Mota-Engil CEO Says Company Stock Worth Twice Its Current Value
- Portuguese builder’s shares are down 27% since latest earnings
- Investment firm Muddy Waters took a short position in Mota
Workers assemble steel frames at a Mota-Engil construction site in Lisbon, Portugal.
Photographer: Mario Proenca/BloombergThis article is for subscribers only.
Mota-Engil, Portugal’s biggest construction company, is undervalued and its shares should be worth twice their market value, its chief executive officer said.
Mota-Engil is down 27% since it released results for the first half-year on Aug. 28 and short sellers ramped up bets against the stock. Muddy Waters Capital Domino Master Fund reported a short position of 1.99 million shares, or 0.65% of the company’s stock, as of Sept. 2.