Ignacio de Carvajal Cebrian

Partner / Portfolio Manager at Cartesio Inversiones SGIIC SA
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Experience

    • Spain
    • Financial Services
    • Partner / Portfolio Manager
      • Mar 2016 - Present
    • Analista
      • May 2015 - Mar 2016
    • Spain
    • Airlines and Aviation
    • 700 & Above Employee
    • Head of Investor Relations in Aena. Member of the Management Committee.
      • Apr 2013 - Apr 2015

      - Preparation works for the partial privatization of the world's largest airport operator (revenues of €2.9bn; EBITDA of €1.6bn and 187 million passengers in a 46 Spanish airport network in 2013). Dual track process that encompassed the sale of 21% of the Company’s share capital to anchor investors through a tender process to create a core shareholders’ structure (completed in September 2014 for a total of €1.6bn) with the remaining up to 49% to be placed in the Spanish Stock Exchange through an IPO process. IPO completed in February 2015 (finally 49% placed in the market - implicit valuation of €9bn for 100%). Coordination of a banking syndicate comprised of more than 15 financial entities, 4 law firms and 2 financial advisors. - Part of the Company’s 11 member Management Committee. Main achievements of the Committee include the implementation of thorough turnaround plan with significant value creation resulting in EBITDA doubling in 24 months, and the restructuring of the Company’s international airport portfolio. - Led an in-house 5 member IR team responsible, amongst others, for communicating the Company’s key investment highlights to prospective investors and analysts; preparing investment related presentations; preparing annual and half-year results hand in hand with the company’s auditors and accounting division; performing in depth financial analysis of companies in the sector; as well as re-searching the market and monitoring the trading trends; preparation of daily and monthly reports for top management. Show less

    • Investment Banking
    • 1 - 100 Employee
    • Executive Director - Equity Research
      • Jul 2004 - Dec 2012

      • Lead coverage of Spanish and Portuguese Small & Medium market Cap stocks in a number of differ-ent sectors; Iberian Media (Grupo Prisa, Vocento, Impresa, Media Capital), Construction (ACS, FCC, Sacyr, Acciona), Real Estate (Realia, Metrovacesa, Colonial, Reyal Urbis, Fadesa, Parquesol), Food and Non-food retail (Jeronimo Martins, Dia, Sonae, Ebro Foods, Viscofan), Renewables (Abengoa, Martifer), Pulp and Paper (Ence, Portucel), Holdings (CF Alba), Oil Services (Tecnicas Reunidas) and Security Services (Prosegur) amongst others. • Market research of Spanish and Portuguese macro trends, Stock Market and Sector strategy. • Participated in several Initial Public Offerings (€0.9bn Parquesol in Spain in 2006 and €0.5bn Petrotec in Germany in 2007) and block trades (5% sale of Ebro Foods In December 2011 and 2012, partial sale of ACS’ stake in Iberdrola in 2012, amongst others). • Member of the S&Mid-Cap team ranked nº1 in Extel and Institutional Investor Surveys from 2005 to 2011. Consistently ranked top 3 on an individual basis in Iberian S&Mid-Caps in both surveys. Highly ranked amongst US, UK and Continental European investors, Long Only and Hedge Funds. • Consistently rated Five Star in StarMine and top quartile in Abacus (2004-2012). Highest ranked Spanish analyst in 2012 according to The Wall Street Journal’s Europe’s Best Analyst Survey. • Recruiting efforts in Spain, including presentations at Spain’s leading universities and career fairs. Show less

    • Spain
    • Banking
    • 1 - 100 Employee
    • Equity research analyst. European integrated oil sector
      • Jan 2001 - Jun 2004

      • Lead coverage of the Pan-European Integrated Oil companies; Repsol YPF, Cepsa, BP, RDShell, Total and Eni. Sector Research. Organization of sector conferences. • Honorific Mention in 2004 and 2003’s Institutional Investor Survey and Extel Survey. Part of the top ranked equity research Energy Team. • Lead coverage of the Pan-European Integrated Oil companies; Repsol YPF, Cepsa, BP, RDShell, Total and Eni. Sector Research. Organization of sector conferences. • Honorific Mention in 2004 and 2003’s Institutional Investor Survey and Extel Survey. Part of the top ranked equity research Energy Team.

    • Switzerland
    • Banking
    • 700 & Above Employee
    • Equity research analyst. Pan European property
      • Apr 1998 - Dec 2000

      Coverage of the Spanish, French and Portuguese real estate sectors. Opportunistic research of the Scandinavian, Italian and Belgian real estate markets. Part of team ranked 1st and 3rd in 2001’s and 2002’s Institutional Investor Survey, Ranked 2nd in 2000’s and 2001’s Primark Extel Survey.

    • Equity research analyst. Pan European property
      • Apr 1998 - Dec 2000

    • Argentina
    • Banking
    • 1 - 100 Employee
    • Equity Research Analyst. Spanish Small caps
      • Apr 1997 - Apr 1998

      Lead coverage of Spanish Pulp and Paper sector and listed stocks; Ence, Iberpapel, Miquel y Costas, Unipapel, Tafisa. Coverage of Spanish Small Caps; Tavex and Azkoyen. Initial Public Offering of Befesa. Lead coverage of Spanish Pulp and Paper sector and listed stocks; Ence, Iberpapel, Miquel y Costas, Unipapel, Tafisa. Coverage of Spanish Small Caps; Tavex and Azkoyen. Initial Public Offering of Befesa.

Education

  • Universidad Pontificia Comillas
    Licenciado en economicas y empresariales, Financiera
    1993 - 1997

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