Sunday, November 28

Sacyr bears take pressure to highs


Sacyr It already had to face four hedge funds in 2020 and this year it coexists again with four other hedge funds that take its pressure to maximum. Together they would add 3.81 percent of the capital stock, fourth position of reference, with a market value of about 54.3 million euros.

Citadel, the only bear that has remained since 2020, has a short position of 1.4 percent, the second largest this year, after raising its bet again in early November. The position has a charge against the shares of about 19.7 million euros at the current price of Sacyr’s shares.

Arrowstreet Capital It is one of two hedge funds that has maxed its position since it first entered the stock in May. The bet against the shares of the construction company is 11.1 percent of the capital and is valued at about 15.6 million euros.

JP Morgan returns against Sacyr three years later

JP Morgan AMFrom his hedge fund, he is the other bear that has taken his position to maximum this year after returning to Sacyr three years after his departure. The attack is representative of 0.77 percent of the circulating, 11.6 million euros.

The fourth bass player to complete the list, according to the records of the National Value Comission, it is Mirabella Financial Services, with 0.53 percent valued at 7.4 million euros. This position has remained unchanged since it was communicated on October 18.

Bears push higher as the value chains seven consecutive days down, the worst streak since the beginning of March 2020, moment of the global outbreak of the coronavirus.

A sentence unleashed the falls

The sales were triggered by the ruling that obliges Sacyr to pay 141 million euros to Haitong Bank, agent of the financing union of radios 3 and 5 in Madrid, due to the bankruptcy of these highways. Sacyr has indicated that it will appeal the sentence.

The news was known last Thursday and the titles fell 6.5 percent on the day that the construction company also released the results until September where iboosted profits 28 percent year-on-year, up to 60 million euros.

The good evolution of the business and the strategy developed for the concessions division overcame the impacts of Covid-19, the prices of raw materials and logistics with an ebitda that rose 19 percent and revenue that increased 3 percent.

Consensus contradicts hedge funds

On the other hand, operating cash flow grew 12 percent, to 402 million euros, and the mask of future income rose 16 percent more than at the end of 2020. In addition, it has already met the value of two dividends offering a return on this plot of 4.6 percent.

Sacyr’s business development, which has advanced 10 percent this year in the continuous market, convinces the experts who contradict hedge funds, according to the market consensus that reflects Bloomberg.

91.7 percent of experts recommend “buying” shares in the construction company and do not register any advice to “sell”Therefore, the remaining 8.3 percent prefer to “keep” the securities in their portfolio.

The securities are trading at around 2.2 euros and yielding an average 12-month target price of 3.18 euross the potential for appreciation over one year is greater than 40 percent.



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