Intermoney | Sacyr (Buy, PO €4.4) announced yesterday, while the market was open, that it had been awarded a new concession in Chile. This is the Itata Route, which involves an investment of €516 million and includes the improvement, construction, maintenance and operation of existing and new works. These include the improvement of the current routes 152 (75.1 km) and 158 (14.1 km) and a new 6.9 km dual carriageway that will directly connect Route 152 with Route 146, the current concession held by Sacyr through the Valles del Biobí company, which links the municipalities of Concepción and Cabrero. The new concession has a maximum term of 45 years.
Assessment. This is another concession in Chile for Sacyr, on this occasion de facto an extension of another already underway by the Group. Chile is one of Sacyr’s main markets, generating an EBITDA of €225 million in 2024, or 20% of the total for the Concessions division, including projects in Italy. The transalpine market is Sacyr’s largest, followed closely by Colombia, with an annual EBITDA of over €300 million. Sacyr is currently in the process of grouping together mature concession projects within the Voreantis vehicle, in which the Group expects to sell a minority stake during the course of this financial year.
