Sacyr must contribute with other €347mn to the Canal de Panamá project.
After these payments, we expect Sacyr to have a €908mn corporate NFD at the end of 2019. Assuming that the company will not receive sufficient cash from the claims to repay the new debt, this would have a –14.2% negative impact on our valuation and would bring down our target price to €2.35/share, from €2.74/share. We maintain unchanged our Hold recommendation.
Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
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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