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

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 28 AUGUST TO 04 SEPTEMBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio No changes this week. European High Yield Portfolio Allianz, AB Inbev, Safran, Vinci & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio Caixabank, Cellnex, Ferrovial, Inditex & Telefónica No changes this week. 5 High-Yield Stock Portfolio Colonial, Iberdrola, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Catalana Occidente, Colonial, Dominion, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 28 AGOSTO A 04 SEPTIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sin cambios esta semana. Cartera High Yield Europa Allianz, AB Inbev, Safran, Vinci y Vivendi. Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España Caixabank, Cellnex, Ferrovial, Inditex y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Colonial, Iberdrola, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Catalana Occidente, Colonial, Dominion, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Research Department

IBERIAN DAILY 03 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, INDRA, LIBERBANK, MÁSMÓVIL, NATURGY, SACYR. MARKETS YESTERDAY AND TODAY Slight market gains Few fluctuations at the beginning of the week, with the main indices consolidating the rally seen last week. In the Euro STOXX, Financial Services and Utilities saw the biggest gains while Basic Resources and Real Estate were the worst performers. On the macroeconomic level, in the euro zone, August’s final manufacturing PMI remained at the preliminary data (in line), with the better performance of Spain, Italy and France that offset Germany’s data. With the exception of France,...

Research Department

INFORME DIARIO 03 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, INDRA, LIBERBANK, MÁSMÓVIL, NATURGY, SACYR. EUROPA: CAMBIOS EUROSTOXX50 Leves subidas en mercados Poco movimiento en el inicio de semana, con los principales selectivos consolidando la zona del rebote de la semana pasada. Dentro del Euro STOXX presentaron las mayores subidas S. Financieros y Utilities mientras que R. Básicos e Inmobiliario quedaron como los perdedores del día. Por el lado macro, en la Eurozona el PMI final de manufacturas de agosto repitió el dato preliminar con un mejor comportamiento de España, Italia y Francia que c...

Research Department

IBERIAN DAILY 05 AUGUST (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 05 AUGUST (ANÁLISIS BANCO SABADELL)

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

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 28 AUGUST TO 04 SEPTEMBER 2019 (ANÁLISIS BANCO SABADELL)

European Portfolio No changes this week. European High Yield Portfolio Allianz, AB Inbev, Safran, Vinci & Vivendi No changes this week. Spanish Recommended Portfolio No changes this week. 5-Stock Recommended Portfolio Caixabank, Cellnex, Ferrovial, Inditex & Telefónica No changes this week. 5 High-Yield Stock Portfolio Colonial, Iberdrola, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Applus, CAF, Catalana Occidente, Colonial, Dominion, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.

Research Department

CAMBIO DE CARTERAS BANCO SABADELL SEMANA 28 AGOSTO A 04 SEPTIEMBRE 2019 (ANÁLISIS BANCO SABADELL)

Cartera Modelo Europa Sin cambios esta semana. Cartera High Yield Europa Allianz, AB Inbev, Safran, Vinci y Vivendi. Sin cambios esta semana. Cartera Modelo España Sin cambios esta semana. Cartera 5 Valores España Caixabank, Cellnex, Ferrovial, Inditex y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Colonial, Iberdrola, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Applus, CAF, Catalana Occidente, Colonial, Dominion, Indra, Logista, Masmóvil, Sacyr y Unicaja Sin cambios esta semana.

Research Department

IBERIAN DAILY 03 SEPTEMBER (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACCIONA, INDRA, LIBERBANK, MÁSMÓVIL, NATURGY, SACYR. MARKETS YESTERDAY AND TODAY Slight market gains Few fluctuations at the beginning of the week, with the main indices consolidating the rally seen last week. In the Euro STOXX, Financial Services and Utilities saw the biggest gains while Basic Resources and Real Estate were the worst performers. On the macroeconomic level, in the euro zone, August’s final manufacturing PMI remained at the preliminary data (in line), with the better performance of Spain, Italy and France that offset Germany’s data. With the exception of France,...

Research Department

INFORME DIARIO 03 SEPTIEMBRE (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, INDRA, LIBERBANK, MÁSMÓVIL, NATURGY, SACYR. EUROPA: CAMBIOS EUROSTOXX50 Leves subidas en mercados Poco movimiento en el inicio de semana, con los principales selectivos consolidando la zona del rebote de la semana pasada. Dentro del Euro STOXX presentaron las mayores subidas S. Financieros y Utilities mientras que R. Básicos e Inmobiliario quedaron como los perdedores del día. Por el lado macro, en la Eurozona el PMI final de manufacturas de agosto repitió el dato preliminar con un mejor comportamiento de España, Italia y Francia que c...

Research Department

IBERIAN DAILY 05 AUGUST (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 05 AUGUST (ANÁLISIS BANCO SABADELL)

1 director subscribed to/sold

A director at Sacyr Vallehermoso Sa subscribed to/sold 926,489 shares at 0.000EUR and the significance rating of the trade was 75/100. 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....

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

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)

Louis-Clément AZAIS d'UHART

Short term view - SACYR SA : The ascending support has been reached, it causes the bounce.

The trend remains neutral. Prices will have to break above the peak at €2.459 for the trend to be positive again with an invalidation level below €2.238.Arguments :- The ascending support has been reached, it causes the bounce.- The moving average is supporting prices.

Louis-Clément AZAIS d'UHART

Analyse court terme - SACYR SA : Le support ascendant est atteint, il cause le rebond.

La tendance est toujours neutre. Il faut franchir le sommet à 2,459 € pour que la tendance devienne positive avec une invalidation sous 2,238 €.Arguments :- Le support ascendant est atteint, il cause le rebond.- La moyenne mobile sert de support.

Matthieu DRIOL

Analyse moyen terme - SACYR SA : La moyenne mobile sert de support.

La tendance est toujours haussière, mais elle pourrait ralentir. Les indicateurs sont surachetés. Le prochain objectif est à 3,500 € Le niveau d'invalidation est sous 1,900 €.Arguments :- La résistance est proche.- La moyenne mobile sert de support.

Matthieu DRIOL

Medium term view - SACYR SA : The moving average is supporting prices.

The trend is still bullish, but it could slow down. Indicators are overbought. The next target is at €3.500. The invalidation level is below €1.900.Arguments :- The resistance is close.- The moving average is supporting prices.

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