Construcciones & Auxiliar de Ferrocarriles S.A.

Construcciones y Auxiliar de Ferrocarriles SA (CAF) is a Spain-based company engaged in the rolling stock manufacture. The Company's activities are divided into two business segments: Rolling stock, as well as Components and spare parts. The Rolling stock division focuses on the design, production and distribution of rolling stock and equipment for railway systems, such as high-speed vehicles, locomotives, trains for middle-distance transportation, commuter trains and electric motorcars, subway trains, streetcars, traction and signaling systems, as well as energy storage solutions. The Components and spare parts division offers elements and spare parts for rolling stock equipment, such as wheels, axles and gear units. In addition, the Company offers technical assistance, maintenance and after-sale services, as well as development of rail infrastructure, among others. It operates through numerous subsidiaries in Spain, France, Germany, the United States, Brazil and Mexico, among others.
  • TickerCAF
  • ISINES0121975009
  • ExchangeMadrid Stock Exchange
  • SectorIndustrial Engineering
  • CountrySpain

Analysts

Iñigo Recio Pascual

CAF - 1H19 results

Expert Corporate Governance Service (ECGS)

Construcciones y Auxiliar de Ferrocarriles (CAF) - AGM 15 june 2019

In item 4, the Board proposes to re-appoint Deloitte as the external auditor for fiscal years 2019 and 2020. The level of non-audit fees is reasonable, but we have serious concerns over the excessive tenure of Deloitte, which has been the external auditor of the Company for the past 29 years. Hence, we recommend opposition. In item 6, shareholders are called to an advisory vote on the Annual Report on Directors' Remuneration. We strongly regret that the Board has not proposed any changes to the remuneration policy, despite the high level of opposition of shareholders in 2018 (23%). We also re...

Pedro Echeguren

CAF: 1Q19 results preview: Sales growth driven by the orderbook

CAF: 1Q19 results preview: Sales growth driven by the orderbook CAF will report its 1Q19 results on Tuesday 7th May after the close. A conference call will follow, connection details are TBA. Sales in 1Q18 to increase on a strong orderbook… … while the orderbook continues to increase… … albeit on lower margins, a negative Recommendation and target price unchanged

Iñigo Recio Pascual

CAF - Comments from roadshow with the company

CONST Y AUXILIAR DE FERR is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of CONST Y AUXILIAR DE FERR (ES), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date March 22, 2019, the closing price was EUR 41.60 and its potential was es...

Iñigo Recio Pascual

CAF - 1H19 results

Pedro Echeguren

CAF: 1Q19 results preview: Sales growth driven by the orderbook

CAF: 1Q19 results preview: Sales growth driven by the orderbook CAF will report its 1Q19 results on Tuesday 7th May after the close. A conference call will follow, connection details are TBA. Sales in 1Q18 to increase on a strong orderbook… … while the orderbook continues to increase… … albeit on lower margins, a negative Recommendation and target price unchanged

Iñigo Recio Pascual

CAF - Comments from roadshow with the company

Iñigo Recio Pascual

CAF - 4Q18 results. Fair value increased to EUR46

CAF: 2018 results preview: Solaris Bus consolidates for the first time

CAF: 2018 results preview: Solaris Bus consolidates for the first time CAF will report its 2018 results on Wednesday 27th February after the close. A conference call will follow. Results in 4Q18 include Solaris Bus & Coach Lower margins are a negative Target price revised

CONST Y AUXILIAR DE FERR is slightly downgraded to Slightly Positive due to an increasingly adverse environment

The independent financial analyst theScreener just slightly lowered the general evaluation of CONST Y AUXILIAR DE FERR (ES), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains unchanged and can be qualified as defensive. However, a marginally less favourable environment forces theScreener to downgrade slightly the title, which now shows an overall rating of Slightly Positive. As of the analysis date March 22, 2019, the closing price was EUR 41.60 and its potential was es...

Expert Corporate Governance Service (ECGS)

Construcciones y Auxiliar de Ferrocarriles (CAF) - AGM 15 june 2019

In item 4, the Board proposes to re-appoint Deloitte as the external auditor for fiscal years 2019 and 2020. The level of non-audit fees is reasonable, but we have serious concerns over the excessive tenure of Deloitte, which has been the external auditor of the Company for the past 29 years. Hence, we recommend opposition. In item 6, shareholders are called to an advisory vote on the Annual Report on Directors' Remuneration. We strongly regret that the Board has not proposed any changes to the remuneration policy, despite the high level of opposition of shareholders in 2018 (23%). We also re...

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