Sacyr is the parent company of a group engaged in the acquisition, development and construction of urban properties for their subsequent rental or resale. Co. primarily leases and sells office buildings and complexes, housing units, and shopping centers. Co. is also engaged in the operation of urban car parking facilities. Co. offers services related to the real estate industry such as technical assistance in energy savings, inventory management, architectural design, telecommunications management, property maintenance, as well as gardening and landscaping. Co. also provides consulting services in the real estate fund management sector.
  • TickerSYV
  • ISINES0182870214
  • ExchangeMadrid Stock Exchange
  • SectorConstruction & Materials
  • CountrySpain

Analysts

Research Department

IBERIAN DAILY 11 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CIE AUTOMOTIVE, LIBERBANK, SACYR. MARKETS YESTERDAY AND TODAY Profit taking ahead of Central Banks’ meetings European bourses ended practically unchanged, as the opening losses eased after the release of European data. In the Euro STOXX Pharma and Real Estate were the best-performing sectors while Basic resources and Telecoms ended with the biggest losses. On the macroeconomic level, in the euro zone, December’s ZEW unexpectedly returned to positive territory while in Germany the recovery was greater than expected. In the UK, October’s industrial output improved slightly althou...

Research Department

INFORME DIARIO 11 DICIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CIE AUTOMOTIVE, LIBERBANK, SACYR.EUROPA: AHOLD DELHAIZE, SANOFI. Toma de beneficios antes de los Bancos Centrales Las bolsas europeas terminaron casi sin cambios, ya que las pérdidas de la apertura se fueron borrando después de la publicación de los datos en Europa. Entre los sectores del Euro STOXX los mejores fueron Farma e Inmobiliario mientras que R. Básicos y Telecomunicaciones terminaron con las mayores pérdidas. Por el lado macro, en la Eurozona el ZEW de diciembre sorprendió volviendo a terreno positivo mientras que en Alemania la recupera...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 NOVEMBER TO 04 DECEMBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio No changes this week. European High Yield Portfolio Airbus, Air Liquide, AXA, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Almirall, Applus, CAF, Dominion, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Sacyr S.A.: 1 director sold

A director at Sacyr S.A. sold 34,999 shares at 2.470EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 NOVIEMBRE AL 04 DICIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sin cambios esta semana. Cartera High Yield Europa Airbus, Air Liquide, AXA, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Almirall, Applus, CAF, Dominion, Ence, Indra, Logista, Másmóvil, Sacyr y Unicaja Sin cambios esta semana.

Marc Pierron

SACYR- 2Q18 Comments

Spanish construction company Sacyr reported strong 2Q18 results, driven by higher activity in most of its divisions. Indeed, total revenue increased by 24% yoy to €916m with the main contribution from Construction (44% of 2Q18 revenue) and Concessions (20%) recording respectively a yoy progression of 44% and 40%.

Tony Lebon

The referendum in Catalonia is an opportunity to bolster positions on the 2019 convertible bond

Publication date 11/10/2017 09:55 - Writing date 11/10/2017 09:43 - - - - - - - - - - - - - - - - - - - - - - Following the referendum on the independence of Catalonia held on 1 October and which saw an overwhelming 90% "yes" vote, Sacyr's May 2019 convertible bond has seen some pressure, with its price falling from 100.3% to 99.0% (mid-price) and its yield rising from 3.8% to 4.7%. - According to a Bloomberg article published on 5 October, Catalan separatists are looking for a way to delay a declaration of definitive independence in order to create a space for a negoti...

Tony Lebon

Sacyr : Le référendum en Catalogne offre un point de renforcement sur l’OC 2019

Suite au référendum sur l’indépendance de la Catalogne qui s’est tenu dimanche dernier et qui a vu le « oui » l’emporter à 90%, l’obligation convertible mai 2019 de Sacyr a été quelque peu sous pression : son prix est ainsi passé de 100,3% à 99,0% en mid-price et son rendement de 3,8% à 4,7%. - Précisons que, selon un article Bloomberg publié cet après-midi, les séparatistes catalans tenteraient de trouver un moyen de retarder une déclaration d'indépendance définitive afin de créer un espace pour un règlement négocié avec l'Espagne, selon deux personnes proches des discussions entre les leade...

Tony Lebon

Sacyr : When Spanish construction is not pure evil

>Initiation of coverage with a “Speculative” Buy reco. on 2019 CB - Following a credit roadshow organized by Oddo in Paris in April with Sacyr, we initiate the credit coverage of this name.We tried to dismantle Sacyr’s debt “black box”, notably by separating the recourse and non-recourse groups. It is true to say that there are many red flags credit-wise (notably with an important proportion of the construction’s backlog dedicated to concessions managed by Sacyr, probably some non-cash items in the concessions’ Ebitda (but far below the ones of Obrascon!), a high recourse leverage of c. 6x, a ...

Tony Lebon

Sacyr : When Spanish construction is not pure evil

>Initiation of coverage with a “Speculative” Buy reco. on 2019 CB - Following a credit roadshow organized by Oddo in Paris in April with Sacyr, we initiate the credit coverage of this name.We tried to dismantle Sacyr’s debt “black box”, notably by separating the recourse and non-recourse groups. It is true to say that there are many red flags credit-wise (notably with an important proportion of the construction’s backlog dedicated to concessions managed by Sacyr, probably some non-cash items in the concessions’ Ebitda (but far below the ones of Obrascon!), a high recourse leverage of c. 6x, a ...

Research Department

IBERIAN DAILY 11 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: CIE AUTOMOTIVE, LIBERBANK, SACYR. MARKETS YESTERDAY AND TODAY Profit taking ahead of Central Banks’ meetings European bourses ended practically unchanged, as the opening losses eased after the release of European data. In the Euro STOXX Pharma and Real Estate were the best-performing sectors while Basic resources and Telecoms ended with the biggest losses. On the macroeconomic level, in the euro zone, December’s ZEW unexpectedly returned to positive territory while in Germany the recovery was greater than expected. In the UK, October’s industrial output improved slightly althou...

Research Department

INFORME DIARIO 11 DICIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: CIE AUTOMOTIVE, LIBERBANK, SACYR.EUROPA: AHOLD DELHAIZE, SANOFI. Toma de beneficios antes de los Bancos Centrales Las bolsas europeas terminaron casi sin cambios, ya que las pérdidas de la apertura se fueron borrando después de la publicación de los datos en Europa. Entre los sectores del Euro STOXX los mejores fueron Farma e Inmobiliario mientras que R. Básicos y Telecomunicaciones terminaron con las mayores pérdidas. Por el lado macro, en la Eurozona el ZEW de diciembre sorprendió volviendo a terreno positivo mientras que en Alemania la recupera...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 NOVEMBER TO 04 DECEMBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio No changes this week. European High Yield Portfolio Airbus, Air Liquide, AXA, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Almirall, Applus, CAF, Dominion, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 NOVIEMBRE AL 04 DICIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sin cambios esta semana. Cartera High Yield Europa Airbus, Air Liquide, AXA, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Almirall, Applus, CAF, Dominion, Ence, Indra, Logista, Másmóvil, Sacyr y Unicaja Sin cambios esta semana.

Research Department

IBERIAN DAILY 02 DECEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: GAS SECTOR, IBERDROLA, MEDIASET ESPAÑA, MERLIN PROPERTIES, NATURGY, SACYR. MARKETS YESTERDAY AND TODAY Little movement, but with slight drops European markets saw profit taking in a session marked by the corrections in crude oil and the movement in debt curves. In the Euro Stoxx the best-performing sectors were Telecoms and Personal Household Goods vs. the drops in Autos and Retail, which were the worst performers. On the macro side, in Germany November’s unemployment rate fell sharply and unexpectedly. In Spain, mortgage signings had their worst September performance in 5 year...

Sacyr S.A.: 1 director sold

A director at Sacyr S.A. sold 34,999 shares at 2.470EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

SACYR SA with less fundamental stars is reduced to Neutral

SACYR SA (ES), a company active in the Heavy Construction industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date October 4, 2019, the closing price was EUR 2.24 and its expected value was estimated at EUR 2.33.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Tony Lebon

Sacyr : ¿ La remontada ?

Following the negative ruling on the Panama Canal advances in December, the price of the 2019 convertible bond has decreased by 2 figures (from c. 99% to c. 97% currently, with a low point at 95%). This was one of the risks surrounding Sacyr’s liquidity position that we highlighted in our last credit reports (see our Special Comments published on 9 and 12 October 2018). However, the group managed to finance this cash-out with a new loan. - The most immediate sources of liquidity a...

Tony Lebon

Sacyr : ¿ La remontada ?

Following the negative ruling on the Panama Canal advances in December, the price of the 2019 convertible bond has decreased by 2 figures (from c. 99% to c. 97% currently, with a low point at 95%). This was one of the risks surrounding Sacyr’s liquidity position that we highlighted in our last credit reports (see our Special Comments published on 9 and 12 October 2018). However, the group managed to finance this cash-out with a new loan. - The most immediate sources of liquidity a...

Tony Lebon

Sacyr : Addendum to our report published on 9 October

After our update (Special Comment) on Sacyr on 9 October, we had another call with the company, following which we would like to clarify two points. - >Cash linked to the Pedemontana-Veneta project - There has been some misunderstanding in our previous discussions with the company related to the cash in the construction division that is related to the Pedemontana-Veneta project and therefore not available: Sacyr told us that the related cash is EUR 1,369bn, instea...

Tony Lebon

Sacyr : Addendum to our report published on 9 October

After our update (Special Comment) on Sacyr on 9 October, we had another call with the company, following which we would like to clarify two points. - >Cash linked to the Pedemontana-Veneta project - There has been some misunderstanding in our previous discussions with the company related to the cash in the construction division that is related to the Pedemontana-Veneta project and therefore not available: Sacyr told us that the related cash is EUR 1,369bn, instea...

Tony Lebon

Sacyr : ¿Quizás, Quizás, Quizás?

Sacyr intends to issue an inaugural sub-benchmark EUR-denominated senior unsecured straight bond with “intermediate” maturity. This bond would be issued under the company’s EMTN program (the programme’s size is EUR 500m). The prospectus of the latter was published in May 2018 and we understand that there will be a simple termsheet on the new bond. This process is fairly uncommon for a shadow single-B name and the prospectus of the programme is surprisingly short. - After talking to...

Expert Corporate Governance Service (ECGS)

Sacyr - AGM 12 June 2019

We have concerns over the composition of the Board of Directors, because the Chair and CEO positions are combined, there is not a majority of independent members (46% according to both the Company's self-assessment and ECGS guidelines) and significant shareholders are overrepresented (on aggregate 38% of Board members with 29% of the share capital). Therefore, we recommend that shareholders oppose the re-appointment of the Chairman-CEO Mr. Manuel Manrique Cecilia (item 5.1) and the proprietary Director Prilou SL (item 5.3). In item 6, shareholders are called to approve the Company's remunerat...

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 23 TO 30 OCTOBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio We lower Volkswagen’s weight and raise that of Airbus. European High Yield Portfolio Air Liquide, Allianz, Daimler, SAP & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Dominion, Enagás, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 06 TO 13 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 06 A 13 MARZO 2019 (ANÁLISIS BANCO SABADELL)

Research Department

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 27 FEBRUARY TO 06 MARCH 2019 (ANÁLISIS BANCO SABADELL)

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 27 FEBRERO A 06 MARZO 2019 (ANÁLISIS BANCO SABADELL)

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