It expects to reduce its recourse debt to zero next year with the sale of 49% of its Water and Services businesses
MADRID, 7 Nov. (EUROPA PRESS) –
Sacyr’s shares rebounded this Monday by close to 5% on the Stock Exchange, after presenting financial results that showed a record of profitability in its business in the first nine months of the year, thanks to the pull of its concessions, which represent 85% of the operating result.
Coinciding with the presentation of these results, the shares of the firm chaired by Manuel Manrique posted a rise of 4.98% on this first day of the week, leading the Ibex 35, to close at 2.57 euros per share, its best price since last June.
The company’s gross operating profit (Ebitda) was 924 million euros in this period and sales were 4,092 million euros, which represents a record profit margin for the company of almost 23%.
In a conference with analysts, Manrique described these results as “spectacular”, emphasizing the “success” of his strategy, focused on concessions, and all this “despite the economic uncertainty”.
In this sense, the manager has confirmed that this year the EBITDA target of 1,000 million euros will be widely exceeded, with dividends from concessions of 180 million euros and a value for its concession portfolio of more than 3,000 million euros. euros.
For next year, once it sells 49% of its Water and Services divisions, Manrique plans to reduce the net debt with recourse to zero, which is now 689 million euros, which will allow the company to continue investing in new concessional opportunities.
Regarding these divestments, the chairman and CEO of Sacyr has stated that it has aroused the interest of many investors to acquire that 49% of both businesses and that the advisory banks have not yet been chosen.
“These are solid and better-than-expected results, which will continue to support value. We maintain a positive view, waiting for new catalysts to materialize in the short term, such as the sale of 49% of its Services and Water divisions. and the rotation of new concession assets”, summarizes an analysis by Banco Sabadell.
