Bankinter S.A. - Obrascon Huarte Lain SA (OHL) OHLâ€™s CEO resigns

Report

Bankinter S.A.

Juan Moreno

OHLâ€™s CEO resigns

OHL’s CEO resigns

The company’s CEO, Tomás García Madrid, resigns after the sale of OHL Concesiones to IFM Investors. He will be replaced by Juan Osuna Gómez, who has been working for OHL since 1998 and was the CEO of OHL Concesiones.

Negative impact

This news brings an element of uncertainty, and we expect it to have a negative impact on the stock price. Although the company has not explained the reason behind this resignation, the press is speculating with disagreements on the sale of OHL Concesiones. Rumours suggest that the departing CEO was in favour of selling a minority stake instead of a full divestment (as finally agreed with IFM).

We maintain our Buy recommendation

Despite the resignation of Tomás García Madrid, the sale of OHL Concesiones continues and the options for the rest of the businesses are open:

The creation of a new concession subsidiary to fuel the construction business. In that case, OHL should revise its strategic plan.
The liquidation of the company by selling the rest of the businesses. Grupo Villar Mir would be the natural buyer of the development projects, given that it currently has a direct stake in them. Regarding construction and engineering, press rumoured a month ago about a possible sale of OHL to China State, which is especially interested in these businesses.

As a result, our valuation remains unchanged in €6.90/share and we maintain our Buy recommendation.

26/10/2017 3 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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OHLâ€™s CEO resigns

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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