Talgo : Improvement underway: revision of our figures. Upside remains very substantial
>We are adjusting our figures down for 2021, while our 2022 estimates are almost unchanged - We have reworked our forecasts with the new guidance provided: we estimate that the EBITDA margin will return to around 15-17% but not before 2022. Our margin estimates for 2021e and 2022e are now 11.2% and15.5% respectively, i.e.12.0% and 16.4% in adjusted EBITDA (2020: 7.0% adjusted). Our EBITDA and EBIT forecasts are revised down by around 10-15% for 2021e but are practical...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.
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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