Saturday, September 30

The Continuous Market concentrates the most expensive securities

Investors looking for cheap stocks for their portfolios pay particular attention to metrics such as PER, the price/benefit ratio, which comes to say that the lower the PER, the cheaper the value.

Based on it, investors seek to escape high prices, although the business of these listed companies, the prospects and the potential may suggest an entry option.

This is the case with the three securities with the highest PER of the Spanish stock market, three digits. All are listed on the Continuous Market.

Amrest is the most expensive of all with a PER of 258.95 times. The parent company that owns restaurants like the Tagliatella escape from the coronavirus with a new sales record.

The restaurant group present in much of the Old Continent earned 30 million euros in the first nine months of 2021, from losses of 159.8 million a year after.

Caution with Amrest

Turnover rose to 1,378 million euros, 22.4 percent more than in the same period of 2020 thanks to the historic third quarter.

From July to October it entered 533.6 million euros, 5.7 percent more than in 2019, before the outbreak of Covid-19, thus achieving the best figures to date.

Ebitda improved 68 percent, up to 261.1 million euros, but the market asks for more from Amrest and shows caution in the face of possible supply crises and restrictions on mobility and trade in Europe.

Therefore, half of the market consensus that includes Bloomberg It advises “maintaining” the positions, for the 33.3 percent who do urge to “buy” titles and the remaining 16.7 percent who prefer to “maintain” the positions.

Due to caution, the titles closed 2021 with a fall of 1.48 percent, but this year they are already up 5 percent. The average target price is 6.51 euros, so when trading above 6.25, the consensus believes that it can advance 4 percent more for a year.

GAM has a new strategic plan

General Machinery Rental (GAM) It has a PER of 137.43 times and closed 2021 with a 30 percent rise in the stock market. This year it walks practically flat in the stock market.

The company is controlled by the family riverbanks, the owners of Gestamp, what do they see in the company a great capacity for growth until 2025.

For this reason, GAM’s new strategic plan includes growth in sales up to 400 million euros until that year, from the 133.6 million with which it closed 2020.

What’s more, corporate operations are on the table, as explained by the president of GAM, Peter Louis Fernandezin various interviews.

GAM considers that the Spanish market is already very fragmented, and although it does not rule out purchases in Spain, it focuses on Latin America, Morocco Y Portugal.

The company closed the first nine months of 2021 with earnings of 100,000 euros, which means getting out of the red numbers of 2.5 million euros. Despite this, it closed 2020 with a profit of 1.1 million.

The turnover grew by 30% until September 2021. The figure does not It means not only recovering the levels prior to the pandemic, but also improving them for the same period by 19 percent.

Prosegur Cash clings to prospects

Prosegur Cash closes the podium of the most expensive securities on the Spanish stock market with a PER of 114.32 times. For its part, investors penalized the value in 2021 for its results throughout the year, closed the year with a fall of 21.75 percent, but now they applaud the shareholder remuneration policy, up 10 percent in 2022.

The company closed the period from January to September 2021 with a drop in profit of 4.5 percent, to 40 million euros, compared to the same dates in 2020 and sales decreased by 5 percent, to 1,082 million euros, due to the currency effect.

Prosegur Cahs wields that, in the accumulated of 2021, the turnover in local currency has been improving to grow 4.5 percent. The consensus clings to this data and 71.4 percent recommend “buying” shares.

Experts estimate that it can rise 47.8 percent in a year, which would make its titles go from the current 0.65 euros to 1.02 euros. In addition, the company has already set its shareholder remuneration route.

It approved a dividend of 30 million euros payable in four installments, the first this month, and a repurchase of shares of up to 1.5 percent of share capital and with a maximum amount of 15 million euros.