Intermoney | Acciona (Buy, T.P. 245 euros/share) and its partner in the Ghella consortium have handed over to the Norwegian authorities the biggest railway tunnel in the Nordic countries. The 1 billion euros contract for the project was awarded in 2015. The works included the design and construction of the twin tunnels for high speed railway lines of the Follo Line project, the biggest transport initiative developed in Norway up to now. The Blix tunnel comprises 20 kilometres of the Follo line and will be a key linke in the development of the InterCity line to the south east of Oslo.
Valuation: The Nordic countries have been one of the growth markets for the Spanish construction firms over the last few years. Apart from Acciona, Sacyr and OHLA are present in this area, particularly in Norway. This country is 1.600 kilometres long end-to-end, which means a significant investment effort in infrastructures is required. Acciona’s construction portfolio stood at 13.710 billion euros last June, up 13% from end-2021. The group will release a trading statement corresponding to the first 9 months of this year on Tuesday 15 November after the market’s close. It will report on the latest trends in its businesses, but will not provide any concrete results’ figures.