Talgo : Sales set to mark time in 2022, but margin remains on an uptrend
>Activity stalled in Q4 2021 but the margin showed good resilience - Last Thursday evening, Talgo published (see our first take of Friday morning) results at the top end of its full-year targets, and in line with consensus expectations, except for sales.The group reported a book-to-bill of 0.94x for 2021, sales of € 555m (a consensus of € 574m) and an adjusted EBITDA margin of 11.9% (consensus at 11.7% and guidance 11-12%). It managed to achieve a positive FCF of...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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