TALGO: CONTRACT WITH DEUTSCHE BAHN EXPANDED BY 56 TRAINS FOR € 1.4 BN (ANÁLISIS BANCO SABADELL)
The company has just confirmed that it has signed a second order with the Deutsche Bahn (within the framework of the contract signed in 2019) to supply 56 additional trains of the Talgo 230 model (designated as ICE-L by the operator) for €~1.4 Bn (amount stipulated by the framework contract) and that would be part of the contract currently being executed (23 trains for € 550 M). The new contract represents ~45% of TLGO’s current backlog (including the contracts pending signing in Denmark and Egypt). We understand that the new order takes into consideration how production costs have evolved over the past few quarters, and therefore the margins should not differ greatly from the first order (they were not broken down).Talgo is engaged in designing, manufacturing, repairing and maintaining the railway rolling stock, as well as the manufacturing, assembling, repairing and maintaining the engines, machinery and parts of the railway systems. Co. has an industrial presence in seven countries: Spain, Germany, Kazakhstan, Uzbekistan, Russia, Saudi Arabia and U.S.A. Co. has an active fleet in Europe, Asia and North America that comprises of 94 high-speed trains and more than 1,400 Talgo tilting passenger cars. Also, Co. purchases, redesigns, constructs, leases and sells all types of real estate.
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