Sacyr reported a good set of Q1 results, with the net income secured against Repsol’s contribution but squeezed by negative FX and provisions. While it was expected that the Services division would perform well, Concessions also managed to perform well due to the non-dependence on traffic. We will update our model but will stick to our Buy recommendation.
19 May 2020
Q1 20: concessions resilient due to risk-mitigating mechanism
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Q1 20: concessions resilient due to risk-mitigating mechanism
Sacyr SA (VHM:STU) | 0 0 2.6% | Mkt Cap: 1,382m
- Published:
19 May 2020 -
Author:
Sejal Varshney -
Pages:
3
Sacyr reported a good set of Q1 results, with the net income secured against Repsol’s contribution but squeezed by negative FX and provisions. While it was expected that the Services division would perform well, Concessions also managed to perform well due to the non-dependence on traffic. We will update our model but will stick to our Buy recommendation.