The group representing the small creditors and bondholders affected by Abengoa’s situation has recommended they do not sign up for the Spanish company’s financial restructuring plan. In the opinion of the representatives of this organisation – La Plataforma de Perjudicados por Abengoa – the best solution is to go ahead with bankruptcy proceedings.
SPANISH SMALL & MID CAPS
Earlier this week, OHL sold 4.425% of Abertis (43.83 million shares) at 13,65 euros/share via placement with institutional investors. With this operation OHL will reduce its debt and also free itself up from its previous strategic commitment to Abertis in Brazil, which prevented it from expanding in a country which will have privatisations in the coming quarters.
On Wednesday during its Investor Day in London, Prosegur announced a restructuring, aimed at changing its management model, as well as the possible IPO of its Cash in Transit (CIT) business. This is slated to take place in the first half of 2017.
We are updating our target price on Viscofan, with a HOLD recommendation. Viscofan will increase its net cash in 2016e (vs 0,4x DN/EBITDA 2014 and 0x DN/EBITDA 2015), given its strong capacity for cash generation. Viscofan is the only supplier in the world to make artificial casings for meat products in the four commercially available technologies (cellulose, collagen, fibrous and plastic).
FCC’s story this year has been marked by the mandatory takeover bid by Carlos Slim’s fund Inversora Carso. The bid was launched in March and completed on July 15. Grupo Carso now owns 61.11% of FCC and is the largest shareholder, while Esther Koplowitz is the second biggest with 20%. The company has just left the Ibex 35 blue chip index.
Fernando Rodriguez | Spain’s small and midcap companies are weathering the Brexit storm better than the bigger stocks. Fund managers from Santander, Bankia and Gescooperativo explain their strategies: “In general, we believe the exposure of these companies to Brexit is limited due to their limited exposure to the UK in terms of sales.”
A good dozen Spanish small and midcap listed companies have presented their projects to big institutional investors on different days in New York and Chicago. The event was organised by Spain’s Bolsas y Mercados Espanoles (BME), broker JB Capital Markets and its US partner Auerbach Grayson.