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

CONST Y AUXILIAR DE FERR sees an upgrade to Slightly 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 moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 30, 2020, the closing price was EUR 32.30 and its potential was estimated at EUR 36.82.

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 06/23/2020

Unsurprisingly, the European summit held on 19 June failed to conclude an agreement regarding the € 750bn stimulus plan. Our economists are expecting it this summer for a vote at the end of the year. If its initial composition is retained, it will enshrine the introduction of the pooling of debt. Such a move would represent a major catalyst for European equities, via the decline in the spread of the risk premium and potential growth vs the US. This would give rise to a narrowing of th...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 23/06/2020

Sans surprise le sommet européen du 19/6 n’aura pas débouché sur un accord quant au plan de relance de 750 Md€. Nos économistes l’attendent pour cet été pour un vote en fin d’année. Si son design initial est conservé, il consacrera l’introduction d’une mutualisation des dettes. Une telle avancée représenterait un catalyseur majeur pour les actions européennes, via la baisse du spread de prime de risque et de croissance potentielle vs USA. A la clef, une réduction de la déote de PE12m ...

Alfred Glaser ...
  • Delphine Brault

CAF : Outlook analysed - exit from the crisis still unclear. New target price of € 32.0

>We have revised down our figures - Following contact with CAF and the comments from other rail groups, we have reviewed our figures. We now expect an organic contraction of 8% in sales and a 240bp decrease in EBITDA this year to 7.0%. Bear in mind that the company no longer has quantified guidance and decided not to report the Q1 figures, preferring to wait and publish them along with the Q2 figures end-July. We are expecting more pronounced-than-average declines in ...

Alfred Glaser ...
  • Delphine Brault

CAF : Perspectives remises à plat – La sortie de crise reste floue. Nouvel OC à 32.0 €

>Nous avons revu nos chiffres en baisse - Suite à un contact avec CAF et aux commentaires des autres acteurs ferroviaires, nous avons retravaillé nos chiffres : nous estimons désormais que le CA pourrait reculer de 8% en organique et la marge d’EBITDA baisser de 240 pb cette année à 7.0%. Rappelons que la société n’a plus de guidance chiffrée et qu’elle a par ailleurs décidé de ne pas publier de T1 pour reporter cet évènement à fin juillet avec le T2. Nous attendons d...

Alfred Glaser ...
  • Delphine Brault

CAF : Outlook analysed - exit from the crisis still unclear. New target price of € 32.0

>We have revised down our figures - Following contact with CAF and the comments from other rail groups, we have reviewed our figures. We now expect an organic contraction of 8% in sales and a 240bp decrease in EBITDA this year to 7.0%. Bear in mind that the company no longer has quantified guidance and decided not to report the Q1 figures, preferring to wait and publish them along with the Q2 figures end-July. We are expecting more pronounced-than-average declines in ...

Alfred Glaser ...
  • Delphine Brault

CAF : Perspectives remises à plat – La sortie de crise reste floue. Nouvel OC à 32.0 €

>Nous avons revu nos chiffres en baisse - Suite à un contact avec CAF et aux commentaires des autres acteurs ferroviaires, nous avons retravaillé nos chiffres : nous estimons désormais que le CA pourrait reculer de 8% en organique et la marge d’EBITDA baisser de 240 pb cette année à 7.0%. Rappelons que la société n’a plus de guidance chiffrée et qu’elle a par ailleurs décidé de ne pas publier de T1 pour reporter cet évènement à fin juillet avec le T2. Nous attendons d...

Stephane Houri

Ageas : Digitalisation post-COVID : quelles conséquences sur nos secteurs et valeurs ?

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. - >Digitalisation accélérée, pas de retour en arrière - La crise du COVID-19 va sans aucun doute accélérer l’utilisation du numérique dans la société en général. Le télétravail a ...

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...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 06/23/2020

Unsurprisingly, the European summit held on 19 June failed to conclude an agreement regarding the € 750bn stimulus plan. Our economists are expecting it this summer for a vote at the end of the year. If its initial composition is retained, it will enshrine the introduction of the pooling of debt. Such a move would represent a major catalyst for European equities, via the decline in the spread of the risk premium and potential growth vs the US. This would give rise to a narrowing of th...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Emmanuel Matot
  • Jean Sassus
  • Steven Gould

ODDO BHF Small & MIDCAP MORNING NEWS - 23/06/2020

Sans surprise le sommet européen du 19/6 n’aura pas débouché sur un accord quant au plan de relance de 750 Md€. Nos économistes l’attendent pour cet été pour un vote en fin d’année. Si son design initial est conservé, il consacrera l’introduction d’une mutualisation des dettes. Une telle avancée représenterait un catalyseur majeur pour les actions européennes, via la baisse du spread de prime de risque et de croissance potentielle vs USA. A la clef, une réduction de la déote de PE12m ...

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 Slightly 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 moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 30, 2020, the closing price was EUR 32.30 and its potential was estimated at EUR 36.82.

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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