Salini Impregilo

Salini Impregilo is engaged in the water segment. Co. is organised according to the distribution of its activities into its various segments: Corporate, which is engaged in the coordination and supervision of Impregilo S.p.A.'s main investments; Construction, which consists of the business headed by Impregilo S.p.A.; Concessions, which consists of the business coordinated by Co.'s subsidiary, Impregilo International Infrastructures B.V. (the Netherlands) and carried out through subsidiaries, jointly controlled entities and associates; as well as Engineering & Plant Construction, which consists of the business headed by FISIA Italimpianti and FISIA Babcock Environment (Germany).
  • TickerSAL
  • ISINIT0003865570
  • SectorConstruction & Materials
  • CountryItaly
Sven Edelfelt ...
  • Virginie Rousseau

WeBuild : Lower-than-expected H1 2020 results

>Sales down 18%, EBIT margin -350bp - WeBuild (ex-Salini Impregilo) yesterday reported H1 sales down 18% to € 2,213m (below our estimate of -10% to € 2,439m), hurt by the shutdown of business, particularly in the Middle East. The US and some European markets (including Italy which appears to have reached a turning point in the infrastructure sector) held up better. The EBIT margin fell 350bp to 1.6%, whereas we had forecast a drop limited to 220bp. The decline st...

Sven Edelfelt ...
  • Virginie Rousseau

WeBuild : Résultats S1 2020 en-dessous des attentes

>CA en baisse de 18%, marge d’EBIT à -350 pb - WeBuild (ex-Salini Impregilo) a publié hier un chiffre d’affaire S1 en baisse de 18% à 2 213 M€ (inférieur à nos estimations de -10% à 2 439 M€), impacté par l’arrêt de l’activité notamment au Moyen-Orient. Les Etats-Unis et certains marchés européens (dont l’Italie qui semble connaitre un tournant de son secteur des infrastructures) se sont montrés plus résilients. La marge d’EBIT recule de 350 pb à 1.6%, alors que ...

The loss of a fundamental star by WEBUILD does not prevent it from improving to an overall Slightly Positive

WEBUILD (IT), a company active in Heavy Construction, improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) from the title, which now shows 2 out of 4 stars; conversely, its market behaviour remains table and can be still described as moderately risky. The loss of a star(s) core is inconsequential since theScreener revises upgrades the general evaluation of the value to Slightly Positive. As of the analysis date July 28, 2020, the closing price was EUR 1.32 and its potential was estimated at EU...

Salini Impregilo Spa: 1 director bought

A director at Salini Impregilo Spa bought 64,104 shares at 1.790EUR and the significance rating of the trade was 62/100. 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 o...

Sven Edelfelt ...
  • Virginie Rousseau

WeBuild : Lower-than-expected H1 2020 results

>Sales down 18%, EBIT margin -350bp - WeBuild (ex-Salini Impregilo) yesterday reported H1 sales down 18% to € 2,213m (below our estimate of -10% to € 2,439m), hurt by the shutdown of business, particularly in the Middle East. The US and some European markets (including Italy which appears to have reached a turning point in the infrastructure sector) held up better. The EBIT margin fell 350bp to 1.6%, whereas we had forecast a drop limited to 220bp. The decline st...

Sven Edelfelt ...
  • Virginie Rousseau

WeBuild : Résultats S1 2020 en-dessous des attentes

>CA en baisse de 18%, marge d’EBIT à -350 pb - WeBuild (ex-Salini Impregilo) a publié hier un chiffre d’affaire S1 en baisse de 18% à 2 213 M€ (inférieur à nos estimations de -10% à 2 439 M€), impacté par l’arrêt de l’activité notamment au Moyen-Orient. Les Etats-Unis et certains marchés européens (dont l’Italie qui semble connaitre un tournant de son secteur des infrastructures) se sont montrés plus résilients. La marge d’EBIT recule de 350 pb à 1.6%, alors que ...

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 ...

Sven Edelfelt ...
  • Virginie Rousseau

ODDO : Un T2 dans l’enfer du confinement

Nous tablons sur un S1 2020 historiquement bas, pénalisé par les effets du confinement. Sur la base de nos estimations S1 et du consensus annuel, plusieurs valeurs nous semblent susceptibles de décevoir (Imerys et Vicat). A l’inverse, le consensus annuel nous semble intégrer une marge d’erreur, voire un potentiel de révision à la hausse pour LafargeHolcim, Getlink et Eiffage. Saint-Gobain et Eiffage restent nos valeurs préférées d’autant que le marché et les investisseurs ont déj...

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 ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 20/01/2020 - RWE

RWE (Conserver) : Juge la compensation pour fermeture des centrales à charbon insuffisante Automobile : La France souhaite revoir les règles européennes sur les émissions de CO2 Salini Impregilo (Achat) : Emission de €250m à 7ans à 3,625%, rachat de €121m de l'obligation 2021 à 3,75% Zone Euro : Le taux d’inflation annuel de la zone euro s’est établi à 1,3% en décembre 2019 Renault (Conserver) : 3,8m véhicules vendus en 2019 (-3,4%) Iliad (Achat) : Lance l'offre publique de rachat d'actions de €1,4 md, financée par l'augmentation de capital réalisée...

Maxime Kogge

Salini Impregilo : Salini Impregilo’s new bond issue: the cherry on the Progetto Italia cake

The group has launched the issuance of a new seven-year non-call life bond of at least € 250m. It is concurrently offering holders of the 2021 € 600m bond to exchange their notes for new bonds based on a ratio of a bond tendered for 1.0475 new bonds. All proceeds raised in addition to the exchange offer will go to repay bank debt, which reflects positively on the group’s disciplined financial policy. - The exchange offer stands just 0.5pts below the make-whole price of 105.25% but...

Maxime Kogge

Salini Impregilo : Salini Impregilo’s new bond issue: the cherry on the Progetto Italia cake

The group has launched the issuance of a new seven-year non-call life bond of at least € 250m. It is concurrently offering holders of the 2021 € 600m bond to exchange their notes for new bonds based on a ratio of a bond tendered for 1.0475 new bonds. All proceeds raised in addition to the exchange offer will go to repay bank debt, which reflects positively on the group’s disciplined financial policy. - The exchange offer stands just 0.5pts below the make-whole price of 105.25% but...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/11/2019 - KBC - EN

KBC (O/P): Net Profit of €1.8bn (-8.3%) In The Nine-Month Period of 2019 NN Group (O/P) - 9M-19: Operating Income of €1.4bn (+6.5%) AXA (O/P): Sale of The Balance of Its Stake In Axa Equitable Holdings Bouygues (M/P) - 9M-19: EBIT of €1.1bn (+30.3%) EDF (U/P): Cuts French Nuclear Output Target On Cruas Reactors For 2019 Telia (M/P): EC Approves The Acquisition of Bonnier AB For $1bn Thyssenkrupp (O/P): 3G Capital Interested To Acquire The Elevator Business For €15bn Moody's Upgrades Arkema (O/P) By One Notch To Baa1 With A Stable ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 14/11/2019 - KBC - FR

KBC (Achat) : RN de €1,8 md (-8,3%) sur les 9M-19 NN Group (Achat) - 9M-19 : Résultat opérationnel de €1,4 md (+6,5%) AXA (Achat) : Cession du solde de sa participation dans Axa Equitable Holdings Bouygues (Conserver) – 9M-19 : EBIT  de €1,1 md (+30,3%) EDF (Vente) : Abaisse sa prévision de production nucléaire en France pour 2019 Telia (Conserver) : Feu vert du CE pour l’acquisition de Bonnier AB pour $1 md Thyssenkrupp (Achat) : Le fonds 3G envisage d’acquérir l'activité Ascenseur pour ~€15 mds Arkema (Achat) : Moody’s rehausse ...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Khaled Ben Amor
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 12/12/2019

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Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Khaled Ben Amor
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 12/12/2019

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Alain William ...
  • Alexandre Iatrides
  • Aurelien Sivignon
  • Christophe-Raphaël Ganet
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Louis Boujard, CFA
  • Nicolas Thorez
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 08/01/2019

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The loss of a fundamental star by WEBUILD does not prevent it from improving to an overall Slightly Positive

WEBUILD (IT), a company active in Heavy Construction, improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) from the title, which now shows 2 out of 4 stars; conversely, its market behaviour remains table and can be still described as moderately risky. The loss of a star(s) core is inconsequential since theScreener revises upgrades the general evaluation of the value to Slightly Positive. As of the analysis date July 28, 2020, the closing price was EUR 1.32 and its potential was estimated at EU...

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...

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