Talgo : Time to renew the backlog in 2023
>2022 results in line with expectations - Tuesday evening, Talgo reported FY 2022 results in line with forecasts at the adjusted EBITDA level (see our First Take).As expected, order intake was very weak, with a book-to-bill of just 0.1x for 2022. Revenue was down 16% to € 469m (consensus at € 479m) of which -9% in Q4 alone. The adjusted EBITDA margin stood at 11.2% (css and guidance at 11% vs 11.9% in 2021), 12% for Q4 alone. The group generated a FCF of -€ 32....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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