Indra tests its managed lanes in the US with a contract for 70M$
The Spanish technology company Indra is closing to winning a contract in the US to install a managed lanes system in a motorway in Virginia.
Ibex
Linking ACS with peers like Vinci will favor the Spanish company
Alphavalue | A key of ACS is the management’s ability to copy Vinci’s business model (add, target € 114) in the Anglo-Saxon world, thanks to the expected complementarity between Hochtief (German construction company) and Abertis (highway concessionaire).
Aena’s capacity for next winter would grow 0.5%
Spanish airport operator Aena expects an increase in capacity of + 0.5% for this winter, which represents a significant slowdown compared to the 19% summer traffic growth of + 4%, as well as the + 6% winter growth of 2018-19.
Viscofan preliminary 3Q19: volumes and margins feel impact of swine fever
Renta4 | We forecast that the weakness in packaging which has been seen all year will continue, despite the better performance than last year, especially in Europe and Asia (substitution effect) and with African swine fever in China as the main focus of uncertainty for the following quarters.
Real Estate: REITs, best option among traded companies; Merlin Properties main recommendation
Bankinter | At this point of the cycle is it more attractive to invert in real estate through traded companies than real estate assets.
Enagas: modest results (NAP +2%) but slightly above the consensus
The Spanish gas company presented its results for the first nine months. These are the main figures: Total income 884 M€ (-1.3%), EBITDA in book value 767 M€ (+6.9%). Net Annual Profit 333 M€ (+2.3%), Operational Cash Flow 775 M€ (+17) and Net Debt 4.234 Bn€ (vs 3.623 Bn€ in December 2018).
Santander sells its Puerto Rico subsidiary for PER 9.5X
Renta4 | The bank has reached an agreement for the sale of Santander BanCorp Puerto Rico (including the banking business Santander Puerto Rico and the insurance business Santander Insurance Agency) to First Bancorp for 1 billion dollars.
Cellnex: +7% in fundamental valuation following purchase of Arqiva
Banc Sabadell | The acquisition of the Arqiva towers in the UK for 2 billion pounds (2.24 billion euros, 19.7% capitalisation and c.39% of NFD for Cellnex) means the integration of c.3,800 installations (+18.4% of Cellnex total) with a tenancy rate of c. 1.4X (vs c. 1.57X for Cellnex) and with contracts of 10 years duration (less than the current portfolio) linked to inflation.
Colonial, clear beneficiary of increasing rents and very low interest rates
Banc Sabadell | 2019 guidance for Inmobiliaria Colonial: They expect rents of 350 million euros and profit per share of 0.26 euros/share (in both cases in line with BS estimates).
Acciona abandons the race for high speed trains in Spain
Banc Sabadell | Spanish infrastructure construction group Acciona may have decided not to continue in the bid to compete with Renfe in the liberalisation of high speed trains in Spain.