Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
  • TickerA14SE5
  • ISINES0105065009
  • ExchangeMadrid Stock Exchange
  • SectorIndustrial Engineering
  • CountrySpain
Research Department

INFORME DIARIO 26 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, CAF, IAG, OHL, TALGO. EUROPA: ADIDAS, INTESA, NOKIA, SECTOR BANCOS, SECTOR TELECOMS Por fin rebote Ganancias inferiores al 1% en la mayoría de las bolsas europeas después de las caídas de la jornada anterior. En el Euro STOXX tan sólo Recursos Básicos, Viajes&Ocio e Inmobiliario presentaron pérdidas, con Servicios Financieros y Bancos liderando las subidas. Por el lado macro, en la Eurozona las actas del BCE mostraron que se acordó por mayoría y no por unanimidad la ampliación en 600.000 millones del programa anticoronavirus y reconocier...

Research Department

IBERIAN DAILY 26 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ARCELOR MITTAL, BANKING SECTOR, CAF, IAG, OHL, SPANISH MARKET UPDATE, TALGO, TELECOMS SECTOR. MARKETS YESTERDAY AND TODAY Finally a rally Most of the European stock markets posted gains of less than 1% after the drops from the previous session. In the Euro STOXX, only Basic Materials, Travel&Leisure and Real Estate recorded losses, with Financial Services and Banks leading the gains. On the macro side, in the euro zone, the ECB’s meeting minutes showed that the organisation agreed by majority, and not unanimously, to expand its anti-coronavirus programme by € 600 Bn, admitting ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 06/23/2020

Unsurprisingly, the European summit held on 19 June failed to conclude an agreement regarding the € 750bn stimulus plan. Our economists are expecting it this summer for a vote at the end of the year. If its initial composition is retained, it will enshrine the introduction of the pooling of debt. Such a move would represent a major catalyst for European equities, via the decline in the spread of the risk premium and potential growth vs the US. This would give rise to a narrowing of th...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 23/06/2020

Sans surprise le sommet européen du 19/6 n’aura pas débouché sur un accord quant au plan de relance de 750 Md€. Nos économistes l’attendent pour cet été pour un vote en fin d’année. Si son design initial est conservé, il consacrera l’introduction d’une mutualisation des dettes. Une telle avancée représenterait un catalyseur majeur pour les actions européennes, via la baisse du spread de prime de risque et de croissance potentielle vs USA. A la clef, une réduction de la déote de PE12m ...

Alfred Glaser ...
  • Delphine Brault

Talgo : Services activity continues to suffer from the reduction of trains in circulation. Target price revised to € 5.30

>We have revised down our forecasts - Following an update from Talgo, we have reviewed our outlook and figures: the group’s main concern is the services activity (sales of around € 200m in 2019) which remains depressed because very few trains are running, notably in Spain. We now think that sales could come in below the € 500m mark (but still well above the € 402m reported in 2019) with an EBITDA margin down to 10.0% vs 17.0% in 2019 (additional costs linked to the cr...

Research Department

INFORME DIARIO 26 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, CAF, IAG, OHL, TALGO. EUROPA: ADIDAS, INTESA, NOKIA, SECTOR BANCOS, SECTOR TELECOMS Por fin rebote Ganancias inferiores al 1% en la mayoría de las bolsas europeas después de las caídas de la jornada anterior. En el Euro STOXX tan sólo Recursos Básicos, Viajes&Ocio e Inmobiliario presentaron pérdidas, con Servicios Financieros y Bancos liderando las subidas. Por el lado macro, en la Eurozona las actas del BCE mostraron que se acordó por mayoría y no por unanimidad la ampliación en 600.000 millones del programa anticoronavirus y reconocier...

Research Department

IBERIAN DAILY 26 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ARCELOR MITTAL, BANKING SECTOR, CAF, IAG, OHL, SPANISH MARKET UPDATE, TALGO, TELECOMS SECTOR. MARKETS YESTERDAY AND TODAY Finally a rally Most of the European stock markets posted gains of less than 1% after the drops from the previous session. In the Euro STOXX, only Basic Materials, Travel&Leisure and Real Estate recorded losses, with Financial Services and Banks leading the gains. On the macro side, in the euro zone, the ECB’s meeting minutes showed that the organisation agreed by majority, and not unanimously, to expand its anti-coronavirus programme by € 600 Bn, admitting ...

Alfred Glaser ...
  • Delphine Brault

Talgo : Services activity continues to suffer from the reduction of trains in circulation. Target price revised to € 5.30

>We have revised down our forecasts - Following an update from Talgo, we have reviewed our outlook and figures: the group’s main concern is the services activity (sales of around € 200m in 2019) which remains depressed because very few trains are running, notably in Spain. We now think that sales could come in below the € 500m mark (but still well above the € 402m reported in 2019) with an EBITDA margin down to 10.0% vs 17.0% in 2019 (additional costs linked to the cr...

Alfred Glaser ...
  • Delphine Brault

Talgo : Les services souffrent encore du nombre réduit de trains en circulation. OC revu à 5.30 €

>Nous avons revu nos chiffres en baisse - Suite à un point avec Talgo, nous avons retravaillé nos perspectives et les chiffres : le souci principal du groupe est que le service (environ 200 M€ de CA en 2019) reste déprimé puisque les trains roulent très peu, notamment en Espagne. Nous estimons désormais que le CA pourrait se situer sous la barre des 500 M€ (mais encore nettement au-dessus des 402 M€ de 2019) et la marge d’EBITDA baisser à 10.0% vs 17.0% en 2019 (surco...

Alfred Glaser ...
  • Delphine Brault

Talgo : Adjustments after Q1: upside remains substantial

>A relatively solid Q1 - With sales of € 113m (up 29%), adjusted EBITDA of € 14.8m (margin of 13.1%, down 480bp) and net profit of € 5.3m (down 29%), Q1 was decent in the current context. The consensus expectation was for € 107m, € 14.1m (13.1% margin) and € 5.6m resp. ‘Services’ sales were down sharply, more than offset by manufacturing. Margins declined in both core businesses during the quarter. Management underscored the group’s strengths - Dur...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 06/23/2020

Unsurprisingly, the European summit held on 19 June failed to conclude an agreement regarding the € 750bn stimulus plan. Our economists are expecting it this summer for a vote at the end of the year. If its initial composition is retained, it will enshrine the introduction of the pooling of debt. Such a move would represent a major catalyst for European equities, via the decline in the spread of the risk premium and potential growth vs the US. This would give rise to a narrowing of th...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 23/06/2020

Sans surprise le sommet européen du 19/6 n’aura pas débouché sur un accord quant au plan de relance de 750 Md€. Nos économistes l’attendent pour cet été pour un vote en fin d’année. Si son design initial est conservé, il consacrera l’introduction d’une mutualisation des dettes. Une telle avancée représenterait un catalyseur majeur pour les actions européennes, via la baisse du spread de prime de risque et de croissance potentielle vs USA. A la clef, une réduction de la déote de PE12m ...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jeremy Garnier
  • Jerôme Bodin
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/08/2020

...

Alfred Glaser ...
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jeremy Garnier
  • Jerôme Bodin
  • Matthias Desmarais
  • Olfa Taamallah
  • Stephane Houri
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 08/05/2020

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emira Sagaama
  • Florent Laroche-Joubert

ODDO BHF Small & MIDCAP MORNING NEWS - 04/08/2020

While the collapse in our groups' activity is fairly uniform (-70% to -90%), we believe that the pace of recovery will be much faster for motorway concessions and construction than for airports. This is not reflected in share price performances. We are downgrading Fraport to Reduce (target price € 41) and we remain on Reduce for ADP (target price € 100). We prefer Vinci (€ 85) and Eiffage (€ 86). - Cf. report published today. - ...

TALGO suffers a double requalification, which weighs heavily on its rating, now at Neutral.

The independent financial analyst theScreener just downgraded the general evaluation of TALGO (ES), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of the analysis date February 25, 2020, the closing price was EUR 5.66 and its target price was estimated at EUR 5....

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 10/05/2017

In item 4, the Board proposes not to pay cash dividends on 2016 results, and to entirely use the net income to increase voluntary reserves and compensate previous years' losses. In item 5, the Board proposes to distribute a scrip dividend of € 10 millio(approximately € 0.07 per share), giving shareholders the option to receive their dividend, in full or in part, in cash or free shares. Talgo shares are listed on the Spanish stock markets since May 2015. It is the first dividend distribution of the Company. The maximum cash payment resulting from the scrip dividend distribution (if all sharehol...

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