Intermoney | OHLA (OHLA) (Buy, Target Price €0.7/share) announced on Monday, after the market closed, that the rating agency Fitch has reinstated its coverage of the stock, assigning it a rating of B-.
According to Europa Press, the agency highlights an improvement in the financial structure of the company, which has achieved a reduction in its debt, as well as an extension of the maturities of the remaining debt, a situation that could improve even further with the sale of assets, such as the Canalejas complex. On the other hand, within OHLA’s operations, Fitch notes an improvement in margins and expects positive cash generation in the coming years.
Assessment: Fitch’s arguments come as no surprise, as they are in line with our view of OHLA, especially after the recapitalisation process was completed earlier this year. We expect the company to close the 2025 financial year with a net cash position of over €400 million, after confirming EBITDA growth this year of around 15% to around €165 million. In terms of gross bond debt, the company has an issue maturing in 2029 of around €328 million.
