Scotia Capital Has Sector Outperform on Empresas ICA

Scotia Capital is out with a research report on Empresas ICA ICA and it has a Sector Outperform rating and a $9 price target on shares. In a note to clients, Scotia Capital writes, "Management estimates it will disburse MXN3.2B in equity and assume MXN8.5B in additional debt through Q4/14 to complete the current portfolio of infrastructure assets. This equity investment is 35% less than we had estimated in July following the release of Q2/11 results." "The concessions coming on stream between now and the end of 2013 are expected to contribute MXN3.6B in incremental revenue for FY2013. These projects are designed with target internal rates of return of between 14% and 18% in nominal peso terms." Shares of ICA closed at $5.56 yesterday.