REN MANCO

On Monday began the capital whose preferential subscription period will end on 12/12/09 in the proportion of 1 new share for every 5 old. Also, the theoretical value of the right (price on Friday 27-11) amount to 1.2 euros / acc, while the rights quoted until 11-12-09.Our vision for the company remains positive based on: the geographical diversification of OHL mainly in Brazil (5 new projects do not contribute to the income statement) that provides a high growth potential given the improved growth prospects in emerging countries. Geographic profile that is complemented by a business “core” of concessions that gives visibility of recurring income that would support a higher cash generation, in addition to the capital increase will enhance the company’s financial structure allow it to continue rushing investment (possible purchase of a building in the U.S.). Therefore, we recommend going to the capital and in case of being out of value, would take advantage to take positions (new route to Friday’s closing prices). Overweight. The Bank of Spain has decided to downgrade the debt the group Prisa holds about thirty Spanish and foreign financial institutions have come to regard the “substandard”, forcing these entities to provisioned 15 of the loan. This decision implies that the interest rate the debt of the group (nearly 5,000 mln eur) will increase, raising its financing costs. Bad news for Rush, which continues with its policy of selling assets before 31 March 2010.Mediaset’s president has reiterated his interest in buying a stake in Digital (could be around 20 ) and integrate with Cuatro Telecinco, open TV in the publishing group. If such operations are done would be good news for Prisa. We believe that the titles of Prisa could rebound in the short term but underweight recommend to the high probability of carrying out a capital increase. On Monday began the capital whose preferential subscription period will end on 12/12/09 in the proportion of 3 new shares for every 8 old. At Friday’s closing price of 27.11 the theoretical value of duty amounts to 1.467 euros. Not go to the capital increase and maintain our recommendation infroponderar. Pay 0.352 euro / acc on 8-Jan-2010, -14 vs interim dividend for 2008, although with a 75 increase in the number of shares means increasing shareholder remuneration by 51 from 215 to 324 mln eur.