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
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

...

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...

Alfred Glaser ...
  • Delphine Brault

Talgo : Ajustements après le T1 : le potentiel reste très important

>Le T1 a été relativement solide - Avec un CA de 113 M€ (en hausse de 29%), un EBITDA ajusté de 14.8 M€ (marge de 13.1%, en baisse de 480 pb) et un RN de 5.3 M€ (baisse de 29%), le T1 a été correct dans le contexte actuel. Le consensus attendait 107 M€, 14.1 M€ (marge de 13.1%) et 5.6 M€ resp. Le CA ‘services’ était en fort recul, plus que compensé par la fabrication. Les marges ont reculé dans les deux activités principales au cours du trimestre. Le mana...

Alfredo del Cerro

TALGO: MENSAJES DE LA CONFERENCE CALL RDOS. 1T’20 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 1T’20 destacamos los siguientes puntos:  Actividad de mantenimiento: Reiteran el mensaje de escasa visibilidad sobre la evolución del negocio, especialmente en esta actividad. Así mismo, comentan que la evolución de la facturación dependerá principalmente del ritmo con el que sus clientes vuelvan a la normalidad en la medida que el nivel de mantenimiento depende de los km recorridos por el material rodante y no tanto de los niveles de ocupación de las unidades.  Actividad de fabricación: Actualmente están tratando de recuperar niveles de producción normales aun...

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...

Alfred Glaser ...
  • Delphine Brault

Talgo : Ajustements après le T1 : le potentiel reste très important

>Le T1 a été relativement solide - Avec un CA de 113 M€ (en hausse de 29%), un EBITDA ajusté de 14.8 M€ (marge de 13.1%, en baisse de 480 pb) et un RN de 5.3 M€ (baisse de 29%), le T1 a été correct dans le contexte actuel. Le consensus attendait 107 M€, 14.1 M€ (marge de 13.1%) et 5.6 M€ resp. Le CA ‘services’ était en fort recul, plus que compensé par la fabrication. Les marges ont reculé dans les deux activités principales au cours du trimestre. Le mana...

Alfredo del Cerro

TALGO: MENSAJES DE LA CONFERENCE CALL RDOS. 1T’20 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 1T’20 destacamos los siguientes puntos:  Actividad de mantenimiento: Reiteran el mensaje de escasa visibilidad sobre la evolución del negocio, especialmente en esta actividad. Así mismo, comentan que la evolución de la facturación dependerá principalmente del ritmo con el que sus clientes vuelvan a la normalidad en la medida que el nivel de mantenimiento depende de los km recorridos por el material rodante y no tanto de los niveles de ocupación de las unidades.  Actividad de fabricación: Actualmente están tratando de recuperar niveles de producción normales aun...

Alfredo del Cerro

TALGO: 1Q’20 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'20 vs. 1Q'19 Results: Sales: € 112.8 M (+29.5% vs. +19.7% expected and +23.3% expected by the market consensus); Adjusted EBITDA: € 14.8 M (-5.0% vs. -29.2% expected and -8.4% expected by the market consensus); EBIT: € 9.3 M (-27.9% vs. -55.8% expected and -24.8% expected by the market consensus); Net Profit: € 4.9 M (-34.7% vs. -41.3% expected and -25.3% expected by the market consensus). The company released at yesterday’s closing bell better-than-expected 1Q’20 Results on the operating level although it cancelled the share buyback programme ahead of schedule. Sales rose by +30% vs. 1Q’1...

Alfredo del Cerro

TALGO: RDOS. 1T’20 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'20 vs 1T'19: Ventas: 112,8 M euros (+29,5% vs +19,7% BS(e) y +23,3% consenso); EBITDA ajustado: 14,8 M euros (-5,0% vs -29,2% BS(e) y -8,4% consenso); EBIT: 9,3 M euros (-27,9% vs -55,8% BS(e) y -24,8% consenso); BDI: 4,9 M euros (-34,7% vs -41,3% BS(e) y -25,3% consenso). Publicó al cierre unos Rdos. 1T’20 mejores de lo esperado a nivel operativo aunque cancela el programa de recompra de acciones anticipadamente. Las ventas se incrementan un +30% vs 1T’19 (vs +19,7% BS(e) y +23,3% consenso), aunque esto supone una caída del –11% vs el trimestre anterior por el impacto del Covid-19, ...

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. - ...

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

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

...

Alfred Glaser ...
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Geoffroy Michalet
  • Hana Maalej
  • Jeremy Garnier
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Philippe Ourpatian
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 03/26/2020

...

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...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch