Obrascon Huarte Lain S.A.

Obrascon Huarte Lain is an international concession and construction groups based in Spain. Co. maintains significant operations in 30 countries across all five continents. Co. is engaged in hospital and railway construction, transport infrastructure concessions, oil and gas, energy, solids handling and fire protection systems and international contracts. Co.'s operations are organized along four divisions: OHL Concesiones, OHL Construccion, OHL Industrial y OHL Desarrollos. Co. is also engaged in real state project developments of mixed use managed by the international hotel chains.
  • TickerOHL
  • ISINES0142090317
  • ExchangeMadrid Stock Exchange
  • SectorConstruction & Materials
  • CountrySpain
Research Department

IBERIAN DAILY 02 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, BANKING SECTOR, FLUIDRA, OHL, TELEFÓNICA. MARKETS YESTERDAY AND TODAY Markets trade smoothly The main European indices remained within a sideways range at yesterday’s session and ended with slight drops. In the Euro STOXX, Pharma and Energy were the best-performing sectors while Automobiles and Banks saw the biggest drops. On the macroeconomic level, in the euro zone, June’s final manufacturing PMI was raised to 47.4 from 46.9 previously. In Germany, June’s unemployment climbed much less than expected and, in Spain, June’s manufacturing PMI rose more than expected. From th...

Research Department

INFORME DIARIO 02 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, FLUIDRA, OHL, TELEFÓNICA EUROPA: BANCOS EUROPA Cotizando sin sobresaltos Los principales índices europeos se mantuvieron en un rango lateral durante toda la jornada para cerrar con pequeñas caídas. Dentro del Euro STOXX los mejores sectores fueron Farma y Energía mientras que Autos y Bancos presentaron las mayores caídas. Por el lado macro, la Eurozona el dato final del PMI manufacturero de junio se revisó al alza hasta el 47,4 desde el 46,9 anterior. En Alemania el desempleo de junio repuntó mucho menos de lo esperado y en España, el PMI ma...

OBRASCON HUARTE LAIN SA sees a downgrade to Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of OBRASCON HUARTE LAIN SA (ES), active in the Heavy Construction industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date June 26, 2020, the closing price was EUR 0.65 and its target price was estimated at EUR 0.45.

Research Department

INFORME DIARIO 26 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, CAF, IAG, OHL, TALGO. EUROPA: ADIDAS, INTESA, NOKIA, SECTOR BANCOS, SECTOR TELECOMS Por fin rebote Ganancias inferiores al 1% en la mayoría de las bolsas europeas después de las caídas de la jornada anterior. En el Euro STOXX tan sólo Recursos Básicos, Viajes&Ocio e Inmobiliario presentaron pérdidas, con Servicios Financieros y Bancos liderando las subidas. Por el lado macro, en la Eurozona las actas del BCE mostraron que se acordó por mayoría y no por unanimidad la ampliación en 600.000 millones del programa anticoronavirus y reconocier...

Research Department

IBERIAN DAILY 26 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ARCELOR MITTAL, BANKING SECTOR, CAF, IAG, OHL, SPANISH MARKET UPDATE, TALGO, TELECOMS SECTOR. MARKETS YESTERDAY AND TODAY Finally a rally Most of the European stock markets posted gains of less than 1% after the drops from the previous session. In the Euro STOXX, only Basic Materials, Travel&Leisure and Real Estate recorded losses, with Financial Services and Banks leading the gains. On the macro side, in the euro zone, the ECB’s meeting minutes showed that the organisation agreed by majority, and not unanimously, to expand its anti-coronavirus programme by € 600 Bn, admitting ...

Louis-Clément AZAIS d'UHART

Short term view - OBRASCON HUARTE LAIN SA : The major resistance has been breached.

The trend is still bullish, the invalidation level is below €3.600. The target is at €4.900.Arguments :- The major resistance has been breached.- The MACD is rising.- The moving average is supporting prices.

Louis-Clément AZAIS d'UHART

Analyse court terme - OBRASCON HUARTE LAIN SA : La résistance majeure est dépassée.

La tendance est toujours haussière, son niveau d'invalidation est sous 3,600 €. L'objectif est à 4,900 €.Arguments :- La résistance majeure est dépassée.- Le MACD a croisé en hausse.- La moyenne mobile sert de support.

Louis-Clément AZAIS d'UHART

Analyse court terme - OBRASCON HUARTE LAIN : La moyenne mobile sert de support.

Lors de notre dernière analyse court terme (27/12/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 4 € et un niveau d'invalidation à 3,2 €. La tendance haussière se poursuit. Arguments : - La moyenne mobile sert de support.

Louis-Clément AZAIS d'UHART

Short term view - OBRASCON HUARTE LAIN SA : The moving average is supporting prices.

In our previous short term analysis (27/12/2016), we were positive. We remain positive with a target at 4 € and an invalidation level at 3,2 €. The bullish trend unfolds. Arguments : - The moving average is supporting prices.

Louis-Clément AZAIS d'UHART

Analyse court terme - OBRASCON HUARTE LAIN : La tendance haussière se poursuit.

Lors de notre dernière analyse court terme (27/12/2016), nous avions opté pour un avis positif. Nous restons positif avec un objectif à 4 € et un niveau d'invalidation à 3,2 €. La tendance haussière se poursuit. Arguments : - Le gap haussier ouvert en sortie de figure annonce...

Obrascon Huarte Lain Sa: 1 director sold

A director at Obrascon Huarte Lain Sa sold 45,847,726 shares at 1.100EUR and the significance rating of the trade was 100/100. 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 n...

Research Department

IBERIAN DAILY 02 JULY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ACS, BANKING SECTOR, FLUIDRA, OHL, TELEFÓNICA. MARKETS YESTERDAY AND TODAY Markets trade smoothly The main European indices remained within a sideways range at yesterday’s session and ended with slight drops. In the Euro STOXX, Pharma and Energy were the best-performing sectors while Automobiles and Banks saw the biggest drops. On the macroeconomic level, in the euro zone, June’s final manufacturing PMI was raised to 47.4 from 46.9 previously. In Germany, June’s unemployment climbed much less than expected and, in Spain, June’s manufacturing PMI rose more than expected. From th...

Research Department

INFORME DIARIO 02 JULIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACS, FLUIDRA, OHL, TELEFÓNICA EUROPA: BANCOS EUROPA Cotizando sin sobresaltos Los principales índices europeos se mantuvieron en un rango lateral durante toda la jornada para cerrar con pequeñas caídas. Dentro del Euro STOXX los mejores sectores fueron Farma y Energía mientras que Autos y Bancos presentaron las mayores caídas. Por el lado macro, la Eurozona el dato final del PMI manufacturero de junio se revisó al alza hasta el 47,4 desde el 46,9 anterior. En Alemania el desempleo de junio repuntó mucho menos de lo esperado y en España, el PMI ma...

Research Department

INFORME DIARIO 26 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ARCELOR, CAF, IAG, OHL, TALGO. EUROPA: ADIDAS, INTESA, NOKIA, SECTOR BANCOS, SECTOR TELECOMS Por fin rebote Ganancias inferiores al 1% en la mayoría de las bolsas europeas después de las caídas de la jornada anterior. En el Euro STOXX tan sólo Recursos Básicos, Viajes&Ocio e Inmobiliario presentaron pérdidas, con Servicios Financieros y Bancos liderando las subidas. Por el lado macro, en la Eurozona las actas del BCE mostraron que se acordó por mayoría y no por unanimidad la ampliación en 600.000 millones del programa anticoronavirus y reconocier...

Research Department

IBERIAN DAILY 26 JUNE (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ARCELOR MITTAL, BANKING SECTOR, CAF, IAG, OHL, SPANISH MARKET UPDATE, TALGO, TELECOMS SECTOR. MARKETS YESTERDAY AND TODAY Finally a rally Most of the European stock markets posted gains of less than 1% after the drops from the previous session. In the Euro STOXX, only Basic Materials, Travel&Leisure and Real Estate recorded losses, with Financial Services and Banks leading the gains. On the macro side, in the euro zone, the ECB’s meeting minutes showed that the organisation agreed by majority, and not unanimously, to expand its anti-coronavirus programme by € 600 Bn, admitting ...

Research Department

INFORME DIARIO 10 JUNIO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME. ESPAÑA: ACCIONA, ACS, AENA, MASMOVIL, MEDIASET, NATURGY, OHL. EUROPA: ESSILOR, INTESA, TOTAL, VIVENDI. Recogida de beneficios Caídas entre -1% y -2% en los principales selectivos europeos después de las fuertes subidas de las últimas semanas. Dentro del Euro STOXX los sectores Retail, Tecnología y Farma fueron los únicos que cerraron en positivo, con Bancos y Viajes & Ocio liderando las caídas. Por el lado macro, desde el BCE I. Schnabel aseguró que se revisará si el actual objetivo de inflación del 2,0% es adecuado. En la Eurozona el PIB final del 1T’20...

Maxime Kogge

OHL : Towards a debt restructuring?

Under the helm of the new management team led by José Antonio Fernández Gallar since June 2018, OHL has made headways in project execution and de-risking. However, even against the favourable macro backdrop of 2019, EBITDA remained low and cash generation significantly negative as legacy projects continued to weigh while recent contracts were awarded on thin margins. - While 2020 was initially set for another improvement, the Covid-19 pandemic is now leading to additional costs and...

Maxime Kogge

OHL : Towards a debt restructuring?

Under the helm of the new management team led by José Antonio Fernández Gallar since June 2018, OHL has made headways in project execution and de-risking. However, even against the favourable macro backdrop of 2019, EBITDA remained low and cash generation significantly negative as legacy projects continued to weigh while recent contracts were awarded on thin margins. - While 2020 was initially set for another improvement, the Covid-19 pandemic is now leading to additional costs and...

LGD Assessment : Obrascon Huarte Lain S.A.

Our loss given default assessment for Obrascon Huarte Lain S.A. (annual update)

Obrascon Huarte Lain S.A.: Update to credit analysis

Our credit view of OHL, reflecting its improved, but still weak profitability and cash flow generation; high leverage; and sizeable construction order backlog.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 18/11/2019 - Merck KGaA - EN

Merck KGaA (O/P): Raises Its 2019 Targets SEB - Skandinaviska Enskilda Banken (O/P): Investigation of Money Laundering Cases Grand City Properties (M/P) - 9M-19: EBITDA of €220.0m (+8%) OHL (U/P) - 9M-19: EBITDA of €40m (Compared To -€468m On 9M-18) Icade (M/P): Acquisition of Confluent Group For €194m Volkswagen (O/P): Investment Plan of Nearly €60bn Over 5 Years (2020-2024) Saipem (O/P): Considers A Merger With Its Norwegian Competitor Subsea 7 Fitch Affirms The Ratings of Intesa Sanpaolo (O/P), Unicredit (O/P) And UBI Banca ...

OBRASCON HUARTE LAIN SA sees a downgrade to Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of OBRASCON HUARTE LAIN SA (ES), active in the Heavy Construction industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date June 26, 2020, the closing price was EUR 0.65 and its target price was estimated at EUR 0.45.

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)

Obrascon Huarte Lain (OHL) – AGM 12 June 2020

In item 5, it is proposed the re-election of Deloitte, auditor of the Company since 2002, for financial year 2020. The level of non-audit fees does not give rise to any concerns and we acknowledge that EY is proposed as statutory auditor for the period of 2021-2023 in item 6. Therefore, we recommend that shareholders support both resolutions. The re-election of Ms. Silvia Villar-Mir as proprietary Director is proposed in item 7. Since we have concerns over the low level of independence on the Board (33.3%), we recommend that shareholders oppose her re-appointment, and we urge the Company to no...

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