Banco Sabadell: According to press reports, the Board of Directors of the public company Stretto di Messina has approved the update of the Messina Bridge construction project, which will link the island of Sicily with the Italian mainland via a bridge of almost 4 km. Italy will pay €12,000 million to Eurolink, a consortium in which SCYR holds an 18.5% stake. Work is due to start this summer and be completed in 2032.
Assessment: Positive news, given that this is a relevant project in a key geography for Sacyr. In any case, the impact is difficult to quantify until the contracting volume associated with the project is known. However, we recall that the Construction division has a limited weight on our valuation of Sacyr (~4% of EV).
