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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.
New weakening of the shareholder structure
29 Jun 16
OHL (which became Abertis’s second shareholder a few years ago with 15.67% of the shares through a complex LatAm assets and shares exchange) announced today it has sold through a private placement a block of shares of Abertis representing 7% of the share capital to “qualified investors” at a price of €11.75, representing a cash amount of c. €814m and a capital gain of €110m.
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Fighting the waves
25 Oct 16
Management action in response to a tough trading climate and falling profits should contribute to a sound recovery in profits next year. Following share price weakness, the group is valued at a substantial discount to both the broking market leader Clarkson and to other peers. Meanwhile, if the dividend can be held, the shares offer a well above-average yield, pending an eventual improvement in trading conditions.
21 Oct 16
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N+1 Singer - Morning Song 21-10-2016
21 Oct 16
Xaar has announced that its FD, Alex Bevis, will be leaving to pursue other opportunities after almost 6 years with the group. A search is underway for his replacement and Alex will remain with Xaar until 24th March 2017. While Alex’s departure is disappointing, Xaar’s strategy remains on track, with new product launches expected to drive near term organic sales growth and a target of £220m sales by 2020. This reflects stronger leverage of Xaar’s innovative technology into a broader spread of end products and markets, with the £220m expected to be composed of broadly equal contributions from ceramics, packaging & product printing, Thin film/P4, and partnerships/M&A. Prospects for the group are exciting, with positive news flow on product launches and end markets anticipated over the year ahead.
FY17 expectations unchanged. Interim dividend maintained
25 Oct 16
Interims reflect tough markets which impacted Technical. Shipbroking delivered a resilient result and Logistics has performed well. The interim dividend has been held at 9.0p. The group anticipate an improvement in H2. The Board’s expectations for the year are unchanged based upon the strength of the order book due in H2, its ongoing market coverage and the benefits of action taken previously. We have retained our FY2017 PBT forecast of £8.7m and a maintained dividend. We reiterate our Buy and adjust our TP to 450p.
N+1 Singer - Morning Song 20-10-2016
20 Oct 16
A highly disappointing update from Senior reports a number of issues adding up to the Group being behind expectations. Following the Flexonics issues over the past 12 months, there are now issues on the Aerospace side which are affecting the outlook. In a period when some stability was required, this is disappointing. We have downgraded FY16 EPS by 6.8% and, whilst we see Senior remaining a US takeover target, we move from Buy to Hold (target price down from 262p to 196p) until more clarity is available on the direction of the Group.