Banco Sabadell | According to the press, the main messages to be drawn from the appearance of Ángel Escribano (President of Indra) last week in the Congress of Deputies are: (i) Regarding the sale of Minsait, he stated that it is not for sale and that work is being done to develop it into a higher value service, (ii) he did not hide the interest in acquiring Santa Bárbara, but (supposedly) after General Dynamics’ refusal to sell the Santa Bárbara factory in Trubia (Oviedo), he stated that Indra will buy a ‘large factory’ from Duro Felguera in Gijón and convert it to ‘make’ military vehicles.
In addition, according to Expansión, the British venture capital management company Pollen Street is negotiating the acquisition of Nuek (Minsait Payments), this firm being the only one that maintains interest in the Indra subsidiary and would be carrying out due diligence, after Cinven, Evertec and Constellation abandoned the process.
Assessment: We do not expect impact. Regarding the sale of Minsait, the new message represents a change of stance compared to previous messages offered by the company, which involved studying a sale of the asset. From our point of view, it is an asset that in the medium term could be sold to reinforce its positioning in more core areas such as Defence/Traffic, but that in the short term offers growth, size and enjoys good momentum in terms of results.
