OHLA - comment

A capital raise of €150m would mean a significant dilution for any shareholder that doesn’t take part. It is also questionable if the Amodio family will want to underwrite an issue, given the potential asset sales in the pipeline, even if they have the cash on hand. The €200m Apr-2025 maturity will become current in Q2 and needs addressing. The banks are driving the potential rights issue, but we cannot see the logic of strangling the business if asset sales are imminent. OHLA has been forced into this corner as the sales of CHUM (€50m) and the services business (€45m) continue to be delayed. OHLA has put the Canalejas building on the market; our analysis values the 50% equity stake at €200m. If the €800m price tag is met, the stake would be worth around €325m.  

https://www.elconfidencial.com/empresas/2024-03-26/consejo-ohla-contrata-kpmg-rescate_3855234/