The Riberas family has taken advantage of Gestamp’s current prices to increase its shareholding in the company. Throughout November and the first steps of December, the investment vehicle of the family at the head of the company, Acek Desarrollo y Gestión Industrial, carried out in several operations the purchase of more than three million shares that raised its participation in almost 75% of the total of the shareholders of the company focused on the motor industry.
Gestamp falls 26% on the stock market in 2024, up to 2.6 euros per share at which it closed this Thursday. Precisely, the 19 Acek purchase operations from November 6 to December 2 were carried out at an average price of 2.59 euros per share, which implies an investment that reaches 7.87 million euros. In this way, the last increase in participation of the holding company of the Riberas implies acquire an additional 0.52% of the company linked to the automotive industry. Thus, the family’s total participation in Gestamp amounts to 74.7%.
It must be remembered that the Riberas family has control of Acek Development and Industrial Management through two companies headed by Francisco José Riberas Mera (Orilla Asset Management) and Juan María Riberas (Ion-Ion) and that the administration of Acek is jointly between both family branches. In turn, Acek has control and participates 75% in the capital of Gestamp 2020 SL (50.10% of the shareholding) and directly 24.601% in Gestamp Automoción, the listed company. In this way, Acek, with the Riberas family behind it, controls almost 75% of the stake in the listed company, as listed in the CNMV.
At the moment, there are no other relevant shareholders within Gestamp in the remaining 25% in the hands of the market. With data at the end of November, the Vanguard investment group would be the main reference behind the Riberas family with a 1.02% shareholding. They are followed by the private investment company Dimensional (0.91%) and Banco Santander (0.84%), according to the latest data collected by Bloomberg. In fact, even Gestamp’s treasury stock position is among the five largest holders of the company’s securities, reaching 0.898% of the total Gestamp shares.
The increase in the participation of a company’s largest shareholder in it can be interpreted by the market as a sign of confidence in the business. This same philosophy maintains TheCartera of elEconomista.eswhich has Gestamp on its radar due to the price at which it is listed without losing the purchase advice from the market consensus collected by FactSet.
Although the European automobile sector and companies focused on the design and production of automobile parts are not going through their best moment, analysis and investment firms consider that the company still has a way to go until the 3.27 euros per share which implies a potential of 26.7% at current prices. And also at these prices it has a dividend yield that exceeds 5.5%.
However, experts did reduce the revenue and profits expected for 2024 after the presentation of Gestamp’s results in the third quarter that included cutting guides for the current year. Now, the gross operating profit (ebitda) is expected to be 1,281 million euros at the end of the year, according to FactSet, 6% below what was recorded in the previous year.
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