GRUPO SANJOSE: SIGUE COTIZANDO LEJOS DE SU VALOR INTRÍNSECO (ANÁLISIS BANCO SABADELL)
Seguimos viendo valor oculto. COMPRAR.Aunque desde nuestro anterior informe el entorno macroeconómico y de tipos de interés ha empeorado, el impacto en nuestro P.O. no es significativo (-9% hasta 8,78 euros/acc.). Seguimos viendo mucho valor oculto en la acción, que cotiza muy lejos de lo que sugiere la suma de los distintos activos de la compañía. Solamente la posición de caja neta a marzo’23 (ex provisiones) equivale al 59% de la capitalización bursátil. La razón de este descuento (del -57%) podría deberse a su baja liquidez, a la estructura de holding (donde dos familias controlan la compañía), a la falta de encaje estratégico de algunos de los activos y a la limitada visibilidad sobre el plan de inversiones.
Grupo Empresarial San Jose SA is a Spain-based holding company. The Company's main activities are structured in four business areas: Construction, which comprises the construction, design and execution of public and private infrastructure projects; Real Estate, which specializes in the acquisition and development of residential and non-residential properties; Energy and Environment, focused on the initiation, development and operation of energy efficiency projects using renewable energy, and Concessions and Services, which includes the management, operation, exploitation and maintenance of infrastructure, hospitals, public and private facilities, urban real estate, parks and gardens. The Company is a parent of such a number of controlled entities as Constructora San Jose SA, Cartuja Inmobiliaria SAU, Desarrollos Urbanisticos Udra SAU, San Pablo Plaza SAU and Comercial Udra SA, among others.
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