CAF

Spanish economy 12th March 2024

With order book at record high of €14.2bn, CAF secures large part of 2026 Business Plan

Bankinter| Recovery of margins in Buses. Progress in the 2026 Strategic Plan. Revised estimates and assessment after the 2023 results. Analysis: We maintain our Buy recommendation. Price Obj: €41.9/share (from €36.2/share previously). We value positively: (1) The high order backlog (at record highs, €14.2bn, 3.7x sales), which ensures a large part of the fulfilment of the 2026 Business Plan; (2) The improvement in business margins, especially in Solaris (buses), thanks…

Spanish economy 29th February 2024

CAF’s 2023 turnover to be €3,825m, up 21%, due to higher sales in both rail and buses

Norbolsa| The company presented full year results, with revenues exceeding estimates to €3.825M (21% versus FY22 and +4% against FY23e), thanks to higher sales in both rail (€3.006M versus €2881M) and buses (€819M versus €804M). Margins improved to an EBIT margin of 4.7%, in line with expectations, in what seems to be a recovery for Solaris. Net profit was +13% higher than expected at €89M (€77M FY23e), thanks to financial…

In Europe 10th January 2024

CAF to supply 10 Solaris Urbino 12 hydrogen units to Düsseldorf

Link Securities| Solaris Bus & Coach (a subsidiary of CAF (CAF)) will deliver hydrogen buses to another European city. The buses were ordered by Germany’s Rheinbahn Düsseldorf, according to CapitalBolsa.com on Tuesday. The bus manufacturer will supply the city of Düsseldorf with 10 Solaris Urbino 12 hydrogen buses. The ordered hydrogen buses will be an innovative way to boost sustainable transport in the city of Düsseldorf, which has set itself…

In Europe 3rd January 2024

CAF to supply 40 trams to Italian operator ATAC for Rome’s fleet in deal worth over €130m

Link Securities| According to a Significant Event sent to the National Securities Market Commission (CNMV), the operator ATAC S.p.A. has awarded CAF the framework agreement for the supply of the new fleet of trams for the Italian capital. Specifically, the contract covers the design and manufacture of 40 trams, their maintenance for a period of five years and the corresponding spare parts. The agreement also includes the possibility of increasing…

In Europe 28th December 2023

CAF, via Solaris, to deliver electric buses in Madrid and Berlin under contracts worth over €70m

CdM| Solaris (CAF) has been awarded contracts to supply electric buses to Berlin and Madrid. In both cases, these are agreements for the delivery of 50 electric buses, the combined volume of the contracts exceeding €70 million. In the case of the agreement for Berlin, it is particularly relevant as it is a framework contract, the number of units of which could be up to 700 buses. Berliner Verkehrsbetriebe (BVG),…

Relevant News Item 23rd December 2023

CAF wins contracts in Italy worth €120 million

Intermoney| CAF informed the CNMV on Thursday that it has been chosen by the Italian operator ATM Milano for the supply of 105 electric buses. These are 18-metre Urbino articulated buses, which will be delivered in the first half of 2025. This contract is in addition to the one signed with the Sicilian company AMTS Catania for the delivery of another 42 electric buses. Specifically, the agreement covers the supply…

World economy 5th December 2023

CAF consolidates alliance with Mitsubishi with award of new €150M contract in Philippines for North-South commuter line

Intermoney: The company informed the CNMV (National Securities Market Commission) on Friday that it has been chosen by Mitsubishi as subcontractor for the design and supply of seven electrical units in the Philippines. Specifically, the units are for the new North-South commuter rail line that will connect Clark International Airport, northeast of Manila, with the province of Laguna in the south of the island of Luzon. The project is expected…

World economy 21st October 2023

CAF wins €150-million contract with Mitsubishi in Philippines to build 56 commuter trains for Manila

According to press reports, the Philippine Transport Authority has selected the alliance of CAF and Mitsubishi for the supply of 56 commuter trains for Manila for an amount of €150 M (1.2% of the current portfolio). The contract is still pending signature. Assessment: Positive news, although its impact is limited due to its insignificant size for the Company as a whole and because it is still pending signature.

In the World 10th October 2023

CAF’s two projects in Israel account for 7% of portfolio, current situation to have limited impact

Banc Sabadell : In the context of the new scenario of armed conflict in Israel, it should be noted that CAF (CAF) has two projects underway in the country. These are the Jerusalem light rail project and the Purple Line project of the Tel Aviv light rail, which together account for ~7% of the company’s portfolio. Assessment: News with a negative bias although with limited impact for now as the…

In Europe 20th September 2023

CAF pre-qualifies for €3.5 billion tender in Denmark

Link Securities| Construcciones y Auxiliar de Ferrocarriles (CAF) has been shortlisted alongside Alstom, Siemens and Stadler to win a €3.5 billion tender in Denmark for the delivery of 226 automatic trains for the Copenhagen suburban railway network. DSB, the Danish railway operator, said in a statement that the competitive process will now go ahead, with the aim that the contract will be awarded in H1 2025 and the new trains…

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