OHLA - comment

The bonds will be firmer today on more clarity in the timeline for the sale of the Services business. Expansion reports that a competitive tender is to start this month. We still believe completion will be in Q4, given the summer break. The valuation of €70m to €100m in the Expansion article implies an EBITDA multiple of 5x-7x (on €14m EBITDA). OHLA had previously considered €100m too low, but reality has set in. A valuation of 5x-7x provides a read-across to the Atalian restructuring currently underway.

https://www.expansion.com/empresas/inmobiliario/2026/06/03/6a1f4f1a468aeb686a8b45b6.html