Report
Luis Arredondo
EUR 200.00 For Business Accounts Only

VINCI: COBRA IS - APROVECHANDO EL MOMENTUM DEL SECTOR (ANÁLISIS BANCO SABADELL)

CMD Cobra IS: Buen momentum impulsado por la transición energética. COMPRAR
DG aportó un guidance ’24-25 para Cobra IS de ventas de al menos 7.500 M euros en 2025e (vs ~6.503 M euros BS(e); +11% TACC’22-25e) y márgenes EBIT de al menos 7,5% en 2024-25 (vs 7,3% BS(e)). Confirmó que espera contar con 2GW de renovables en operación o construcción a cierre 2023, 5GW en 2025 y 12GW en 2030. Revisamos nuestras estimaciones de DG un +1,5% en EBIT’24-26 para adaptarnos al guidance con lo que mejoramos un +17% nuestra valoración de Cobra IS (5.716 M euros; ~11x EV/EBIT’24e; ~6% EV) y también la de su pipeline de renovables hasta 1.552 M euros (ex earn outs) por mayor avance de proyectos a corto plazo. Subimos P.O. un +3% hasta 127,0 euros/acc. (+10% potencial) y reiteramos COMPRAR.
Underlying
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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