Intermoney | CAF (Buy P.O. €42) informed the National Securities Market Commission (CNMV) on Monday that it had reached an agreement with Metro Madrid, for the supply of the first of the two lots that make up the operator’s investment in the renewal and expansion of its fleet. The contract consists of 40 single-voltage gauge trains for lines 6 and 8 of the network and is worth around €400 million….
Renta 4 | According to press reports, CAF is the only company to have reached the final phase of the contract for the supply of 40 trains for the renovation of line 1 of Metro de Madrid for a total of around €412 million. The contract includes technical assistance for a period of 10 years. Valuation: Positive news given the amount of the contract which represents around 3.0% of CAF’s…
Renta 4 | CAF has informed the National Securities Market Commission (CNMV) that it has been awarded a contract with Oslo Metro for the supply of 20 trains and related fleet parts for more than €150 million. The contract includes an option to extend the contract by 90 additional units. Assessment: Positive news, but no impact on share price given the amount of the contract which represents around 1% of…
Renta 4| According to press reports, CAF has been selected along with other companies to renew the signalling and safety of the UK rail network. The selected companies are CAF together with the British company, AtkinsRealis, Alstom, Hitachi and Siemens. The total value of the contracts to be awarded amounts to around €4.7 billion over the next 10 years and will be progressively entrusted to the selected companies. Assessment: This…
Link Securities| The Spanish industrial company CAF (CAF) announced on Friday that it has been awarded a new project in the Netherlands. The public transport operator Qbuzz, part of the FS Group, has chosen CAF to supply 10 commuter trains and their corresponding fleet parts, which are scheduled for delivery from 2028 onwards. Qbuzz is a public transport company in the Netherlands serving the Groningen-Drenthe region, the city of Utrecht…
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…
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…
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…
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…
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),…