OHLA - comment
The agreement to proceed with the sale of Canalejas is a positive for OHLA. We see €200m net proceeds for OHLA, which will bring it closer to being able to refinance or extend its March 2025/26 maturities. The list price of €800m looks high, as our analysis has a valuation closer to €550m. Mohari is still a potential purchaser for the 50% it doesn’t own. Our valuation on the OHLA stake is c€200m (€150m for the stake + €50m in subordinated loans).