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...

Taxes in France: welcome to the madhouse!

Three weeks after the appointment of a new Prime Minister, we are still waiting for a government and a draft budget for 2026. The government deficit target is said to be revised from 4.6% to 4.7% of GDP, after 5.4% in 2025. These three weeks have mainly been a brainwashing operation, with the active support of a large number of media outlets, in order to shift the debate on government debt. The only topic of discussion has been a tax on the ‘ultra-rich’ (the Zucman tax). Meanwhile, there was no mention of the excessive cost of the social security system. The talk now is of increasing taxation ...

Credit recommendations October 2025

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