Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ABERTIS INFRAESTRUCTURAS SA. We currently have 16 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
ABERTIS INFRAESTRUCTURAS SA
ABERTIS INFRAESTRUCTURAS SA
Strong full-year results
01 Mar 17
Abertis released a strong set of full-year 2016 results. Results Group revenue reached €4,936m, up 13% yoy (+6.1% lfl) and 0.5% above consensus, while EBITDA increased by 20% (+8.5% lfl) and beat market expectations by 2% as it benefited from better cost control and efficiency plans (margin up 140bp). Finally, net profit reached €796m, up 13% (lfl) yoy, broadly in line with the €808m consensus. Traffic continued to grow in 2016. The uptrend continued in Europe, with increases of 5.3% in Spain, 1.9% in France, and 2.6% in Italy. Also, the performance in Chile was noteworthy, where Average Daily Traffic (ADT) advanced 6.4%. These increases offset the decline in traffic in Brazil, where the economic situation prompted a 2.8% decline. Net debt at 31 December 2016 stood at €14,377m, up from €12,554m in 2015 reflecting both organic extension capex (c.€1bn) and acquisitions. However, the net debt/EBITDA ratio decreased from 4.7x in 2015 to 4.4x in 2016. The board proposed a second dividend of €0.37 gross per share (scrip or cash) bringing direct shareholder remuneration via dividends of €0.73 gross per share (€0.01 higher than AV’s forecast). Guidance The company gave a geographical breakdown of traffic growth expectations: +3% in Spain, +1.5% in France, +2.8% in Chile, +1% in Argentina, +1.1% in Brazil, +1.2% in both Italy and Puerto Rico and +7% in India. As regards tariff increases, management gave the following breakdown: Spain -0.5% National / +1.1% Regional, Italy +1.6%, France +0.6%, Puerto Rico +1.3%, Brazil +15.9% Federal / +9.3% State, Argentina +37.1%, Chile +6.5% / +2.8%. The company also detailed its 2017 investment plan, including €1bn of expansion investments and c.€1.3bn expected acquisitions, of which €128m for the Indian concession, €937m for the acquisition of CDC and AXA stakes in Sanef, €47.5m for an additional 8.53% stake in A4 in Italy and around €150m in minorities. The group also sees an EBITDA of c.€3,600m and a net debt of c.€14,700m. Recent developments Abertis announced in February the acquisition of an additional 8.53% stake in A4 Holding, thus increasing its control of the group to 59.93% from 51.4%. The group also announced today that it has reached an agreement with AXA to acquire an additional 9.56% stake in Holding d’Infrastructures de Transports (HIT), increasing its participation in Sanef’s parent company to 72.63% from the current 63.07%.
Abertis to acquire an additional 8.53% stake in A4 Holding
08 Feb 17
In line with the recent acquisition of CDC’s stake in Sanef in January 2017, Abertis announced the acquisition of an additional 8.53% stake in A4 Holding for €47.5m from Gruppo Gavio (8.37%) and Gruppo Mantovani (0.16%). At completion, Abertis will therefore control 59.9% of the company.
Abertis acquires CDC’s stake in Sanef
23 Jan 17
Abertis has decided to exercise its preferential acquisition rights for the Caisse des Dépôts et Consignations’ (CDC, French state-owned bank) stake in Holding d’Infrastructures de Transports (HIT) which controls 100% of Sanef, the concessionaire operating 1,760km of toll roads in the north-west of France (c.73% of Abertis’ French EBITDA). As a consequence, Abertis’ stake will increase to 63.07%, up 10.52% from the current 52.55%. Closing of the acquisition is expected to take place in the first quarter of 2017.
Abertis enters the Indian Toll Roads market
30 Dec 16
Abertis has announced the acquisition, from Macquarie, of controlling stakes in two brownfield toll-road concessionaires in India, for €128m. The deal is subject to the completion of certain conditions, including the consent of the companies’ lenders.
Strong 9-month release
26 Oct 16
Abertis released a strong set of results for the 9-month period. On a like-for-like basis, revenue was up 6%, EBITDA up 7.6% and net income up 10.1% versus +6%, +7.4% and +9.2% during the first half of the year, respectively. Traffic improved in all divisions with higher growth rates in Spain (+5.5%), France (+1.6%), Chile (+6.7%) and Puerto Rico (+0.8%), and lower declines in Brazil (-3.1%) and Argentina (+0%). The Italian toll roads, acquired earlier this year, also performed strongly with traffic up 2.8%. The net debt/EBITDA ratio decreased from 4.7x in 2015 to 4.4x, and the cost of debt fell 20bp. Source: AlphaValue, Company report.
Abertis reduces its stake in Chile, eyeing up Mexico
11 Oct 16
Abertis has reached an agreement with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), which will result in the latter achieving a minority 20% economic stake in Abertis’s Chilean assets. The transaction values the company at €3.7bn (100% EV). The agreement involves the six concessions managed by Abertis in the country, in which the group currently holds a 100% stake. Abertis will retain an 80% stake and will continue to play the industrial role. The subsidiary will also continue to be fully consolidated in the group’s accounts. This transaction will imply a cash inflow of €495m for Abertis. The closing of the deal is subject to the accomplishment of certain conditions.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.
N+1 Singer - Xaar - 2016 results slightly ahead, reduced visibility in 2017
22 Mar 17
Xaar’s 2016 results were slightly ahead of our forecasts, showing a small decline in profit vs. the previous year. Sales grew by 3% to £96.2m, reflecting lower sales from ceramic tile printing, offset by strong growth from Packaging and licence income and an initial contribution from the Engineered Printing Solutions acquisition. Adjusted PBT reduced by 6% to £19.5m (N+1Se £18.7m). Xaar has made significant progress in terms of strategic development in 2016. Its growth drivers are broadening out and it remains focused on its target of £220m sales by 2020. However near term growth is dependent on new products and management has guided to a higher than normal H2 weighting and reduced visibility, which is likely to restrain the share price.