CaixaBank issued a note raising the range of price-target of Mota-Engil from 1.65 euros-4.95 euros to 2.53 euros-5.26 euros per share.

Mota-Engil appears in the CaixaBank/BPI assessment with a valuation in the central scenario of 3.20 euros/share (+19% compared to the last valuation), representing a potential of +135% compared to the price of the 20th of January ( Friday).

The analysis is titled “Strong Growth Ahead”. The bank’s analysts cannot forget the change in leadership at Mota-Engil. Carlos Mota Santos (formerly Deputy CEO) will be named the new Chairman and CEO of Mota-Engil. “He belongs to the third generation of the founding family (and the construction company’s main shareholder) and has worked in the group for over 20 years with a deep knowledge of its businesses and activities”, advances the analysis.

“For the review of the EV (Enterprise Value) it was relevant to integrate the guidance update that the company published in November when it stated that sales growth for the year 2022 as a whole will be greater than 30% compared to 2021, placing the bank research an assessment of the turnover for 2022 in line with the announcement by Mota-Engil and updating the EBITDA by +12% in the period 2022-2025”, reads the research.

“Since there is a wide valuation range in view of the various risk scenarios envisaged by the Caixabank/BPI team, even the lower value of the range (2.53 euros/share) confers an appreciation potential of +85% by the end of 2023”, they point out. the analysts.

CaixaBank/BPI says that “the EV [valor do grupo incluindo a dívida] is updated by +32% (+0.86 euros/share) with the strong growth expected for Latin America in the coming years after the results of the 1st half and the order book acquired throughout the whole of 2022 , predominantly in Mexico, as well as with the significant growth expected for Africa, the value being reduced to +19% in valuation due to the increase in market risk, especially in Africa, which penalizes valuation growth by 13%, thus putting net values ​​the growth of the valuation by +0.51 euro/share compared to the last review carried out by the analysts”.

A growth in the operating income account (topline) by 30% by 2022. The term top-line points to a company’s revenues or gross sales.

In November, Mota-Engil revised upwards (for the 2nd time) the perspective topline for the 2022 financial year, now expecting an annual increase of 30% (or revenues of at least 3.45 billion euros) which compares with an increase between +10% and +20% disclosed at the time of the presentation of the results of the first half of last year and a “high single digit” at the time of the presentation of the 2021 annual results.

“This is a reflection of the very strong entry moment that the group is observing in several regions, but mainly in Africa and Latin America”, reads in the research.

In the first half of 2022, the construction company reported a record historical delay of 9.23 billion euros (+22% in the year to date, 51% in Africa and 33% in Latin America) although it should, according to the company , exceed 13 billion euros in 2022 with premiums recorded in the second half of last year.

Mota-Engil will publish its annual results for 2022 on the 1st of March.


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