2023-11-16 10:54:23
Talgo has received a “preliminary expression of potential interest” in the formulation of a public acquisition offer (OPA) by a Hungarian business group on all of its actions. Specifically, the offer has set the operation at a price of 5 euros per share. Given the privileged information sent to the National Securities Market Commission, the regulator has chosen to suspend trading of shares on the Talgo Stock Exchange during the first hour of the session. In the statement, the construction company alleges that, as far as the company itself knows, “there is no type of decision by said investor in relation to the possible takeover bid nor certainty that it will continue analyzing the operation.”
Today, Talgo’s first shareholder is the Luxembourg company Pegaso Transportation International SCA con un 40% del capital social, a company indirectly controlled by the Trilantic investment fund. It is followed by the family investment company Torrblas with 5.03%. Both Trilantic and Torrblas are controlled by the Torrente Blasco family; In the first case, it is Ana Patricia Torrente Blasco who controls 57.4% of the shares. The Oriol family is present in Trilantic, founders of the original Talgo and holders of the presidency through the figure of Carlos de Palacio and Oriol. The insurer Santa Lucía also has a 2.85% stake in the train manufacturer, which it reduced this year from 5%, and the rest is held by members of the board of directors (3.5%) and minority investors.
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Until the stock market suspension announced this morning by the CNMV, each Talgo share was quoted at 3.92 euros. Talgo went public in 2015, and since then, its valuation has been reducing from the initial 8 euros. So far this year, Talgo has risen 15.83% with some peaks marked in May. In the middle of that month, the train manufacturer signed its largest contract in Germany, valued at 1.4 billion euros, for the manufacture of up to 100 trains together with the German railway operator Deutsche Bahn as part of the framework contract signed between the two in 2019. That same year, a first order was signed for 23 self-propelled Talgo 230 trains for a maximum speed of 230 kilometers per hour.
Talgo announced yesterday a improvement of its forecasts for the end of the year after having registered an increase in its adjusted EBITDA of 68% in the first nine months of the year. Its order book is at its highest thanks to new awards valued at 1.9 billion so far this year, up to 4.2 billion, something that has exceeded the company’s own expectations. One of those orders is the production of locomotives and remodeling of trains for Renfe to replace the 107 series. At the same time, the train manufacturer’s income has increased by 33.5% to 470.3 million euros and they expect an acceleration of the pace of execution of projects in the portfolio, with 45% of the current reserve for the current year and 2024 compared to the 40% previously estimated.
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