Bankinter | CAF (CAF) announced on Monday the award of the second batch of trains, some 40 narrow gauge trains, for Metro de Madrid, which will cost more than €400 million. The first batch was also awarded to CAF in June 2024.
Opinion of Bankinter’s analysis team: Good news after a weaker than expected third quarter. This contract represents 3% of the total order book. In addition, this second batch of Metro de Madrid provides for thepossibility of increasing the number of trains in the future.
Despite the lower order intake in 9M24 (0.8x Sales), the Order Backlog already exceeded 3.5x Sales (4x in Railways and 1.9x in Buses), which gives visibility to the volumes for the fulfillment of the 2026 Business Plan. The main focus for year-end will be on the evolution of margins, which should recover the trend of slight recovery, after the weakness due to one-off effects in 3Q 2024.
