Acciona wins two contracts worth €220 M to remodel Palma de Mallorca airport


Intermoney | Acciona (Buy, TP €210) has won various contracts to remodel the airport in Palma de Mallorca, for a total value of 220 million euros. The main one (for 200 million euros) will entail carrying out improvements in the parking platforms for planes for module A and in the extension of the terminal. The execution time is 39 months. The other contract involves the extension of module D. The Palma airport started operations 25 years ago, and is the third largest in Spain in terms of passenger volumes. To avoid any interference with infrastructure operations, a good part of the work will be carried out at night time.

Valuation: This is good news for Acciona, which already has experience with this type of contract, including the construction of a new runway at Malaga airport and various works at Madrid [1]Barajas. At the group’s construction business level, 2021 saw a big increase in margins, over 4.5% compared to 1.8% the previous year, or 11% of the total consolidated figure. Nonetheless, we still need to see the impact from the increase in costs, which has already negatively affected Sacyr and Ferrovial in Q1. Acciona will not release results in this period, but today at the close of the market it will give indications of how its various businesses are going in a trading statement.