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
Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/04/2020

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Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/08/2020

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Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Q2 2020 earnings a shade above forecasts

>A 32% decline in pre-tax operating profit (vs -36% est.)... - After the publication of Cimic’s results on 30 July, Hochtief yesterday reported a 7.7% decline in Q2 sales to € 5,791m, beating the consensus forecast (-9.2%e). The EBIT margin was down 109bp to 3.5%. Pre-tax operating profit fell by 32% to € 183m, a shade above the consensus forecast (€ 171m est.). Net profit was € 103m, in line with forecasts. See details on page 2The group posted a € 301m decline ...

Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Résultats T2 2020 légèrement supérieurs aux attentes

>Baisse du résultat opérationnel avant impôts de 32% (vs -36%e)… - Après la publication des résultats de Cimic le 30 juillet, Hochtief a publié hier un chiffre d’affaires T2 en baisse de 7.7% à 5 791 M€, supérieur au consensus (-9.2%e). La marge d’EBIT est en recul de 109 pb à 3.5%. Le résultat opérationnel avant impôts baisse de 32% à 183 M€, légèrement supérieur au consensus (171 M€e). Le résultat net opérationnel s’élève quant à lui à 103 M€, en ligne avec les atte...

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...

Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Q2 2020 earnings a shade above forecasts

>A 32% decline in pre-tax operating profit (vs -36% est.)... - After the publication of Cimic’s results on 30 July, Hochtief yesterday reported a 7.7% decline in Q2 sales to € 5,791m, beating the consensus forecast (-9.2%e). The EBIT margin was down 109bp to 3.5%. Pre-tax operating profit fell by 32% to € 183m, a shade above the consensus forecast (€ 171m est.). Net profit was € 103m, in line with forecasts. See details on page 2The group posted a € 301m decline ...

Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Résultats T2 2020 légèrement supérieurs aux attentes

>Baisse du résultat opérationnel avant impôts de 32% (vs -36%e)… - Après la publication des résultats de Cimic le 30 juillet, Hochtief a publié hier un chiffre d’affaires T2 en baisse de 7.7% à 5 791 M€, supérieur au consensus (-9.2%e). La marge d’EBIT est en recul de 109 pb à 3.5%. Le résultat opérationnel avant impôts baisse de 32% à 183 M€, légèrement supérieur au consensus (171 M€e). Le résultat net opérationnel s’élève quant à lui à 103 M€, en ligne avec les atte...

Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Cimic’s H1 earnings close to our estimates

>Margin growth for Cimic in H1 despite a decline in sales - CIMIC – Hochtief’s Australian subsidiary, 77.1%-owned and representing around 70% of its EBIT – reported Q2 2020 results close to our expectations. Whilst Q2 sales were slightly disappointing (-18% vs -11%e), the EBIT margin rose by 60bp to 8.8% whereas we had been forecasting a slight contraction. Cimic has, unsurprisingly, been penalised by COVID-19, especially in its international activities, but the mixed...

Sven Edelfelt ...
  • Virginie Rousseau

HOCHTIEF : Résultats S1 de Cimic proches de nos attentes

>Croissance de la marge de Cimic au S1 malgré un CA en baisse - CIMIC – filiale australienne de Hochtief détenue à 77.1% et représentant ~70% de son EBIT – a publié des résultats T2 proches de nos attentes. Si le chiffre d’affaires s’est montré un peu décevant (-18% vs -11%e), la marge d’EBIT progresse de 60 pb à 8.8% alors que nous attendions une légère baisse. Cimic a, sans surprise, souffert de la COVID 19, en particulier à l’international, mais la mixité de ses ac...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : A Q2 in lockdown hell

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to ...

Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/04/2020

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Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 04/08/2020

...

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....

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 we...

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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