Bankinter S.A. - Talgo SA (TLGO) Talgo: 2017 results analysis

Report

Bankinter S.A.

Pedro Echeguren

EUR 10.18 For Business Accounts Only

Talgo: 2017 results analysis

Declining earnings reflect lower manufacturing activity in 2017
But cash collections have boosted the free cash flow
A new cycle is starting
Recommendation: Buy

27/02/2018 4 EN

Underlying

Talgo SA

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.

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ES0105065009 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

Pedro Echeguren

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Talgo: 2017 results analysis

IBERIAN DAILY 12 AUGUST (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 12 AGOSTO (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 04 AUGUST (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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