Renta 4 | CAF has informed the National Securities Market Commission (CNMV) that it has been awarded a contract with Oslo Metro for the supply of 20 trains and related fleet parts for more than €150 million. The contract includes an option to extend the contract by 90 additional units.
Assessment: Positive news, but no impact on share price given the amount of the contract which represents around 1% of CAF’s total order book and 1.2% of the railway order book. We reiterate our Overweight recommendation with a target price of €54.5/share.
