Mundys : The status quo to be maintained

As expected, Mundys continues to benefit from the favorable regulatory framework and the resilience of both the road and airport concessions. Recurrent tariff increases, coupled with higher traffic, will continue to drive growth over the next years even assuming no M&A is carried out to replace maturing concessions at the Abertis level. While we expect steady FCF going forward, we believe that M&A will carry on as a way to increase the average life of the concession portfolio, limiting the deleveraging prospects. We have downgraded our recommendation on Abertis’s hybrids as the premium offered...

Mundys (ex Atlantia) : The status quo to be maintained

As expected, Mundys continues to benefit from the favorable regulatory framework and the resilience of both the road and airport concessions. Recurrent tariff increases, coupled with higher traffic, will continue to drive growth over the next years even assuming no M&A is carried out to replace maturing concessions at the Abertis level. While we expect steady FCF going forward, we believe that M&A will carry on as a way to increase the average life of the concession portfolio, limiting the deleveraging prospects. We have downgraded our recommendation on Abertis’s hybrids as the premium offered...

Mundys : A long but stable road

Mundys benefits from predictable cashflows as concessions have long-term durations. Growth is expected going forward supported by the strong pipeline and favorable regulatory environment with continued tariff increases normally above CPI levels. We forecast a steady free cashflow generation going forward albeit any significant M&A to increase the overall portfolio life may limit deleverage prospects. - >Support factors - - Mundys is a global leading infrastructure g...

L’économie US six mois après Liberation Day

Il y a six mois, Donald Trump révélait ses droits de douane soi-disant "réciproques". Même si tout le monde connaissait son obsession tarifaire, ce fut un choc car il n’était pas prévu une hausse si forte et générale. Les marchés d’actions ont corrigé pendant un temps et les prévisions économiques ont intégré une prime de stagflation (moins d’emploi et plus d’inflation). Aujourd’hui, les marchés sont au plus haut et l’économie US n’a pas flanché. Elle montre des facettes fort différentes. Les dépenses d’investissement des entreprises sont très dynamiques, en lien évident avec la révolution de ...

The US economy six months after Liberation Day

Six months ago, Donald Trump unveiled his so-called ‘reciprocal’ tariffs. While everyone was aware of his obsession with tariffs, it came as a shock because such a sharp and widespread increase had not been anticipated. Equity markets corrected for a while and economic forecasts incorporated a stagflation premium (lower employment and higher inflation). Today, the markets are at all-time highs and the US economy has not faltered. It is showing very different facets. Business investment spending is very dynamic, clearly linked to the AI revolution. But employment, the foundation of household in...

Oddo’s 2 Weeks Ahead_Friday 03 October 2025