Intermoney | Sacyr has received up to 15 bids for its services business, currently in the process of being sold, according to Cinco Días newspaper. Specifically, the businesses affected are Valoriza Servicios, dedicated to environmental activities, and Sacyr Facilities, focused on maintenance of buildings and facilities. The company expects to complete the process in about three months. Cinco Días reports that the sale price for 100% of these businesses would be between €450 and €500 million. The Group is also in the process of selling 49% of its water cycle business in a process that may take longer.
Valuation:
We will see the outcome of these processes. We understand that the valuation quoted in the news refers to the amount of equity, which would be in line with our estimates. Sacyr will not sell all the services businesses, as it will retain those dedicated to road maintenance and management of service areas. All Services generated EBITDA of €110 million. Sacyr closed 2022 with net recourse debt of €546 million , which it expects to get rid of with the sale of these businesses. Sacyr Water reported EBITDA of €41 million, which we estimate could imply a business valuation of around €400 million.
