Banco Sabadell : According to CNMV records, Melinda French Gates has floated a 4.3% stake in FCC. This move would be related to the stake reduction announced by Bill Gates last week (to 1.9% from 5.7%).
On the other hand, press reports indicate that it expects to list its Cement (99% FCC; 4% EV FCC) and Real Estate (80% FCC; 17% EV FCC) subsidiary called Inmocemento in November this year.
Assessment: Other relevant shareholders are: Inversora Carso 81.19%, Esther Koplowitz 3.21%, Bill Gates 1.9%.
Regarding Inmocemento, we think that the spin-off of the Cement and Real Estate divisions (which we value at €1,517m BS(e); ~21% of the P.O.) could help crystallise value, although we struggle to see the fit of the Cement division. However, we believe that the ultimate objective could be to facilitate corporate transactions in the Real Estate area, something that continues to be speculated on in the market as FCC’s exposure to the sector grows.
