The Italian motorways division’s capex amounted to €207m, namely 55% of the group’s capex, but note that the division generates 68% of the group’s EBITDA, meaning the company is somewhat trying to reallocate its capital towards areas with higher growth profiles, namely airports. The fact that we included for FY18, one quarter of Abertis’ contribution somewhat blurs the picture. We will adjust our model following this press release, but we don’t expect a chan
13 Aug 2018
H1 18: Brazil continues to disappoint, capex from motorways to airports
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H1 18: Brazil continues to disappoint, capex from motorways to airports
- Published:
13 Aug 2018 -
Author:
Felix Brunotte -
Pages:
3
The Italian motorways division’s capex amounted to €207m, namely 55% of the group’s capex, but note that the division generates 68% of the group’s EBITDA, meaning the company is somewhat trying to reallocate its capital towards areas with higher growth profiles, namely airports. The fact that we included for FY18, one quarter of Abertis’ contribution somewhat blurs the picture. We will adjust our model following this press release, but we don’t expect a chan