The Q3 trading statement shows continued YTD operational improvement in 2025, but points to slowing growth in H2. Also, within
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OHLA has requested that Moody’s cease covering it, leaving Fitch as the sole agency providing ratings on the company. The direct impact on
Read MoreThe 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
Read MoreFitch’s B- corporate rating will help OHLA, as Moody’s Caa1 family rating excludes some investors from participation in the
Read MoreThe contract wins in the US are positive, but ensuring the growth is profitable is another question. OHLA has given management at
Read MoreThe USD20m judgement is appealable, so there is no immediate impact on liquidity. The award is USD16.4m plus interest (the interest rate is
Read MoreOHLA clearing itself of any corporate governance wrongdoing is no surprise. The release highlights that the additional information
Read MoreThe 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
Read MoreJosé Elías failed to get any traction in opposing the Amodio brothers at the AGM. What Elías does now is unclear, but we
Read MoreGetting €45m of cash from Qatar (relating to the Metro contract) is a significant boost to liquidity. The Sidra has not yet been
Read MoreThe Canalejas mediation will cost OHLA €6m rather than the €40m claimed by Mohari; we had seen the result of the mediation, but now we
Read MoreThe banks are not happy with governance at OHLA. The relationship between the Amodio brothers and their lenders has been poor, and the
Read MoreConcern over liquidity resulted in the downgrade to Caa1. Moody’s review provides some clarity around the reason for the cash raise,
Read MoreWe believe the Canalejas arbitration was always a price negotiation; the settlement should pave the way for the asset to be sold
Read MoreThe amount of cash is less important than the fact that the banks are not convinced that transparency at OHLA has improved after the
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Operational performance was in line with our expectations but was eclipsed by the upheaval in the boardroom. The first quarter is
Read MoreThe interview with the OHLA CEO contained some new information. If OHLA loses the Qatar (Sidra) case, it has the cash to pay, and
Read MoreJosé Elías's taking a bigger stake in OHLA would be better for corporate governance, but we would not expect him to be able to
Read MoreOHLA 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
Read MoreWe would not bet against OHLA getting the additional buy-in from minorities to make the 25% shortfall in its €50m capital raise when it
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