Intermoney | Sacyr (SCYR) (Buy, Target Price €4.6/share) has been provisionally awarded (preferred bidder) the construction of a hospital complex near Perth (Australia) with an estimated budget of over €500 million, according to Expansión newspaper.
This project is part of an investment programme by the province of Western Australia valued at €2.6 billion. Sacyr shares this award with local partner Built. Work is scheduled to begin in the middle of this year, and until then, the final project must be submitted before the contract can be signed.
Assessment: Sacyr has never hidden its goal of growing in the Australian market, where its presence is currently limited to a few concessions in the water cycle sector, with a total potential investment of around €800 million.
Other Spanish companies in the sector with a strong presence in Australia include, of course, ACS and Acciona. Among the tenders Sacyr is bidding for is Northern Water Supply, which involves the construction of a large €2.85 billion reverse osmosis desalination plant that will supply water to the dry lands in the north of the state through a network of aqueducts some 400 kilometres long. Sacyr is participating with ACS and Webuild.
Sacyr reported EBITDA of €1.018 billion (up 7%) for the first nine months of the year, benefiting from the differential contribution of new concessions in Italy, currently included in the Infrastructure concession, which includes the construction business.
