SACYR: CONCESSIONS INVESTOR DAY (ANÁLISIS BANCO SABADELL)
The Investor Day for the Concessions business confirms our positive outlook. BUY.The company provided more visibility on its Concessions business (~88% of estimated EV) and we believe the numbers for 2025 in the strategic plan (sales and EBITDA +21% and +66%, respectively, above 2020) make sense. The company also released its valuation of the Concessions business: € 2.61 Bn (+32% vs. € 1.97 Bn BS(e)), suggesting a spread of € 1.04/sh. vs. our own valuation, +40%. Although we do not think the market will price in all the value SCYR claims its Concessions business is worth, we think the stock is clearly undervalued and we see upside for our own valuation following this meeting. We reiterate our BUY recommendation and T.P. of € 2.74/sh. (+26% upside).
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.