Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ABERTIS INFRAESTRUCTURAS SA. We currently have 13 research reports from 1 professional analysts.
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ABERTIS INFRAESTRUCTURAS SA
ABERTIS INFRAESTRUCTURAS SA
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.
A4 Holding: Brownfield acquisition in Northern Italy
08 Sep 16
Abertis has closed the acquisition from Intesa, Astaldi and the Tabacchi family of 51.4% of the Italian industrial group, A4 Holding, currently managing 235km of toll roads. Source: Company. Its main assets are two toll roads in the region of Veneto in Italy: Part of the A4 toll road (146km), known as “La Serenissima”, the country’s third busiest toll road, with an Average Daily Traffic (ADT) of around 91,000 vehicles. This brownfield highway consists of separate roads each with three lanes and has been operating since 1956. The 89kms A31 (“Autostrada della Valdastico”) has an ADT of more than 12,000 vehicles. Part of the highway (36km) has been operating since 2005 while the other has been in operation only since 2015 (53km). An extension project was recently endorsed by the Italian government under the terms of which the group will carry out the execution of the road corridor. Detail design and execution is expected to occur over the next few years. The concession contracts of both toll roads (A4 and A31) expires on 31 December 2026. The acquisition, which was announced in May, was completed for a total of €594m, €5m of which has already been paid and €589m (all in) to be paid in March 2023.
H1 16 good results, margin improvement, Q2 16 traffic slowdown
29 Jul 16
H1 16 consolidated revenues (€2,243m; +€37m) grew 5.3% (+6% lfl) and operating margins improved: - EBITDA (€714m +€35m) up +10.4% (+7.4% lfl); - EBIT (€896m; +€31m) up 13.3% lfl with the help of the extension of the concessions in France, with a positive impact on depreciation and a positive comparison base since the H1 15 results were impacted by Arteris’s impairment and the provision related to the AP-7 traffic guarantee. - Adjusted net profit €510m, +9% lfl. Negative FX effects were strong and they reduced the consolidated revenues and EBITDA by €139m and €70m respectively, translating average FX vs H1 15 of - 24.9% for the Brazilian real - 10.9% for the Chilean peso - 62.3% for the Argentine peso.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Small-cap quantitative research - Momentum screen refresh + 10 focus stocks
12 Jan 17
We have refreshed our momentum style screen for the first time since inception on 26 July 2016. As before, the screen selects the 25 stocks exhibiting the most extreme momentum characteristics, according to our measurement method. From these we have selected 10 to focus on. Since inception the screen has underperformed both the main small-cap and micro-cap indices against a background of generally rising momentum. We have noted a subset of the basket, where decelerating momentum at the time of measurement appears correlated with significant share price falls since selection. We shall monitor this factor with the new screen, albeit there are only two such stocks showing this pattern, namely Lamprell (not rated) and Gear4music (not rated).
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.