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Research Tree provides access to ongoing research coverage, media content and regulatory news on ABERTIS INFRAESTRUCTURAS SA. We currently have 12 research reports from 1 professional analysts.
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ABERTIS INFRAESTRUCTURAS SA
ABERTIS INFRAESTRUCTURAS SA
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.
Exceptional trading continues
08 Nov 16
Keywords has announced that the strong trading in localisation and audio services has continued into H216. In particular, the Synthesis business acquired in April continues to benefit from exceptionally strong trading. Full-year results are now expected to be materially ahead of consensus and we upgrade our FY16e EPS by 13%. Erring on the side of caution, we have not changed our FY17 estimates significantly. Nevertheless, we believe the company does have a platform to sustain double-digit earnings growth, and hence medium-/long-term prospects for further share appreciation remain good.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
Focused on the long term
08 Dec 16
These are rare events but it is nice to see a management use its public listing advantageously to trade short-term dilution in EPS for the optionality of asymmetric upside in the long term. With over £10m already in the balance sheet, ABD has successfully raised £5.4m gross in a placing and expects to raise another £1m from an offer. We were not surprised to learn that the placing was over 3.5x oversubscribed. How many listed UK companies are positioned to take advantage of the digital revolution in the automotive industry? The additional investment in new people, facilities, products & services should be dilutive to FY2017-18 EPS but this is small price to pay to establish the leading supplier of integrated test, measurement and simulation solutions to the autonomous vehicle industry. Our forecasts assume that growth will accelerate from FY2019. We raise our target price to 575p based on 15x FY2019 EPS, equivalent to Ricardo, the only other UK stock which has embraced the optionalities offered by the technological changes in the automotive industry.
07 Dec 16
Severfield’s (SFR’s) H117 results were well ahead of the previous year; margin performance and order book development cause us to raise our FY17 profit expectations. This combination has also proved to be a catalyst for share price outperformance following the results. Revenue growth and further margin development towards management’s stated aim of doubling FY16 PBT by 2020 can sustain further progress.
N+1 Singer - Waterman Group - Encouraging AGM statement in line with expectations
09 Dec 16
This morning’s AGM Statement confirms that trading in the first four months of the year to 31st October was in line with expectations. Revenue was slightly above the prior year period and cash collection has remained strong. The Group has reiterated its commitment to maintaining a progressive dividend policy. The statement is encouraging and we therefore leave our forecasts unchanged. We note the attractions of a 5% dividend yield and consider the shares inexpensive at 4.5x FY’17 EV/EBITDA.