What moat does Sacyr have?

The advantage is the contract already signed on an asset already built. Duplicating that motorway or that hospital is not a one-quarter project. The right expires. An availability payment is not a perpetual toll, and a traffic contract narrows if traffic does not return. Project debt can force the result to stay inside the vehicle.

How do you read the Sacyr radar?

Health has to be read in the concessions' debt, not as if the parent were a net-cash company. Quality is the contract margin when it is collected, not a works margin. Growth is the next concession and the toll the contract allows, not a software curve. Valuation lasts as long as the contract: it is compared with bonds. Shareholder return is crossed with the scrip. A dividend in shares is not cash.

Which multiples matter for Sacyr?

EV/EBITDA of a concession is read with the debt inside the vehicle. The P/E of a year with a compensation or a dispute is not normal earnings. Cash flow after interest is the figure. Do not compare it with ACS's P/E as if both were the same contractor. A dash means the SCYR.MC cache is cold.

What does this Sacyr analysis leave out?

Not advice on SCYR.MC. Vaultflake does not split concessions between availability and traffic. This is not a term in years and not a scrip calendar. Read the CNMV filings. A past dividend is not a right. The table is a snapshot, not a target price.

Sacyr (SCYR.MC) analysis

Sacyr, S.A.

Sector:Industrials · Transport Concessions

Country:Spain

Profile and moat

Sacyr is read as a group of transport concessions: motorways, hospitals and other assets with a contract. The value is collecting during the term, not handing over a job and leaving. It is not ACS, which is chiefly a contractor with a stake, and it is not Ferrovial, whose weight is in managed lanes where traffic decides.

Some contracts pay for availability: cash comes in if the asset is open. Others still depend on traffic. This report does not say which share is which and does not state a percentage of earnings. Each concession has an end date. Debt sits inside the project. A dispute over a contract is read in the CNMV filings, not judged here.

The dividend has sometimes used a scrip. Scrip dilutes if the holder does not reinvest. This report does not state payment dates.

Sacyr (SCYR.MC) analysis

Sacyr, S.A.

Sector:Industrials · Transport Concessions

Country:Spain

Profile and moat

The dividend has sometimes used a scrip. Scrip dilutes if the holder does not reinvest. This report does not state payment dates.

Sacyr (SCYR.MC) analysis

Profile and moat

Sacyr (SCYR.MC) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Sacyr have?

How do you read the Sacyr radar?

Which multiples matter for Sacyr?

What does this Sacyr analysis leave out?

Related reports in Industrials · Transport Concessions

Siemens AG

Space Exploration Technologies Corp.

Caterpillar Inc.

Deere & Company

Honeywell International Inc.

GE Aerospace