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...

Fortum : Low hydro and nuclear volumes and no signs of price increases

Borussia Dortmund GmbH & Co KGaA : Preliminary 2024-25 figures – Highest ever consolidated revenues

Kontron : Model review leads to minor changes and a reiteration of our stance