Bankinter S.A. - Infrastructure Sector: The Kingdom of Spain will take over the motorway concessionaires in chapter 11

Report

Bankinter S.A.

Juan Moreno

EUR 10.18 For Business Accounts Only

Infrastructure Sector: The Kingdom of Spain will take over the motorway concessionaires in chapter 11

Good news for infrastructure sector because this decision could open bank financing for some infrastructure projects in Spain. The Government will only assume highways’ debt of €3.34Bn, not paying anything for the equity invested in the roads. It is completely in line with our base case scenario, what implies to worth the equity invested by infrastructure companies at zero.

16/01/2018 3 EN

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Bankinter S.A.

Bankinter S.A. is a Spanish brokerage firm established in 1989. The company's line of business includes the provision of market research and trading services for Equity and Fixed Income products.

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Analysts

Juan Moreno

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Infrastructure Sector: The Kingdom of Spain will take over the motorway concessionaires in chapter 11

Reig Jofre: EBITDA maintains its growth in 1H20 (+40%) driven by sales (+25%) and cost efficiencies

Reig Jofre: EBITDA increased +43% in 1Q20 fuelled by sales (+26%) and a higher EBITDA margin

Reig Jofre: EBITDA (adj.) +17% in 2019 and guidance is 2x in a five-year plan

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