Sabadell - Sacyr S.A. (SYV) SACYR: INVESTOR DAY CONCESIONES (ANÁLISIS BANCO SABADELL)

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Sabadell

Ignacio Romero

EUR 200.00 For Business Accounts Only

SACYR: INVESTOR DAY CONCESIONES (ANÁLISIS BANCO SABADELL)

El Investor Day del negocio de concesiones confirma nuestra visión positiva. COMPRAR.
La compañía dio más visibilidad a su negocio de concesiones (c.88% del EVe de SYV) y pensamos que los números planteados para 2025 en su plan estratégico (+21% y +66% sobre 2020 en ventas y EBITDA respectivamente) tienen sentido. También publicó su valoración del negocio situándolo en 2.614 M euros (+32% vs 1.971 M euros BS(e)) que sugiere un diferencial por acción frente a nuestra propia valoración de 1,04 euros, +40%. Aunque no creemos que el mercado vaya a poner en valor todo lo que dice SCYR que vale su negocio de concesiones sí pensamos que la acción está claramente infravalorada y vemos recorrido para mejorar nuestra propia valoración tras esta reunión. Reiteramos recomendación de COMPRAR y P.O. de 2,74 euros/acc. (potencial +26%).

08/10/2021 3 ES

Underlying

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.

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ES0182870214 Madrid Stock Exchange Spain

Provider

Sabadell

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Analysts

Ignacio Romero

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SACYR: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results Sales: € 1.059 Bn (+6.5% vs. +7.0% BS(e) and +4.3% consensus); EBITDA: € 301.0 M (-11.3% vs. -10.3% BS(e) and -11.9% consensus); EBIT: € 242.25 M (-16.6% vs. -10.3% BS(e) and -15.6% consensus); Net Profit: € 27.0 M (+6.1% vs. +2.1% BS(e) and +2.2% consensus);

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SACYR: MENSAJES DE LA CONFERENCE CALL RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 1T’25 destacamos:

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SACYR: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

Rdos. 1T'25 vs 1T'24: Ventas: 1.059 M euros (+6,5% vs +7,0% BS(e) y +4,3% consenso); EBITDA: 301,0 M euros (-11,3% vs -10,3% BS(e) y -11,9% consenso); EBIT: 242,25 M euros (-16,6% vs -10,3% BS(e) y -15,6% consenso); BDI: 27,0 M euros (+6,1% vs +2,1% BS(e) y +2,2% consenso). P

EUR 100.00

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INFORME DIARIO 23 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAIXABANK, GRIFOLS, INDRA, OHLA. Pausa en las subidas Los mercados europeos tomaron beneficios más preocupados por la deriva de la rentabilidad de la curva estadounidense. Así, todos los sectores del STOXX 600 terminaron en rojo siendo Químicas y Hogar los mejores, mientras que B. Consumo y Autos terminaron con las caídas más profundas. Por el lado macro, en la Eurozona el PMI preliminar de manufacturas se recuperó en mayo algo más de lo esperado mientras que el de servicios retrocedió de forma inesperada hasta mínimos de feb’24 con el PMI compues...

EUR 100.00

4h / 41m 4h / 41m 1 ES

Research Department

Research Department

IBERIAN DAILY 23 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CAIXABANK, GRIFOLS, INDRA, OHLA. Rallies take a breather European markets saw profit taking, more concerned with the US debt curve. Thus, all sectors in the STOXX 600 ended in the red, with Chemicals and Household Goods being the best performers, whereas Consumer Goods and Autos ended with the biggest drops. On the macro side, in the euro zone May’s preliminary manufacturing PMI recovered slightly more than expected, whereas the services index fell unexpectedly to a low since Feb’24, with the composite PMI in a contraction zone. From the ECB, the minutes from the last meeting sh...

EUR 100.00

4h / 45m 4h / 45m 1 EN

Research Department

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BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 14 TO 21 MAY 2025 (ANÁLISIS BANCO SABADELL)

European Portfolio No changes this week. European High Yield Portfolio AB Inbev, Air Liquide, Airbus, ASML &AXA No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio Cellnex, Ferrovial, IAG, Indra & Merlin No changes this week. 5 High-Yield Stock Portfolio Acciona, Colonial, Iberdrola, Mapfre & Redeia No changes this week. Mid&Small Recommended Portfolio CAF, Enagás, Ence, Fluidra, Global Dominion, Grupo Catalana Occidente, Indra, Meliá, Sacyr & Viscofan No changes this week.

EUR 100.00

20h / 30m 20h / 30m 1 EN

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SACYR: INVESTOR DAY CONCESIONES (ANÁLISIS BANCO SABADELL)

SACYR: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

SACYR: MENSAJES DE LA CONFERENCE CALL RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

SACYR: RDOS. 1T’25 (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 23 MAYO (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 23 MAY (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 14 TO 21 MAY 2025 (ANÁLISIS BANCO SABADELL)

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