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 against the senior notes and other hybrid bonds is no longer attractive.Atlantia is a holding company with subsidiaries and associates whose business is the construction and operation of motorways, airports and transport infrastructure, parking areas and intermodal systems, or who engage in activities related to the management of motorway or airport traffic.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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