Report
Luis Arredondo
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INFORME SECTORIAL AUTOPISTAS: RESILIENCIA DEMOSTRADA ANTE UNA MACRO ADVERSA (ANÁLISIS BANCO SABADELL)

Resiliencia demostrada ante una macro adversa.
A pesar del entorno de subidas de tipos mantenemos una visión positiva sobre el sector dada su capacidad para trasladar presiones inflacionistas y el carácter defensivo de su negocio (históricamente resiliente a ciclos). Seguimos positivos en SCYR por su mayor potencial por valoración (P.O. 3,25 euros/acc.; +15% potencial) y la presencia de catalizadores a corto plazo que deberían mejorar su perfil de riesgo (ventas de servicios y algunas concesiones). En FER (P.O. 30,00 euros/acc.; +10% potencial) vemos recorrido dado que todavía cotiza un -4% vs niveles pre Covid 19, una diferencia que debería cerrarse con la normalización de tráficos (ETR407, LBJ, Heathrow), el delivery de nuevos activos (I-66, NTE35W3C) y la subida de tarifas en ETR407. DG (P.O. 117 euros/acc; +12% potencial) es nuestra favorita por la diversificación de activos, excelente protección frente a inflación, su mejor perfil de riesgo (resiliencia de márgenes en Construcción/Energía) y una menor sensibilidad a tipos (~1,8x DFN/EBITDA’23e).
Underlyings
Ferrovial S.A.

Ferrovial is a transportation company based in Spain. Co. is engaged in operations in the transportation sector. Co. specializes in the design, construction, management, administration and maintenance of transport infrastructures. Co.'s services range also includes the maintenance of parking lots, and land-, sea- and air-based transport networks. Co. is also engaged in the promotion and operation of short-stay parking lots, parking regulation and management services and promotion and sale of residents' parking.

Sacyr S.A.

Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.

VINCI SA

Vinci is engaged in building, civil engineering and facilities management. Through its subsidiaries, Co. is engaged in five divisions comprising of: the Building division which provides retail solutions including construction and fit-out in both the retail and commercial sectors; the Civil Engineering division; the Air division which provides program management, engineering and construction services to customers with airport infrastructure requirements; the Technology division; and the VINCI Facilities division which provides facilities management, repair and maintenance and small works in both the private and public sectors.

Provider
Sabadell
Sabadell

Analysts
Luis Arredondo

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