Intermoney | As reported Tuesday by the company, Sacyr (SCYR) (Buy, PO €4.4) has been awarded the concession of the Northern Airport Network of Chile, which includes the airports of Atacama and Antofagasta. The consortium is made up of Sacyr Concesiones (70%) and Cointer (30%). The contract covers the operation and expansion of the two terminals of both airports. The concession foresees an investment of approx. €266 million and has a maximum concession term of 26 years.
Assessment: This is good news for Sacyr, which adds a new project to its portfolio in Chile, one of its main markets, where it has been present since 1996. Thus, as of June this year, Chile generated EBITDA of €98 million for Sacyr, compared to, for example, €61 million in Spain, although well behind the €162 million in Colombia. The concessions business as a whole generated EBITDA of €570 million (+4%) in H1 24, including Italian concessions, which are circumstantially consolidated in the Infrastructure division. This business accounts for almost 90% of the consolidated total. After a few years in which EBITDA grew at rates of more than 20% per year due to the commissioning of new concession projects, we expect lower increases in this variable, although we estimate that operating cash flow could almost double from 2023 to 2027.
