Bankinter S.A. - Obrascon Huarte Lain SA (OHL) OHL: Upgrade to Buy, target price raised to â‚¬6.90 /share (from â‚¬3.90)

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Bankinter S.A.

Juan Moreno

OHL: Upgrade to Buy, target price raised to â‚¬6.90 /share (from â‚¬3.90)

Agreement reached with IFM to sell OHL Concesiones
This changes everything
What is next?
We increase our valuation to €6.9/share
We upgrade OHL to Buy (from Hold)

The downside risk is limited given that the current market price implies to value the construction business at zero. On the other hand, there are two possible catalysts that could add up to €1.75/share to our valuation. We upgrade OHL to Buy from Hold

23/10/2017 9 EN

Underlying

Obrascon Huarte Lain SA

Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.

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ES0142090317 Madrid Stock Exchange Spain

Provider

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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OHL: Upgrade to Buy, target price raised to â‚¬6.90 /share (from â‚¬3.90)

INFORME DIARIO 05 DICIEMBRE (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 05 DECEMBER (ANÁLISIS BANCO SABADELL)

OHLA: 3Q’25 RESULTS, CHANGE OF RECOMMENDATION TO UNDERWEIGHT AND T.P. INCREASE (ANÁLISIS BANCO SABADELL)

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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