San José Group accumulated a rise of 17.54% between Thursday and Friday. With this fantastic rebound, the Spanish construction company has managed to get out of the 'red numbers' in the whole year and its shares are paid at 6.50 euros. Some people already see a high potential, such as Gotham City Research, which gives it an objective price of between 14 and 15 euros, above its historical highs (9.33 euros).
In its latest report, the US firm notes that "it is a company highly underrated and unknown by the market ". Its analysts believe that investors do not take into account that it is in a" stable and mature "sector and that it is a" reasonably diversified company, with a strong cash flow generation ".
One of the last operations carried out by San José was the sale of 14.5% of the Madrid Nuevo Norte real estate macro project -before known as Operation Chamartín- Merlin Properties for 169 million euros. Gotham believes that it is "a key transaction" because he managed to cancel his 2014 syndicated loan and will allow him to save 10 million a year in financial expenses.
However, at the beginning of the year there was another news that Gotham does not refer to in his report. The National Court investigates San José for hire former commissioner José Manuel Villarejo. Together with the construction company, other relevant Spanish companies such as BBVA, Iberdrola, Mutua Madrileña, Repsol, Caixabank and Grupo Planeta are also under investigation.
"The most interesting, technically speaking, is the perfection with which the title has begun to bounce from the base (support) of the bearish channel through which the price has been shifting since the end of July. The volume in the rise is taking place with a clear increase in volume and extreme oversold readings (daily and weekly), "says the analyst of Bolsamanía, José María Rodríguez.
"All of the above leads us to shuffle as a most likely scenario a visit to the top of the canal, now in about seven euros. And if, in addition, were able to jump over the normal thing is that you try to head towards the important resistance it presents in historical highs: 9.33 euros", concludes this expert.
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