Sabadell | Neinor 8 April´s profit warning was undoubtedly a bucket of cold water, not just because it was unexpected (the consensus expected a lowering of targets), but also because of the scale of the cut (-50% of the Ebitda accumulated in 2019 and 2020). In this note we downgrade our objective price 13% to 13.86 euros/share because of the delay in the delivery plan and because of more conservative profitability hypotheses in the long term. Despite the cut in our O.P. we continue to see value in the share and maintain or recommendation of BUY.Read More
SPANISH SMALL & MID CAPS REPORTS
On Wednesday September 6, Renfe will submit a bid to develop what will be the first AVE train in the US, running between Los Ángeles and San Francisco in California. The bid fits in with the company’s internationalisation strategy.