HALISTER1: Hochtief Raised to Buy; More Potential With Abertis: Lampe

Hochtief Raised to Buy; More Potential With Abertis: Lampe

(Bloomberg) -- (Machine translation provided by Google and reviewed by Bloomberg editors.)
  • Bankhaus Lampe raises rating on shares of Hochtief to Buy from Hold citing the possible takeover of Abertis 
    • Raises price target to EU190 from EU147
    • Sees probability of takeover of Abertis at 80%
  • Acquisition of the Spanish toll road operator would significantly change the investment case, Bankhaus Lampe analyst Marc Gabriel writes in note
  • Group could generate Ebitda of EU5b, three quarters of which would come from toll business
  • Group could advance to “new level in terms of earnings and cash flow generation”
  • Risks of higher debt should be limited, as Hochtief can draw on PPP know-how to plan, build, operate infrastructure projects in the future
  • Despite a possible large capital increase and without considering possible synergies, the price of Hochtief shares could rise above EU200
Original Story: Hochtief auf Kaufen erhöht; mehr Potenzial mit Abertis: Lampe To contact the translator on this story: Mara Bernath in Zurich at mbernath1@bloomberg.net Reporter on the original story: Joerg Engelbert Jaeger in Frankfurt at jjaeger7@bloomberg.net Editors responsible for the original story: Erhard Krasny at ekrasny@bloomberg.net David Verbeek

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
ABE SM (Abertis Infraestructuras SA)
HOT GR (HOCHTIEF AG)

People
Bankhaus Lampe Zam (Bankhaus Lampe KG)
Marc Gabriel (Bankhaus Lampe KG)

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