Intermoney : Sacyr (SCYR) (Buy, PO 4.0 €), as reported on Thursday by the Group with the market open, together with its Italian partner Fininc, has been awarded the construction of a railway line in Catania (Sicily).
The project, by Metropolitana Circumetnea, envisages the design and execution of a 10.6 km route between the Misterbianco station and the Ardizzone tunnel, with an investment of around €532 million. In total, the project has a total length of about 11.5 km with an investment that would reach €645 million.
Assessment: Sacyr is awarded another project in Italy although, unlike others, this one does not include a concession contract. The Group traditionally works hand in hand with its local partner, Fininc, which usually has a 51% stake. Examples of collaboration include the Pedemontana-Veneta motorway concession, which is now almost fully in service after an investment of more than €2.5 billion. Italy is Sacyr’s largest concession market. Construction activity accounts for around 15% of the Group’s EBITDA, well behind concessions (more than 80%), while the existing backlog at June 2023 exceeded €7.2bn. Revenues from this activity amounted to €1.105bn in H1, with a margin of 4.3%, which, however, was 60 basis points higher than in the previous year, due to the moderation of raw material costs.