SPANISH SMALL & MID CAPS REPORTS

Talgo's high speed train

Spanish Small & Medium Midcaps: Talgo

Alfonso de Gregorio (Gesconsult) | Talgo is a value investment. Its stock price its attractive and it has huge possibilities of winning new contracts which would really boost the company’s valuation. Amongst the risks facing the company, there is the scarcity of contracts in the period 2015-2016, which has generated a certain lack of confidence in the company’s ability to win new contracts.


Telepizza's negative performance

Spanish Small & Midcaps: Telepizza

José Benito | Since its stock market debut in April at 7,75 euros, Telepizza’s share price has dropped 39% compared with a 6.5% decline in the blue-chip Ibex 35 index over the same period. There are a lot of factors behind this relative negative performance, including the company’s overvaluation at the time of its listing or disappointment with its quarterly results.





alantra-n1

Spanish Small & MidCaps: Alantra (Formerly N+1)

Diego Salvador (Gesconsult) | N+1 is a financial institution focusing on two business areas: advising on mergers and acquisitions and the management of a venture capital firm. The company is developing a very successful franchise thanks to the purchase of “boutique” investment banks in the US, as well as in countries like Germany, Austria and Japan in the near future. We are confident that it can continue to expand their business inorganically with continued acquisitions in attractive countries like the US.


Europac

Spanish Small & MidCaps: Europac

Alfonso de Gregorio (Gesconsult) | Europac is a company which is involved in all sectors related to the paper and packaging industry. It’s a highly cyclical company trading at a 10% discount versus the average for the sector, both in terms of PER and EV/EBITDA.




No Picture

Spanish midcaps Colonial and Realia trend real state market upwards

MADRID | By Fernando G. Urbaneja and Julia Pastor | The depressed Spanish real state sector wakes up slowly, and hopefully, steady thanks to Inmobiliaria Colonial and Realia, two midcap construction companies, which went through the sorrows of housing markets crash. The first is involved in a €1 billion capital increase; the second is said to be bought a major stake by Amancio Ortega, Inditex chairman and third world’s wealthiest businessman.