Intermoney | Sacyr (Buy, PO €4.4) announced on Sunday that it has won the concession for the Ruta del Itata (Northern Access to Concepción), in Chile. This 96-kilometre road connects the Ñuble and Biobío regions, located in the centre of the country. The Ruta del Itata concession will last for a minimum period of 18 years and will have a revenue portfolio of €1.2 billion. Sacyr Concesiones will carry out the renovation, improvement and expansion of the road with an investment of around €516 million. This award is the fourth concession that the Group has won this year, after the Lima Peripheral Road Ring (Peru), the Airport NetworkNorthern Chile (Antofagasta and Atacama Airports) and the Turin Hospital (Italy).
Assessment: New success for Sacyr, which with four concessions won this year exceeds the average annual targets of 2-3 projects awarded. Chile is one of the Group’s most powerful markets, generating EBITDA of €249m in 2023, behind only Italy and Colombia, and exceeding the €139m in Spain. Part of the assets in Chile are in the process of being sold, although if this does not materialise, they would be integrated into the new mature concessions vehicle, Voreantis, which the Group is developing and into which it would bring in one or more minority financial partners in 2025. Concessions is Sacyr’s main business, generating close to 90% of consolidated EBITDA, while the rest comes from construction, an activity which, on the other hand, is increasingly focused on the execution of concession projects.