Talgo: New €550mn order for Germany's DB. TP increased to €6.52

Talgo: New €550mn order for Germany's DB. TP increased to €6.52 Agreement to sell 100 trains to Deutsche Bahn and first order of €550mn for 23 trains An innovative financing scheme We value this new contract at €0.35/share, our new TP is €6.52/share Recommendation

TALGO - Contract with Deutsche Bahn. Recommendation upgrade

Talgo. We expect uninspiring 3Q18 results. Target price cut

Talgo. We expect uninspiring 3Q18 results. Target price cut Talgo will report its 9M18 results on Thursday 15th November after the market close. There will be a webcast at 19:00 CET Sales likely to decline –4% qoq Results in 3Q18 to be a repetition of 2Q18 Free cash flow expectations are on 2H18e Valuation and recommendation

TALGO - Looking ahead to 2019: results recovering + cash

TALGO - 2Q18 results

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Etude de l'AG du 10/05/2017

In item 4, the Board proposes not to pay cash dividends on 2016 results, and to entirely use the net income to increase voluntary reserves and compensate previous years' losses. In item 5, the Board proposes to distribute a scrip dividend of € 10 millio(approximately € 0.07 per share), giving shareholders the option to receive their dividend, in full or in part, in cash or free shares. Talgo shares are listed on the Spanish stock markets since May 2015. It is the first dividend distribution of the Company. The maximum cash payment resulting from the scrip dividend distribution (if all sharehol...