Webuild : Webuild: Back into the HY market. We recommend to Buy the new issue
Webuild priced its new EUR 2030 unsecured bond at 4.875% to maturity, which is above our fair price of 4.625% and providing a premium of c.0.4% against the 2029 bond. We believe that at such price investors are compensated by the cyclical nature of the construction segment, in addition to the high concentration in Italy and lower EBITDA margin vs peers due to its lack of exposure to the concession segment. As such, we start the coverage of the new bond with a Buy recommendation. ...Salini Impregilo is engaged in the water segment. Co. is organised according to the distribution of its activities into its various segments: Corporate, which is engaged in the coordination and supervision of Impregilo S.p.A.'s main investments; Construction, which consists of the business headed by Impregilo S.p.A.; Concessions, which consists of the business coordinated by Co.'s subsidiary, Impregilo International Infrastructures B.V. (the Netherlands) and carried out through subsidiaries, jointly controlled entities and associates; as well as Engineering & Plant Construction, which consists of the business headed by FISIA Italimpianti and FISIA Babcock Environment (Germany).
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