Feedback from Investors' Day
Little to comment as presentations tended to be descriptive. An interesting theme was that the commercial drive focused on a number of identified opportunities in its different segments. The company estimates its accessible market for the next four years at €11.9bn, including the €3.4bn existing pipeline.
The strategy remains unchanged. Renfe features an appealing product range, maintenance activity and manufacturing pipeline, with activity set to continue as the contract to manufacture 15 VHS trains for Spain’s Renfe supports manufacturing after the 36 VHS train order for the Saudi Railways is being completed. A first refurbishment contract was recently awarded with Los Angeles’ LACTMA and opens new possibilities in this segment.
Our Buy recommendation and target price of €5.88 remain unchanged.
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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