Hochtief AG

Hochtief is a holding company. Through its subsidiaries, Co. operates as a construction company engaged in projects in the transportation, energy, and social and urban infrastructure sectors as well as contract mining. Co. provides its services through three divisions: HOCHTIEF Americas, which encompasses the construction activities of operational units in the U.S and Canada; HOCHTIEF Asia Pacific, which includes the construction activities and contract mining in the Asia-Pacific region; and HOCHTIEF Europe, which designs, develops, builds, operates, and manages real estate and infrastructure, with primary business in Europe as well as selected other regions.
  • TickerHOT
  • ISINDE0006070006
  • SectorConstruction & Materials
  • CountryGermany
Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction in France: when “les Bleus” become green

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent perf...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction France : quand les Bleus se mettent au vert

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, t...

An increasingly favourable environment allows HOCHTIEF AG to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of HOCHTIEF AG (DE), a company active in the Heavy Construction industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date June 19, 2020, the closing price was EUR 78.80 and its expected value was estimated at EUR 75.51.

Bruno Cavalier ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Martial Descoutures
  • Nicolas David
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/15/2020

We have attempted to determine in the present note whether value performance is consistent. We therefore stratified the Stoxx 600 into valuation deciles (12-mth P/E and 12-mth P/B). We have learned several lessons from this such as "deep value" is not a viable strategy. The performances of the 1st decile (lowest P/E and P/B) are the worst. In contrast, an examination of risk-adjusted performance shows that the portfolio composed of stocks in the 3rd P/E decile has a Sharpe ratio of 0....

Bruno Cavalier ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Martial Descoutures
  • Nicolas David
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/06/2020

Nous avons cherché à déterminer si la performance de la value était homogène. Nous avons donc stratifié le Stoxx 600 en déciles de valorisation (PE12m et P/B 12m). Nous en tirons plusieurs enseignements La « deep value » n’est pas une stratégie viable. Les performances du 1er décile (plus faibles PE et P/B) sont les plus mauvaises. En revanche l’examen des performances ajustées du risque permet de constater que le portefeuille composé des titres situés dans le 3ème décile de PE affich...

A director sold 172 shares at 168.000EUR and

A director at Hochtief Ag sold 172 shares at 168.000EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of boar...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction in France: when “les Bleus” become green

Recent announcements of stimulus plans in France and in Europe have kindled hope. The present report analyses in detail the different segments of the French construction sector. The sector could contract by 14%e in 2020 whilst 2021 will likely be marked by a rebound (+9% estimated) but this will not be enough to return it to its pre-crisis activity levels. We favour exposure to thermal renovation and infrastructure. Thus, Saint-Gobain, Eiffage and Vinci should turn in decent perf...

Delphine Brault ...
  • Sven Edelfelt
  • Virginie Rousseau

ODDO : Construction France : quand les Bleus se mettent au vert

Les annonces récentes de plans de relance en France et en Europe ont alimenté l’espoir. Cette note analyse dans le détail les différents segments dans la construction en France. Le secteur pourrait baisser de 14%e en 2020 alors que 2021 montrera un rebond (+9%e) toutefois insuffisant pour revenir sur les niveaux pré-crise. Nous privilégions les expositions à la rénovation thermique et aux infrastructures. Saint-Gobain, Eiffage et Vinci devraient ainsi tirer leur épingle du jeu, t...

Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Attractive risk/reward profile

>One of the stocks in the sector the least affected by COVID-19 - During the conference call that we organised with Mike Pinkney, head of corporate strategy, he confirmed the relative resilience of Hochtief’s markets even at the height of the COVID-19 crisis. For Cimic (35% of sales, 64% of group EBIT), Australia has been relative unaffected by the virus and because infrastructure and mining activities have been deemed essential to the economy, with the exception of a...

Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Un risk / reward particulièrement attractif

>Une des valeurs de notre secteur les moins touchées par le COVID-19 - Lors du call que nous avons organisé avec lui, Mike Pinkney, directeur de la stratégie, a confirmé la relative résilience des marché d’Hochtief y compris au pic de la crise du COVID 19. Pour Cimic (35% du CA, 64% de l’EBIT du groupe), l’Australie a finalement été assez peu impactée par le virus et comme les infrastructures et les activités minières ont été jugées « vitales » pour l’économie, à l’ex...

Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Résultats T1 supérieurs aux attentes du consensus

>CA T1 en hausse de 7.4%, baisse de la contribution d’Abertis - Hochtief a publié hier en milieu de journée un CA T1 en hausse de 7,4% (dont +8% hors effet devises) à 6 156 M€ sensiblement supérieur aux attentes (5 850 M€). Le résultat avant impôt baisse de 11% par rapport au T1 2019, pénalisé par la diminution de la contribution d’Abertis et l’Asie Pacifique, mais est supérieur de 3% aux attentes du consensus.Sur le trimestre, le FCF recule de 200 M€ à -488 M€, ...

Bruno Cavalier ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Martial Descoutures
  • Nicolas David
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/15/2020

We have attempted to determine in the present note whether value performance is consistent. We therefore stratified the Stoxx 600 into valuation deciles (12-mth P/E and 12-mth P/B). We have learned several lessons from this such as "deep value" is not a viable strategy. The performances of the 1st decile (lowest P/E and P/B) are the worst. In contrast, an examination of risk-adjusted performance shows that the portfolio composed of stocks in the 3rd P/E decile has a Sharpe ratio of 0....

Bruno Cavalier ...
  • Charles Lepetitpas
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • Martial Descoutures
  • Nicolas David
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/06/2020

Nous avons cherché à déterminer si la performance de la value était homogène. Nous avons donc stratifié le Stoxx 600 en déciles de valorisation (PE12m et P/B 12m). Nous en tirons plusieurs enseignements La « deep value » n’est pas une stratégie viable. Les performances du 1er décile (plus faibles PE et P/B) sont les plus mauvaises. En revanche l’examen des performances ajustées du risque permet de constater que le portefeuille composé des titres situés dans le 3ème décile de PE affich...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/13/2020

This crisis has provided an opportunity for the telecoms sector to demonstrate its operational resilience and strategic importance. We have upgraded Proximus and Orange BE to Buy, Iliad and Deutsche Telekom remain our Top Picks whilst Telefonica is suffering from its presence in Latin America. Cf. report published today. - ...

Anis Zgaya ...
  • Benoit Valleaux
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/05/2020

Cette crise aura été l’occasion pour les télécoms de démontrer leur résilience opérationnelle et leur aspect stratégique. Nous upgradons à l’Achat Proximus et Orange BE, Iliad et DT restent nos top pick, Telefonica souffre de sa présence au Latam. - ...

Benoit Valleaux ...
  • Bruno Cavalier
  • Emmanuel Matot
  • Jean Sassus
  • Martial Descoutures
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/11/2020

Like a phoenix rising from its ashes, the US shale industry weathered the 2014 crisis and even continued to gain market share. Five years on, the sector has to contend with a veritable slump in WTI prices and this time around, there will be “a problem in Houston”. This time shale output is likely to fall and drilling equipment manufacturers will not escape completely unscathed, notably because of the risk of asset impairments. Once again, resilience will be measured by the ability to ...

An increasingly favourable environment allows HOCHTIEF AG to improve to Neutral

The independent financial analyst theScreener just upgraded the general evaluation of HOCHTIEF AG (DE), a company active in the Heavy Construction industry. As regards its fundamental valuation, the title confirms its rating of 3 out of 4 stars while its market behaviour remains as risky. theScreener believes, however, that a more enabling environment allows the title to increase its general evaluation to Neutral. As of the analysis date June 19, 2020, the closing price was EUR 78.80 and its expected value was estimated at EUR 75.51.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Hochtief – AGM 28 April 2020

WARNING: Due to the COVID-19 pandemic, the AGM will take place but no shareholders will be allowed to attend personally. Shareholders are invited to vote by proxy, via the independent representative or electronically.   Item 4: We have serious concerns regarding the structure of remuneration granted to Management Board members and the level of disclosure on executive compensation which we consider as below market practice: The Supervisory Board may adjust the overall target achievement with regard to the variable compensation and grant additional bonuses at its sole discretion, and the utili...

Expert Corporate Governance Service (ECGS)

Hochtief - AGM 07 May 2019

Item 4: We have serious concerns regarding the structure of remuneration granted to Management Board members and the level of disclosure on executive compensation which we consider as below market practice: The Supervisory Board may adjust the overall target achievement with regard to the variable compensation and grant additional bonuses at its sole discretion, while the utilisation of these powers in previous financial years was only disclosed with a one-year delay. Furthermore, the caps on total remuneration and on each variable component remain undisclosed and the performance targets for t...

HOCHTIEF – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 10/05/2017

Item 4: We have serious concerns regarding the structure of remuneration granted to Management Board members and the level of disclosure, which we consider as below market practice: The Supervisory Board may discretionarily adjust overall target attainment with regard to the variable compensation and grant additional bonuses at its sole discretion, while the utilisation of these powers is only disclosed with a delay of one year. Furthermore, the caps on total remuneration and on each variable component remain undisclosed and the performance criteria for the total variable compensation and its ...

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