2016 Results are in-line with our estimates
Talgo’s 2016 results are in-line with our estimates. Key points are the increase in new orders received to €716mn (from €64mn in 2015) as Spain’s Renfe placed a €566mn order for 15 very high speed trains. As expected, investments in OWC were reflected in net debt increasing +55% (to 1.8x EBITDA), but we foresee OWC being recovered in 2017e on expected collections from clients.
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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.
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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