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FNM’s 2021-2025 Business Plan will be published tomorrow and Equita’s experts estimate a capex of 930 million, an EBITDA growth from 70 million in 2020 to around 250 million in 2025 and an upward profit from 24 million to around 60. in 2022 and then normalized to 76-77 million in the following years.
The peak of the debt is expected at 880 million in 2024 and then decreases. An attractive dividend policy would be an important support, concludes Equita, confirming the Hold rating and target at 0.93.