The loss at arbitration should close the case over a road construction and maintenance contract in Kuwait. The
OHLA needs to refinance its (€45m) share of the Canalejas gallery; we would have thought the existing lenders (Santander and CaixaBank) would be
The signing of the Canalejas deal on time and without last-minute changes is a pleasant surprise from OHLA; although, when announced in
Please find our unchanged analysis here.
We have had positions in OHLA since 2021 through two restructurings and almost endless drama. A year after the last restructuring, we are
The Q3 trading statement shows continued YTD operational improvement in 2025, but points to slowing growth in H2. Also, within
OHLA has requested that Moody’s cease covering it, leaving Fitch as the sole agency providing ratings on the company. The direct impact on
The decision to split the Canalejas assets paves the way for OHLA to dispose of its share. We estimate the on-site 4 Seasons Hotel to be worth
Fitch’s B- corporate rating will help OHLA, as Moody’s Caa1 family rating excludes some investors from participation in the
The contract wins in the US are positive, but ensuring the growth is profitable is another question. OHLA has given management at
The USD20m judgement is appealable, so there is no immediate impact on liquidity. The award is USD16.4m plus interest (the interest rate is
OHLA clearing itself of any corporate governance wrongdoing is no surprise. The release highlights that the additional information
The settlement of the Sidra litigation is a significant weight off OHLA. A potential liability of over €200 million has weighed heavily on OHLA since its
José Elías failed to get any traction in opposing the Amodio brothers at the AGM. What Elías does now is unclear, but we
Getting €45m of cash from Qatar (relating to the Metro contract) is a significant boost to liquidity. The Sidra has not yet been
The Canalejas mediation will cost OHLA €6m rather than the €40m claimed by Mohari; we had seen the result of the mediation, but now we
The banks are not happy with governance at OHLA. The relationship between the Amodio brothers and their lenders has been poor, and the
Concern over liquidity resulted in the downgrade to Caa1. Moody’s review provides some clarity around the reason for the cash raise,
We believe the Canalejas arbitration was always a price negotiation; the settlement should pave the way for the asset to be sold
The amount of cash is less important than the fact that the banks are not convinced that transparency at OHLA has improved after the
Operational performance was in line with our expectations but was eclipsed by the upheaval in the boardroom. The first quarter is
The interview with the OHLA CEO contained some new information. If OHLA loses the Qatar (Sidra) case, it has the cash to pay, and
José Elías's taking a bigger stake in OHLA would be better for corporate governance, but we would not expect him to be able to
OHLA has got its €50m Right Issue away, whilst our analysis shows the company had the cash to pay the Kuwait judgement, the cash buffer is enhanced. Governance at
We would not bet against OHLA getting the additional buy-in from minorities to make the 25% shortfall in its €50m capital raise when it
Jose Elías and his consortium would have had €8.5m in rights but declined to participate. The Amodio brothers and Andreas Holzer have now
The Amodio brothers are unwilling to make any concessions to Jose Elías (and the rest of his consortium) over governance. If the Jose Elías
PHLA's 5-year strategic plan is evolutionary rather than revolutionary, but it still could create problems in the longer term. The plan anticipates growth in
OHLA will need to raise at least €33m from shareholders outside of the Amodio family and the various consortia that entered the
OHLA has denied having a cash crisis. This makes more sense to us, given the liquidity available to the company at the time o
If OHLA is out of cash, then how has this happened? The December restructuring left the company with nearly €100m in cash, so something is very