rato, Álvaro Elío and Juan Sánchez Salas, as well as the family office Luxembourg Finance House.

The founding team of Pinpoint Equity Partners.

A new alternative fund manager sees the light. Pinpoint Equity Partners has started its activity as an independent investment and asset management firm of infrastructure and energyas reported in a statement.

The founding partners of the firm are the former CEO of Cintra, Enrique Diaz-Rato; the former director of Mediobanca, Alvaro Elio, and Juan Sanchez Salas, from the British infrastructure manager Equitix. Pinpoint’s fourth partner is Luxembourg Finance House (LFH)a family office based in Luxembourg.

Pinpoint’s model consists of identifying mid-cap opportunities, selecting from its portfolio of investors the most efficient capital for each investment opportunity (based on its risk and return profile) and investing by structuring the operation through separately managed accounts. (SMAs).

This management team has successfully closed more than 35 operations with a total volume of capital invested of more than 4,000 million euros and has managed assets worth 25,000 million euros in Europe, the United Kingdom, the United States, Canada and Australia. .

Between institutional investor portfolio Pinpoint includes funds of funds, pension funds, sovereign wealth funds and insurance companies from across Europe, North America, the Middle East and Asia.

Sustainable commitment

“With our business model, the institutional investor is provided with a greater degree of visibility and control over their investments and, therefore, they are no longer passive investors,” said Díaz-Rato.

From Pinpoint they also assure that one of their fundamental objectives is the commitment with the sustainable and responsible investmentintegrating environmental, social and corporate governance (ASG) factors into its processes.

Carlos Herrera: the man of 24 million euros who is not clear about continuing in Cope

The radio station – which shoots up its profits since the arrival of the communicator – is facing a new renewal of its contract.

Carlos Herrera in a garden in Cope Madrid.

Joy and sadness in equal parts in Cope. A few days ago the station of the episcopal conferencel proudly presented its financial results for 2019: a total of 7.7 million net profits confirming that the broadcaster’s commitment to making signings, such as its sports team or Charles Herrerawas the most successful.

The problem is that these results put more pressure on the negotiations that the station must undertake with its radio star in the coming months, to put a new renewal on track.

The sources consulted indicate that the benefits of 2019 give Herrera more arguments to impose his demands, which spend less time on the air and maintain their economic conditions.

These figures show that blacksmith is the real king midas of cope. Before his signing, the station was bogged down in one of its worst financial crises, but after the arrival of the Andalusian everything improved and Four years of consecutive profits have been chained.

Between 2010 and 2015 the radio station of the bishops accumulated losses of 23 million euros (9.1 million in 2010, 3.7 million in 2011, 2.3 million in 2012, 1.4 million in 2013, 4.7 million in 2014 and 1.8 million in 2015), while with Herrera they have earned more than 24 million (4 million in 2016, 6.5 million in 2017, 6 million in 2018 and 7.7 million in 2019).

Conditions to continue

However, the decisive fact that reflects the importance of blacksmith after his arrival at cope is the ad spend. The data published by Infoadex this week indicate that the bishops station had a turnover of 113.5 million euros in advertising during the 2019 academic year, which already places it with 27% of the radio market share.

In 2015, the last full year without Charles Herrera, the chain had a turnover of 88.8 million euros and an advertising market share of 19.5%. This is how Cope has increased his income by 25 million euros in four years. And much of this amount, thanks to the strength of its communicator.

Some numbers that necessarily have to influence its renewal. Charles Herrera He faces the third year of his contract with Cope beginning next September. The agreement when he signed his current contract, at the beginning of 2018, was that at the end of his second season the conditions would be renegotiated.

Some conditions that have been fulfilled and that they go through continuing with their gradual disengagement plan. blacksmith he earned between 24 and 28 million euros in his four full years in cope (nearly seven million per season) and in his environment it is not contemplated that his contract will be lowered even though he does fewer hours on the air.

As this newspaper has already told, Herrera feels strong to continue, although he prefers not to speak yet of an extension of the contract from the 2021-2022 academic year. A situation that generates uncertainty in Cope because the idea of ​​the team of Fernando Gimenez Barriocanal is to close the link with the communicator as soon as possible for at least three more years. Herrera refuses and wants to take it all easy for at least the next six months and give himself a break from at least one other EGM: the one at the end of this year.

EGM data

A meter on which he would gauge his strength. If it grows exponentially, it will have many more arguments to impose its conditions, especially if it is close to the lead. Otherwise, if it goes down, you would have less room to trade. It is not the same to renew the contract at number two on the radio than at number one and Cope knows that and Herrera knows that.

The Andalusian communicator recorded 2,443,000 listeners in the last wave of the EGM known in April, which represented a growth of 9.6% and its second highest figure in this station. Herrera gained a whopping 214,000 listeners and is now only separated by less than 400,000 from Day by day of Cadena Ser, the historic leader in this time slot. When the Andalusian communicator was released in 2015, the distance was over a million followers.

The best summary is that, in five years, Herrera has more than doubled his audience, has led the station to achieve economic benefits for four years in a row and has increased his annual advertising revenue by more than 25 million. These are the numbers, you draw the conclusions.