Analysis of companies that are news: Mediaset and ACS

We offer you the analysis of some of the companies that today are news, Mediaset and ACS, carried out by the Bankinter Analysis Department (Bankinter’s Blog):

Recommendation: Neutral
Target price: 7.6 euros
Closing: 6.4 euros / share
Day variation: -0.5%

Speculations on a possible reorganization.

Different news points to the fact that its parent company, Mediaset SpA, is studying options for its Spanish subsidiary. You could even consider a merger with the matrix.

There is nothing confirmed although the speculations on this subject are frequent. The middle sector is facing an environment of falling advertising revenues and increased competition. The entry of large content companies by Internet implies that advertising is redirected towards this new and thriving market segment that gains penetration at high rates. With this, the accounts of media companies suffer.

Specifically, those of Mediaset Spain show a trickle down in income that has accumulated three consecutive quarters. Therefore, sectoral consolidation could make sense: it allows to reduce costs, reinforce contents and collaborate in the development of streaming systems. This is precisely what led Mediaset SpA a few days ago to acquire a 9.6% stake in ProSiebenSat.1.

Recommendation: Buy
Target price: 43.1 euros / share
Closing: 37.19 euros / share
Day variation: -0.56%

The Supreme Court rejects the appeal of Abertis in Aumar and postpones the decision on Acesa

The subsidiary of ACS claimed in the case of Aumar 785 million euros and in the case of Acesa 3,000 million euros, in both cases as compensation for unforeseen investments and lower traffics derived from the construction of free alternative roads. The decision on Acesa has been postponed until the expiration of the concession that will take place in August 2021.


Negative news, since it is confirmed that Abertis will not receive the 785 million euros from Aumar and uncertainty remains over the 3,000 million euros of Acesa. Although, it should be remembered that the 785 million euros of Aumar were already provisioned by Abertis, so it should not have an impact on the results of the concessionaire. We expect a moderate impact on the ACS price, given that the Aumar scenario was already discounted.

By Bankinter Analysis Department

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