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On the strategic level, the main new points of the plan would be Solaris’s expansion into North America and into the zero-emission interurban segment in Europe. On the financial level we highlight much higher growth than expected in the long term (sales’26 +20% above estimates), with somewhat higher margins than we expected (+60bps in EBIT’26) and in line with the consensus. This means heavier investments, such that the positive impact on the T.P. (assuming the plan) would be irrelevant (less than +5%). In any event, the plan loses some impact because it does not provide intermediate targets. Yesterday CAF rose +1.8% vs. the IBEX, and on the year it has underperformed the IBEX by -18% (+54% upside) and is trading at 5.8x EV/EBITDA’23e (-35% discount to the sector average, -22% vs. Talgo and -29% vs. Alstom).
CAF: 2026 STRATEGIC PLAN (ANÁLISIS BANCO SABADELL)
2026 Strategic Plan: Higher growth in the long term in exchange for bigger investments. BUYOn the strategic level, the main new points of the plan would be Solaris’s expansion into North America and into the zero-emission interurban segment in Europe. On the financial level we highlight much higher growth than expected in the long term (sales’26 +20% above estimates), with somewhat higher margins than we expected (+60bps in EBIT’26) and in line with the consensus. This means heavier investments, such that the positive impact on the T.P. (assuming the plan) would be irrelevant (less than +5%). In any event, the plan loses some impact because it does not provide intermediate targets. Yesterday CAF rose +1.8% vs. the IBEX, and on the year it has underperformed the IBEX by -18% (+54% upside) and is trading at 5.8x EV/EBITDA’23e (-35% discount to the sector average, -22% vs. Talgo and -29% vs. Alstom).
Underlying
Construcciones Y Auxiliar De Ferrocarriles, S.A.
Provider
Sabadell
Alfredo del Cerro
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