Top Stories

Joseph Oughourlian buys 4.2% de Indra one week ahead of its AGM

TOPICS:
Indra Tecnocom

Posted By: The Corner 17th June 2022

Intermoney | Joseph Oughourlian (CEO de Amber Capital) has bought 4.2% of Indra (IDR) one week before the group’s AGM. In our view, the move is aimed at obtaining “independent” support to grant executive powers to the current chairman Marc Mutra. He has the backing of SEPI (25%, with authorisation to reach 28%).

Valuation: we believe Indra’s potential could be undermined if with SEPI’s increase the handover of executive powers to the chairman is completed, and shareholder value is destroyed in a possible entry in ITP. Our recommendation for Indra is Buy (Target Price 12 euros/share).

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.