Sacyr: Best Idea 3Q26 – Well positioned to capture US Managed Lanes opportunities. Outperform

研报英文原文证据摘录

Sacyr: Best Idea 3Q26 – Well positioned to capture US Managed Lanes opportunities. Outperform

1 July 2026

Victor Acitores

+34 915 893 901

European Industrials and Infrastructure victor.acitores@bernsteinsg.com

Tobias FrommeSacyr +44 20 7676 6875

Rating tobias.fromme@bernsteinsg.com

Outperform Pujarini Ghosh, CFA

+44 20 7676 6807

Price Target pujarini.ghosh@bernsteinsg.com

SCYR.SM 5.60 EUR (5.30 OLD) Specialist Sales

Sara Bellenda

+44 20 7762 1867

sara.bellenda@bernsteinsg.com

Sacyr: Best Idea 3Q26 – Well positioned to capture US Managed

Lanes opportunities. Outperform

Sacyr is our Bernstein Best Idea for the 3Q26 in the Infra/contractor space. We rate the

Close Date 29 Jun 2026

stock Outperform, with an updated PT of €5.6 (21% potential upside; PT increase reflecting

SCYR.SM Close Price (EUR) 4.63

higher infra assets value). We see the current share price as a compelling opportunity to

Price Target (EUR) 5.60

increase exposure to a high-quality infra defensive name with embedded value optionality

Upside/(Downside) 21%

and catalysts ahead (mainly potential US Managed Lane (MLs) awards). Sacyr is on

52-Week Range 4.94/3.44

Bernstein’s SMID preferred list.

EDME 1,596.71

An attractive profile proposition. Sacyr has transformed from a highly leveraged, complex FYE Dec

conglomerate into a focused concession platform (vertically integrated with its construction Div Yield 3.2%

activities) with a simplified structure, clear strategy, and investment-grade profile. Backed by Market Cap (EUR) (M) 3,750

long-duration, cash-generative infra assets, the group now operates a self-funded growth EV (EUR) (M) 11,754

model with improved visibility and stability. Performance YTD 1M 6M 12M

Absolute (%) 20.4 0.0 20.4 34.2

Value appeal.