Over 2018, Corporación Financiera Alba’s net income dropped by 67.4% to €154.4m, even lower than our expectation (€184m). This fall is mainly due to the capital gain on the sale of the remaining stake (7.52%) in ACS in H1 17 for €743.4m, which stood at €352.7m. At the end of 2018, Alba’s NAV stood at €3,911.9m, i.e. €67.2 per share and a 3.4% decrease compared to 2017. As usual, Alba trades at one of the highest discounts to NAV (36.7%) of the
