Intermoney | The Spanish company (Hold, PO €45) announced yesterday to the National Securities Market Commission (CNMV) that Belgian operator SNCB has confirmed its bid as the best of those submitted. Although this confirmation was already known on 28 February, the award was challenged by Alstom and Siemens, arguing that CAF did not have any factories in Belgium, while Alstom has four plants and 1,900 employees in the country. After reviewing the bid again, SNCB, with the backing of the Belgian government, has confirmed the award to CAF. The contract is for the supply of 180 trains with a capacity of 54,000 seats, worth €1.695 billion. The contract also includes an option to extend it to 600 units and 170,000 seats, for a total amount of €3.4 billion.
Assessment: This is very positive news for CAF, as this contract represents more than 10% of its current portfolio and, if extended, up to 22%. With this contract, orders so far this year would exceed €4.3 billion, already very close to the targets for the full year and the levels achieved in 2024 as a whole. CAF’s revaluation so far this year (up 51%) means that we currently see little potential. Results will be presented on Monday 28 July at the close of the market.
