Talgo has confirmed the interest of “a Hungarian business group” in the company. In a statement sent this Thursday to the National Securities Market Commission (CNMV), the Spanish train manufacturer indicates that the public acquisition offer (takeover bid) is for all the capital.
The price reflected by Talgo in that statement to the CNMV is “5 euros per share.” The stock market regulator decided to suspend the company's listing. Until the suspension, the railway construction company's securities had a price of 3.93 euros, but, after the measure was lifted, they shot up almost 17%, to exceed 4.50 euros.
The valuation of Talgo, taking into account the 5 euros that the Hungarian investor offers for each share of the train manufacturer, would be 632 million euros. However, analysts lower that amount to 584 million, with a price of 4.62 euros,
Talgo also assures in the same official communication that, as far as the Spanish company is aware, "there is no type of decision by said investor in relation to the possible takeover bid, nor certainty that it will continue analyzing the operation."
The main shareholders of Talgo are, at this time, Trilantic, which controls 40% of the manufacturer's capital, the Torrente Blasco family, with 5%, and a group of funds whose participations do not reach 3% of the capital. Talgo went public in 2015 at a price of 9.25 euros per share.
The company has just presented its results for the first nine months of the year, which improve by 33% those of the same period in 2022. Talgo brought in 470 million this year due to the “increase in the company's manufacturing activity and the extensions of contracts with European railway operators in Germany and Denmark,” highlighted the manufacturer.
In Spain, Talgo highlighted “the locomotive manufacturing and train remodeling project for Renfe in Spain, which will constitute Series 107, as well as the recurring and stable income from the maintenance activity, also contributed to the growth of income until September "he adds.
The company recorded an adjusted Ebitda of 64.5 million euros in the period, which represents an increase of 68% compared to the same period of the previous year.
Talgo, founded in 1942, is the main supplier of high and very high-speed trains for Renfe and the supplier of convoys in the high-speed project for the high-speed railway line that connects Mecca and Medina, in Saudi Arabia. In addition, it is the manufacturer chosen by the German operator Deutsche Bahn and the Danish operator DSB to decarbonize mobility with long-distance trains. The company is also present in Kazakhstan, Uzbekistan, Egypt and the United States.
