Construcciones & Auxiliar de Ferrocarriles S.A.

Construcciones y Auxiliar de Ferrocarriles, S.A.. Construcciones y Auxiliar de Ferrocarriles SA (CAF) is a Spain-based company engaged in the rolling stock manufacture. The Company's activities are divided into two business segments: Rolling stock, as well as Components and spare parts. The Rolling stock division focuses on the design, production and distribution of rolling stock and equipment for railway systems, such as high-speed vehicles, locomotives, trains for middle-distance transportation, commuter trains and electric motorcars, subway trains, streetcars, traction and signaling systems, as well as energy storage solutions. The Components and spare parts division offers elements and spare parts for rolling stock equipment, such as wheels, axles and gear units. In addition, the Company offers technical assistance, maintenance and after-sale services, as well as development of rail infrastructure, among others. It operates through numerous subsidiaries in Spain, France, Germany, the United States, Brazil and Mexico, among others.
  • TickerCAF
  • ISINES0121975009
  • ExchangeMadrid Stock Exchange
  • SectorIndustrial Engineering
  • CountrySpain
Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 02/28/2020

...

Alfred Glaser ...
  • Delphine Brault

CAF : Solid results and order intake in 2019, growth on the cards in 2020

>Results closely in line with expectations - CAF’s P&L and net debt figures came out closely in line with expectations. The group has not yet disclosed its FCF. Order intake (+40%) was a little better than expected, with the book-to-bill ratio coming to 1.6x. On the revenue front, Solaris buses exceeded forecasts (€ 650m) while the Railway business missed them slightly (€ 1,948m, including € 71m for Euromaint). Solaris’ EBITDA margin reached 6.2% (in line) and the R...

Alfred Glaser ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 28/02/2020

...

Alfred Glaser ...
  • Delphine Brault

CAF : Résultats et commandes 2019 solides, croissance prévue en 2020

>Des résultats bien en ligne avec les attentes - CAF a publié des chiffres bien en ligne dans le P&L ainsi que pour le niveau de dette nette. Le FCF n’a pas été communiqué à ce stade. Les commandes (+40%) ont été un peu meilleures que prévu avec un book-to-bill de 1.6x. En termes de revenus, les bus Solaris ont dépassé les attentes (650 M€) et le ferroviaire a été un peu en-dessous (1948 M€, y compris 71 M€ d’Euromaint). La marge d’EBITDA de Solaris a été de 6.2% (e...

CONST Y AUXILIAR DE FERR sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of CONST Y AUXILIAR DE FERR (ES), a company active in the Commercial Vehicles & Trucks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 31, 2019, the closing price was EUR 41.00 and its potential was estimated at EUR 44.39.

Alfred Glaser ...
  • Delphine Brault

CAF : Solid results and order intake in 2019, growth on the cards in 2020

>Results closely in line with expectations - CAF’s P&L and net debt figures came out closely in line with expectations. The group has not yet disclosed its FCF. Order intake (+40%) was a little better than expected, with the book-to-bill ratio coming to 1.6x. On the revenue front, Solaris buses exceeded forecasts (€ 650m) while the Railway business missed them slightly (€ 1,948m, including € 71m for Euromaint). Solaris’ EBITDA margin reached 6.2% (in line) and the R...

Alfred Glaser ...
  • Delphine Brault

CAF : Résultats et commandes 2019 solides, croissance prévue en 2020

>Des résultats bien en ligne avec les attentes - CAF a publié des chiffres bien en ligne dans le P&L ainsi que pour le niveau de dette nette. Le FCF n’a pas été communiqué à ce stade. Les commandes (+40%) ont été un peu meilleures que prévu avec un book-to-bill de 1.6x. En termes de revenus, les bus Solaris ont dépassé les attentes (650 M€) et le ferroviaire a été un peu en-dessous (1948 M€, y compris 71 M€ d’Euromaint). La marge d’EBITDA de Solaris a été de 6.2% (e...

Alfred Glaser

ODDO : “Bon voyage !”

Les marchés ferroviaires sont soutenus par une demande solide, et plusieurs acteurs vont en profiter. Nous initions Stadler Rail et Talgo à l’Achat, et Knorr-Bremse et CAF en Neutre. Alstom est notre valeur favorite (OC relevé à 47 €) et nous restons en Neutre sur Siemens AG. - >Demande en hausse de 3-5% par an - Porté par des grandes tendances séculaires comme la croissance de la population, l’urbanisation et le besoin de moyens de transports moins consommateurs d’én...

Alfred Glaser

ODDO : “Have a good trip!”

The rail markets are supported by solid demand and several players stand to benefit. We are initiating Stadler Rail and Talgo on Buy and Knorr-Bremse and CAF on Neutral. Alstom is our Top Pick (target price raised to € 47) and we remain on Neutral for Siemens AG. - >Demand up by 3-5% per annum - Buoyed by major secular trends such as population growth, urban development and the need for transport systems that consume less energy and generate less pollution, rail trans...

MarketLine Department

Hyundai Rotem Co - Strategy, SWOT and Corporate Finance Report

Summary Hyundai Rotem Co - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Scope - Detailed information on Hyundai Rotem Co required for business and competitor intelligence needs - A study of the major internal and external factors affecting Hyundai Rotem Co in the form of a SWOT analysis - An in-depth view of the business model of Hyundai Rotem Co including a breakdown and e...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 02/28/2020

...

Alfred Glaser ...
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 28/02/2020

...

CONST Y AUXILIAR DE FERR sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of CONST Y AUXILIAR DE FERR (ES), a company active in the Commercial Vehicles & Trucks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 31, 2019, the closing price was EUR 41.00 and its potential was estimated at EUR 44.39.

Expert Corporate Governance Service (ECGS)

Construcciones y Auxiliar de Ferrocarriles (CAF) - AGM 15 june 2019

In item 4, the Board proposes to re-appoint Deloitte as the external auditor for fiscal years 2019 and 2020. The level of non-audit fees is reasonable, but we have serious concerns over the excessive tenure of Deloitte, which has been the external auditor of the Company for the past 29 years. Hence, we recommend opposition. In item 6, shareholders are called to an advisory vote on the Annual Report on Directors' Remuneration. We strongly regret that the Board has not proposed any changes to the remuneration policy, despite the high level of opposition of shareholders in 2018 (23%). We also re...

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